The list of private equity firms raising funds to target the health care space continues to expand.
Chicago-based Linden Capital Partners is raising money for its latest fund, with a target of $2.5 billion, according to a Form D filed May 13 with the Securities and Exchange Commission (SEC). The fund, which has a hard cap of $3 billion, is nearing an initial close of over $2 billion in commitments, Buyouts Insider reports.
Linden specializes in health care investments, with post-acute services among the “representative sectors” listed on the firm’s website. Other sectors range from dental and pharmaceutical services to specialty care, behavioral health and home health.
This is the largest fund in the firm’s history and the raise would be twice as much as its most recent fund, if it meets the $3 billion hard cap, according to Buyouts Insider.
This is the latest fund being raised to capitalize on heightened interest in health care services and real estate as the industry gradually enters a post-pandemic environment and buyer interest returns with the success of Covid-19 vaccines.
Last month, Ares Management Corporation (NYSE: ARES) raised $1.7 billion in commitments for its latest fund. The fund will target distressed real estate and senior housing is expected to be a significant part of its acquisition strategy.
Other investors spent the pandemic soliciting commitments to new funds targeting senior housing. McFarlin Group announced the launch of a $100 million fund in April 2020 which would specifically target distressed assets. Managing Director Matt Johnson told Senior Housing News at the time that there will be opportunities to acquire properties at a discount from lenders looking to remove underperforming properties or new communities in lease-ups from their portfolios.
There looks to be a lengthening runway for value-add senior housing opportunities as M&A activity gains momentum in 2021. The pipeline for value-add opportunities in the market is valued at $5 billion and growing, Ted Flagg, senior managing director of M&A and co-head of the health care group for real estate services firm JLL (NYSE: JLL), told SHN last month.
Another Chicago-based private equity firm, Harrison Street Real Estate Capital, raised $720 million last December in a new fund targeting senior housing, data center and life science real estate.
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Linden did not return a request for comment from SHN on whether senior housing would be a focus of its newest fund.
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May 19, 2021 at 03:52AM
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Linden Capital Partners Targets $2.5 Billion in Latest Health Care Fund - Senior Housing News
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