Nashville-Based Petra Capital Partners Closes $208 Million For Growth Fund IV

By Dan Anderson ● June 8, 2020
  • Nashville, Tennessee-based Petra Capital Partners announced it completed fundraising on Petra Growth Fund IV (“PGF IV”) with $208 million of capital

Nashville, Tennessee-based Petra Capital Partners announced it completed fundraising on Petra Growth Fund IV (“PGF IV”) with $208 million of capital. This fund targets healthcare, business, and technology-enabled services companies, and it is structured as a small business investment company (SBIC) licensed by the U.S. Small Business Administration.

Petra also announced that the fund has already closed on two new investments. Late last year, the fund partnered with founding management and an experienced stable of co-investors to form Three Oaks Hospice — which is a Dallas, Texas-based provider of hospice and palliative care services.

And the fund recently invested in a Midwest-based provider of physical therapy clinics and worksite solutions.

With the raising of the new fund, Petra said it is also proud to announce that Doug Owen has been promoted to Partner in the firm. And Corey Cialeo recently joined the firm as Senior Associate.

Corey joined Petra from The Halifax Group, a middle-market private equity fund where he worked was an Associate. Before The Halifax Group, Corey worked in investment banking with Stephens Inc.

Petra is seeking to invest up to $20 million in growth companies that possess a minimum of $10 million in revenue and positive EBITDA at the time of investment. And the fund targets business, healthcare, and technology-enabled services companies. And going forward, Petra will also continue to expand its investment team and is currently recruiting qualified candidates for Associate and Vice President level positions.

Key Quotes:

“We are very pleased with the response from our existing investors and several important new investors for PGF IV and the strong support we received from the SBIC program.”

– Mike Blackburn, Managing Partner at Petra.

“We are excited to partner once again with David Gasmire, Chairman and Andrea Bohannon, CEO of Three Oaks Hospice. They share our vision of creating a leading hospice and palliative care provider focused on quality patient care and compliance. This new investment fits squarely into one of our core investment sectors of healthcare and represents a compelling opportunity for the fund.”

– David Fitzgerald, Partner at Petra.

“We are glad to have Corey join our growing team. Corey and other investment professionals we add to the team will strengthen our ability to invest our newest fund, as well as support Petra’s existing portfolio of companies.”

– Doug Owen, Partner at Petra