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RoundTable closes second fund on $500m

Three years after finding $400m for its first fund, the healthcare specialist has raised a fresh pool of capital.

Lake Forest, Illinois-based RoundTable Healthcare Partners, a private equity firm focusing on healthcare sector investments, closed its second fund on $400 million. The fund topped its original target of $400 million after fundraising for a month.

“We are pleased our original strategy has produced strong deal flow and investment returns,” said founding partner Lester Knight in a statement.

According to the company, the second fund recruited “substantially” all of the limited partners from the first fund, in addition to some new investors. These include financial institutions, university endowments, fund managers, pension funds and foundations.

RoundTable said the new fund will continue to focus on companies dealing in medical products, medication delivery systems, specialty pharmaceuticals, specialty distribution and complimentary outsourced services.

RoundTable’s first fund closed in March 2002 on $400 million. That fund has made six investments, as well as multiple add-on acquisitions. Realizations have been made with the recapitalization of American Medical Instruments Holding, a collection of healthcare firms, and the sale of generic, injectable pharmaceuticals manufacturer Sabex for $565 million in 2004.

The first fund also invested in medical device reprocessor Vanguard Medical Concepts and vascular-access medical device manufacturer Argon.