Linden Capital Partners completed its sixth buyout fund at $5.4 billion, nearly a billion dollars over its target, in just under nine months.
The fund has $5.2 billion of limited partner commitments and a $200 million general partner commitment, Linden Capital said in a press release today. It marks a milestone for the Chicago-based private equity firm, surpassing an initial $5 billion hard cap.
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Linden's fifth buyout fund closed in 2021 with $3 billion of commitments.
Co-founder and President Tony Davis called the new fund a "defining accomplishment."
“Through the successful raise of our largest fund to date, we are excited to play an even more impactful role in shaping the future of healthcare and look forward to continuing to drive strong outcomes for our investors, management teams and healthcare stakeholders," Davis said. "In a difficult fundraising market, the scale of Fund VI, the pace of the raise at just under nine months, and the expansion of our investor base reflect the confidence investors have in our firm, and we are grateful for that support.”
The firm touts itself as the largest healthcare-dedicated private equity firm. Founded in 2004, Linden has invested in more than 45 healthcare companies in more than 350 transactions and currently manages over $13 billion of regulatory assets, the firm said.
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Earlier this month, Linden Capital announced the final close of its second structured capital fund at $400 million.
Linden said the latest buyout fund will continue a strategy of seeking long-term, sustainable growth through "integrated operational experience, tailored value creation programs, and a proprietary human capital approach."
The firm specializes in middle-market investments across healthcare services, products and distribution.
Linden Capital has backed businesses including Smile Doctors, a dental services platform; Evolution Research Group, which operates clinical research sites; and Aspen Surgical, a maker of personal protective equipment and other supplies.
The fund had a broad group of investment partners from more than 20 countries, Linden Investor Relations Partner Katie Kornel said in the release. Kirkland & Ellis served as fund counsel, and PJT Park Hill and Magenta Capital Services served as placement advisers for the fund.
This story first appeared in Crain's Chicago Business.
