Apollo’s S3, Blackstone’s Strategic Partners and Rothschild’s Five Arrows unit have co-led on a healthcare-focused multi-asset continuation fund transaction.
JPMorgan, Newbury Partners, Committed Advisors and Kline Hill Partners also invested in the continuation vehicle deal, worth $425 million, according to a statement seen by Secondaries Investor.
Chicago-based healthcare specialist BPOC moved five healthcare services companies from two 2013-vintage vehicles, Beecken Petty O’Keefe & Company Fund IV and Beecken Petty O’Keefe & Company Fund IV-A, which closed on combined commitments of $503 million, the statement said.
The continuation fund will provide more time and, in certain cases, additional capital to further grow each of the companies.
As part of the transaction, BPOC’s existing LPs were given the choice to receive full liquidity, fully re-invest, or partially re-invest into the new vehicle, according to the statement.
Asante Capital advised BPOC on the transaction. Kirkland & Ellis and Paul Hastings acted as legal counsel to BPOC while Proskauer Rose represented the lead buyers.
Multi-asset continuation funds have been gaining traction with buyers as they seek diversification in their portfolios, market participants have told Secondaries Investor. Smaller, sub-$1 billion sized transactions, too, are also of interest to buyers for the same reason, alongside the fact that many firms are taking a cautious approach to deployment amid an uncertain economic and tight fundraising environment.
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