On November 19, 2020 Ampersand Capital Partners, a leading private equity firm dedicated to growth-oriented investments in the healthcare sector, reported the oversubscribed, $670 million closing of the Ampersand Continuation Fund together with related investment vehicles ("AMP-CF") (Press release, Ampersand Medical Group, NOV 19, 2020, View Source [SID1234571445]). AMP-CF was formed to acquire the equity interests of three portfolio companies previously held by multiple mature Ampersand funds. StepStone Group and affiliated investors ("StepStone"), a leading player in the private equity secondary market, is the lead investor in the transaction.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

AMP-CF provided all Ampersand limited partners the option of reinvesting their proceeds or receiving full or partial liquidity, and also admitted new limited partners who wished to invest in the growth prospects of the three portfolio companies. In addition to StepStone, AMP-CF received commitments from a broad group of secondary and primary investors, including many prior Ampersand limited partners that elected to reinvest.

Notably, the closing of the fund was completed less than 45 days after StepStone’s commitment and exceeded the $600 million target necessary to acquire the AMP-CF assets, providing additional capital to support Confluent’s continued growth.

Ampersand Partner Trevor Wahlbrink commented, "We are very pleased that AMP-CF was so well received in the marketplace. The strong response from current and new limited partners confirms our belief that creating AMP-CF was a win-win opportunity for all of Ampersand’s key constituents. All of the AMP-CF portfolio companies are high-quality assets that we know exceptionally well, and the Ampersand team remains excited about their long-term growth prospects."

Ampersand Founder and Confluent Chairman Rick Charpie noted, "With an initial five-year term, and access to capital for additional acquisitions and secondary purchases, AMP-CF positions Confluent’s management and investors to continue taking a long-term view of the Company’s future growth opportunities. As the majority investor in Confluent, we look forward to working with the Company’s exceptional management team to build on Confluent’s position as a leading designer and manufacturer of complex, finished medical devices to the world’s largest OEM’s."

Goodwin Procter LLP served as legal counsel to Ampersand. Debevoise & Plimpton LLP served as legal counsel to StepStone.