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Heavy oversubscription drives Consonance Capital debut fundraise to $500m hard cap

21 Jul 2014

consonanceConsonance Capital Partners, the healthcare investor set up by a trio of former JP Morgan execs, has closed its debut vehicle on its $500m hard cap.

The firm was initially targeting $350m for the fund, but easily passed that figure amid heavy oversubscription.

Consonance targets lower mid-market companies in the US healthcare industry, with an emphasis on businesses driving efficiency, cost containment and high quality clinical care.

AltAssets revealed last month that the firm was past the $320m-mark for the fund thanks to commitments from 76 LPs.

CCP co-founder Nancy-Ann DeParle, former Deputy Chief of Staff for Barack Obama, said, “This is a period of dynamic change in the healthcare industry with significant opportunities to invest in companies that can improve the quality of service, transform the care experience and create a more efficient and effective healthcare sector.

“We believe that our fund is ideally suited and sized to help lead this change through our investments, insights, expertise and support.

“We will continue our strategy of sourcing partnerships and investments with companies that are capitalizing on new healthcare niches.”

Fellow co-founders Mitchell Blutt, Benjamin Edwards and Stephen McKenna spent more than a decade together at JP Morgan Partners and its associated entities investing in private equity, primarily in the healthcare sector.

DeParle, who joined as a founding partner in August last year, also worked with all three men at JPMP.

Other team members include former JPMP employees Sean Breen and Javier Starkand, and ex-Bessemer Venture Partners investor Sapna Tejwani Jethwa.

Jethwa also spent time at JP Morgan’s Healthcare Investment Banking Group.

Consonance targets lower mid-market companies in the US healthcare sector, and aims to add value by driving down costs for higher quality care, according to its website.

The firm specialises in growth equity, leveraged buyout and recapitalisation deals for companies with revenues of $20m to $150m.

Consonance says it also benefits from an association with healthcare-focused hedge fund Consonance Capital Investors, which Blutt founded in 2005.

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