Sheridan Capital Partners has closed Sheridan Capital Partners Fund IV at its $1.1 billion hard cap, nearly doubling the size of the healthcare-focused private equity firm’s previous flagship fund.
Fund IV was oversubscribed and allocated in less than 60 days after the fundraising process launched.
The vehicle attracted both new and existing institutional investors and compares with $575 million raised for Sheridan Capital Partners Fund III.
Sheridan’s flagship strategy invests across healthcare, including outsourced services, products and manufacturing, and patient services.
Recent representative Fund III investments include Carolina Components Group, Tres Health and Currier Plastics.
Alongside Fund IV, Sheridan also closed Healthcare IT Fund I with $245 million of capital commitments.
The healthcare IT strategy focuses on lower-middle-market healthcare technology businesses in North America and targets areas that Sheridan believes are benefiting from long-term growth and industry fragmentation.
The Healthcare IT Fund has already invested across three platforms: Cadara, ICANotes and PTEverywhere.
Evercore Private Funds Group served as Sheridan’s exclusive fundraising advisor and placement agent for Fund IV.
Harris Williams served as placement agent for the Healthcare IT Fund, while Kirkland & Ellis provided legal counsel to Sheridan.
KEY QUOTES:
“We are pleased to have had such a successful raise and are deeply grateful to our partners for their confidence in our strategy and vision. With healthcare growing in complexity, business owners and investors recognize the value of a financial partner with specialized expertise. Sheridan is well positioned to apply that expertise to identify great companies across a range of attractive healthcare subsectors and collaborate with our portfolio companies to help them institutionalize operationally and achieve sustained growth.”
Jonathan Lewis, Co-Founder and Partner at Sheridan Capital Partners
“We believe healthcare IT remains an underserved segment despite its critical role in improving access, efficiency, and outcomes across the healthcare ecosystem. With the global healthcare IT market positioned for significant long-term growth, this adjacent strategy broadens our ability to partner with high-quality companies and founders operating at the intersection of healthcare and technology while leveraging the existing network of Sheridan portfolio companies for potential synergies.”
Sean Dempsey, Co-Founder and Partner at Sheridan Capital Partners
