Consonance Capital Partners, a U.S. healthcare private equity firm, announced the closing of Consonance Private Equity III with commitments totaling $1.35 billion. After just under four months in the market, the firm held its final close at its hard cap in a heavily oversubscribed process.
The fund drew strong support from the existing limited partner base while adding a select group of new investors, with commitments from endowments and foundations, pension plans and financial institutions worldwide. Monument Group served as global placement agent and Latham and Watkins as legal counsel.
Fund III will follow the predecessor funds’ strategy: investments in lower- and middle-market U.S. healthcare companies, across growth equity, leveraged buyouts, carve-outs, recapitalizations and special situations. The managing partners said the pace of fundraising reflected investor confidence in the team’s strategy and results, and that the firm would stay focused on partnering with management teams building businesses that add sustainable value to the healthcare system through cost-effective, high-quality care.
The close pairs with Aphias Capital’s $1.05 billion debut fund close the prior day to make it a two-day sweep for healthcare-services private equity fundraising, with both vehicles oversubscribed and both pitched at the lower and middle markets where deal flow has been most resilient.