Beecken Petty O’Keefe collects $385m for Fund IV

The Chicago-based firm is targeting $400m for its fourth healthcare fund, which launched last year.

Beecken Petty O’Keefe has collected about $385 million for its fourth fund, which is targeting $400 million, according to documents filed with the US Securities and Exchange Commission.

The firm focuses on mid-market buyouts, recapitalisations and growth investments in healthcare companies. Limited partners in Fund IV include the Nebraska Investment Council, which committed $20 million to the fund last November, and the Illinois Municipal Retirement Fund, according to Private Equity International’s Research and Analytics Division.

Firms that will receive compensation for Fund IV listed in the documents include Lazard & Company, Oppenheimer & Company and Stiffel, Nicolaus & Company. 

Beecken Petty O’Keefe did not return a request for comment.

The firm’s Fund III collected $400 million in 2010. Beecken Patty O’Keefe’s Fund raised $325 million in 2005, more than double the $150 raised by its debut fund in 1997.

Founded in 1996, Beecken Petty O’Keefe has investments in Atlanta-based Dentistry for Children and South Carolina pharmaceutical supplies distributor Southern Anesthesia and Surgical. The firm is led by six partners, including founders David Beecken and Kenneth O’Keefe, who both worked at First Chicago, now JP Morgan.  William Petty, also a founding principal of the firm, previously co-founded healthcare-focused private investment fund, Omega Capital. Former Alterra Healthcare chief financial officer John Kneen also founded the firm.