Cressey & Company close fifth fund on $615m

The healthcare focused firm beat its $400 million target for the fund

Chicago-based Cressey & Company has closed its fifth fund on $615 million, beating its $400 million target.

The new fund will continue Cressey & Company’s focus on investing in and building leading provider, service and information technology businesses in the North American healthcare industry. Fund V will focus specifically on investing in platform businesses that can be expanded through acquisition.

Typical investment side is between $50 million to $300 million.

Cressey & Company declined to comment on fundraising.

Fund V launched in July 2014 with a target of $400 million, and held its first and final close this month.

Cressey & Company Fund IV, closed in 2010 on $385 million in capital commitments. That fund has a net IRR of 17.9 percent and an investment multiple of 1.5x, according to CalPERS performance data.

Ropes & Gray LLP served as legal counsel in the formation of Fund V. No placement agent was used.