Patient Square Capital Announces Record $3.9 Billion Inaugural Fund
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MENLO PARK, Calif., February 1, 2023-- Patient Square Capital ("Patient Square"), a leading health care investment firm, announced today that it closed its inaugural fund with approximately $3.9 billion in total capital commitments. Patient Square Equity Partners (the "Fund") surpassed its $3 billion target and is both the largest first-time private equity fund ever raised and the largest fund ever raised by a dedicated health-care-focused private equity, growth equity, or venture capital firm. Patient Square's total assets under management ("AUM") is approximately $5.9 billion, including significant co-investment commitments from leading institutional investors.
Patient Square invests broadly across the health care industry, including development-stage therapeutics; commercial-stage pharmaceuticals; medical devices, diagnostics, and life science tools; health care providers; and technology-enabled and other services. Patient Square partners with best-in-class management teams to invest in businesses that strive to improve patient lives, strengthen communities, and create a healthier world.
"Earlier in my career, mentors of mine would advise that the work starts when a transaction closes. Never has that felt more apt than right now with our fund closing," said Mr. Momtazee, Managing Partner of Patient Square. "We have a tremendous amount of work in front of us, but without those that committed to our fund, there would not have been a beginning. We have deep gratitude for the opportunity and are working hard to reward that trust."
Since June of 2021, Patient Square has deployed approximately $3 billion in equity capital, including significant co-investment commitments. The Fund's portfolio companies include Access Telecare, Apollo Therapeutics, Eargo, Enavate Sciences, Hanger Inc., Kriya Therapeutics, Radius Health, Resolve Biosciences, and Summit BHC.
"We are thrilled to have strong support from wonderful partners around the globe. We feel fortunate, especially in light of such a challenging fundraising environment," said Jake Cabala, Partner and Head of Fund Partnerships at Patient Square. "Our approach to creating value and serving patients really seemed to resonate."
Commitments to the Fund were secured from a diverse and global set of institutional investors, including leading sovereign wealth funds, pension funds, endowments, foundations, family offices, health systems, consultants, private wealth platforms, and insurance companies.
PJT Park Hill served as the exclusive placement agent, subject to certain exclusions; Kirkland & Ellis served as legal counsel.
About Patient Square Capital
Patient Square Capital (www.patientsquarecapital.com) is a dedicated health care investment firm that partners with best-in-class management teams whose products, services and technologies improve health. Patient Square utilizes deep industry expertise, a broad network of relationships and a true partnership approach to make investments in companies grow and thrive. Patient Square invests in businesses that strive to improve patient lives, strengthen communities, and create a healthier world. Patient Square's team of industry-leading executives is differentiated by the depth of focus in health care, the breadth of health care investing experience, and the network it can activate to drive differentiated outcomes.
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