April 07, 2022

Havencrest Capital Management Closes $356 Million Fund II at Hard Cap

Havencrest Capital Management (“Havencrest”), a Dallas-based healthcare private equity firm (www.havencrest.com), is pleased to announce the final closing of its second private equity fund, Havencrest Healthcare Partners II, L.P. (“Fund II”). Fund II, which was oversubscribed, closed at its hard cap of $356 million, exceeding the $300 million target.

Consistent with the strategy that Havencrest executed in its prior fund, Fund II will focus exclusively on investing in healthcare companies in the United States. Havencrest seeks to partner with top management teams to acquire founder-owned companies and drive value through operating improvements as well as organic and strategic M&A growth initiatives.

As of December 31, 2021, Havencrest’s first fund generated a net Internal Rate of Return (“net IRR”) of 65%, net Multiple of Invested Capital (“net MOIC”) of 3.2x and a net Distributions to Paid-In Capital (“net DPI”) of over 1.4x.

Regarding new limited partners for Fund II, Havencrest included a number of blue-chip institutional investors, including pension funds, university endowments, fund-of-funds, insurance companies and foundations along with a group of top-tier international investors from Europe and Latin America.

New investors contributed approximately $200 million, and Fund II’s re-up rate was 110%. With the closing of Fund II, Havencrest now has assets under management (“AUM”) in excess of $600 million.

“We are grateful for the tremendous support from our current and new limited partners, and we look forward to partnering with leading entrepreneurs to build market-leading healthcare companies,” said Christopher W. Kersey, Founding Managing Partner of Havencrest. Kersey added, “We are excited to build on the successes in our first fund and seek to continue to deliver superior returns to our investors.”

Havencrest’s deal team includes Kersey, Matthew D. Shofner, M. Jett Aubrey, Kyle D. Seco, Thomas D. Ruane, Matthew A. Cline and Ian D. Anderson.

Proskauer Rose LLP served as legal counsel, and Havencrest did not use a placement agent.

For more information, please see today’s Wall Street Journal article: Havencrest Capital Doubles Down on Healthcare With $356 Million Fund