
Varsity Healthcare Partners Closes Fourth Fund at $700M
Lower middle market private equity firm Varsity Healthcare Partners closed its fourth fund – Varsity Healthcare Partners IV – at $700 million, beating its hard cap of $650 million.
The fund is already investing, having recently funded VHP’s strategic growth investment in outsourced biopharmaceutical consulting firm Beghou Consulting.
The firm raised $417 million for the final close of its third flagship fund in 2019, $240 million for its debut fund in 2014 and followed that with a $300 million sophomore raise in 2017.
The latest fund is running a buy-and-build strategy, prioritizing platform investments in clinically differentiated healthcare providers as well as businesses offering outsourced services or technology to healthcare providers and payers.
Evercore Private Funds Group served as the placement agent and Kirkland & Ellis served as legal counsel to VHP.
