Patient Square Reportedly Targeting $6B Raise for 2nd Fund

Patient Square Capital, the healthcare-focused private equity firm founded by former global investment giant KKR dealmaker Jim Momtazee, is apparently back in the market with a massive second fund.

Last year, the firm raised $3.9 billion for its first fund, which is believed to be the largest vehicle ever raised by a dedicated health-care-focused private equity, growth equity or venture capital firm, and is now gathering commitments for a second fund with a target of more than $6 billion, according to PitchBook.

It stated that limited partners (LPs) from its inaugural fund, including Goldman Sachs, had already committed to the second fund, citing an anonymous source.

Many private equity firms that are now fundraising are dealing with macroeconomic worries such as a delayed exit market, which leaves LPs with less distributed capital to deploy in new funds.

Patient Square focuses on a wide range of healthcare industry subsectors, including development-stage therapies, commercial-stage pharmaceuticals, medical devices, technology-enabled services, and healthcare providers.