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Beecken Petty O’Keefe closes Fund II

The healthcare-focused US middle market private equity firm has surpassed its original target of $250m with a $325m final close.

Chicago-based private equity firm Beecken Petty O’Keefe & Company has held a final closing of Beecken Petty O’Keefe Fund II on $325 million (€278 million), surpassing its original target of $250 million.

Like its predecessor, the 1997 vintage $150 million Healthcare Equity Partners fund, Fund II will make investments in middle market companies in the healthcare industry in the US. The private equity fund group at Credit Suisse First Boston served as placement agent for Beecken Petty O’Keefe Fund II.

The firm said in a statement that the oversubscribed fund had received commitments from investors including affiliates of General Electric Pension Trust; Hamilton Lane Advisors; Honeywell International; Huizenga Capital Management; Richard Horvitz Family; Lockheed Martin Corporation Master Retirement Trust; RDV Capital Management; AIG SunAmerica; and THK Private Equities.

The fund has already made five investments in the last eighteen months: Sirona Dental Systems; Jazz Pharmaceuticals; The Hygenic Corporation; Spryance; and General Healthcare.

“Fund II is off to an exceptional start, led by our initial five investments,” said Ken O’Keefe, co-founder and managing director of Beecken Petty O’Keefe & Company, in a statement. “These investments represent approximately twenty five percent of our committed capital and continue our successful focus in the dental, specialty distribution and outsourcing areas of the healthcare industry.”

Founded in 1996, Beecken Petty O’Keefe & Company manages approximately $500 million of equity capital.