CRG Raises $1.25B For Third Healthcare-Focused Private Credit Fund

Jan 4 2017 | 8:57pm ET

Healthcare-focused private equity company CRG has closed its third private credit fund, raising $1.25 in capital commitments. 

The new fund, named CRG Partners III, exceeded its original target by 25%, according to a statement. Including debt financing and parallel vehicles, total investable capital for fund is expected to approach $2 billion. 

Fund III experienced strong demand from both existing and new investors, the company said, securing commitments from a diverse mix of global institutional investors across North America, the Middle East, Europe and Asia including public and private pensions, university endowments, sovereign wealth funds, insurance companies, wealth management firms and family offices. 

Like its predecessors, the new fund is targeting investments between $20 million and $300 million in public and private commercial-stage healthcare companies that are commercializing innovative products, technologies, and services that address significant unmet medical needs. Fund III has already committed more than $900 million of its capital across 16 public and private, commercial-stage healthcare investments since its initial closing, CRG added.

Ropes & Gray acted as the legal counsel to Fund III, and Probitas Partners served as placement agent.

“The market opportunity for healthcare private credit investing remains strong,” said Nathan Hukill, president of CRG. “Fund III provides us with additional capital to partner with management teams and offer highly-customized, minimally-dilutive growth financing solutions.”

Founded in 2003 and based in Houston, TX, CRG is a healthcare-focused investment firm with more than $3 billion of assets under management across 47 healthcare investments. The company provides growth capital primarily through structured debt and senior secured loans. 

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