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Alternative Assets  + Private Equity  |  June 16, 2023
Calera Closes $750M Single-Asset Continuation Fund Backed by Goldman, Others
Joe Palmisano
By: Joe Palmisano

Calera Closes $750M Single-Asset Continuation Fund Backed by Goldman, Others

Middle-market buyout firm Calera Capital has raised roughly $750 million for a new single-asset continuation fund to take on ImageFIRST Healthcare Laundry Specialists from its Fund V portfolio.

Calera bought into the linen, laundry and hygiene services provider in 2018, a year after raising $555 million for its fifth flagship fund.

Goldman Sachs, Blackstone Strategic Partners, TPG and Portfolio Advisors are anchoring the new fund, while Calera made a new equity commitment from its latest fund.

Calera said the continuation fund would “provide substantial additional capital to support the continued execution of ImageFIRST’s core organic growth strategy, facilitate expansion into new healthcare markets and adjacent services, and continue the development of the Company’s internal infrastructure”.

ImageFIRST has grown its pro forma EBITDA about five-fold since it was bought by Calera five years ago.

San Francisco-based Calera’s continuation fund is the latest in health-care related funds that have closed in recent weeks. Charterhouse Capital Partners closed a single-asset continuation fund in May involving specialty pharmaceutical group SERB backed by Goldman Sachs, CPP Investments and Hamilton Lane.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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