HealthCare Royalty Partners (HCRP), a Stamford, Conn.-based private equity group overseeing $3 billion in committed capital, is expanding its investment operations to the west coast with a planned office opening in San Francisco. The firm is also promoting principal Paul Hadden to managing director and hiring former Wells Fargo Securities equity research professional Shin Kang as a vice president, according to a statement.
The expansion comes in the wake of the firm's successful close on $1.5 Billion for HealthCare Royalty Partners III in October 2014. HCRP invests in a wide range of companies, including pharmaceutical, biotechnology, specialty pharmaceutical, medical device and diagnostic businesses.
Todd Davis, founding managing director of HCRP, said the new office opening will “strengthen our deal sourcing capabilities in one of the top life sciences hubs in the world and allow us to further support our regionally-based portfolio companies as they build their businesses.”
HCRP associate Anthony Rapsomanikis is relocating to San Francisco in connection with the firm's new office, where he will serve as director of west coast business development.
As an eight year veteran of HCRP, Hadden has been responsible for $650 million of the firm's royalty transactions. As managing director, he will continue with the firm's business development and transaction origination activities, along with other responsibilities. Before joining the healthcare private equity investment firm in 2007, Hadden was a senior member of the healthcare consulting team at The Frankel Group.
Separately, Kang will work on growing HCRP's research capabilities and report to Gregory Brown, a founding managing director at the firm. Before his appointment in the Stamford office of HCRP, Kang was vice president of equity research at Wells Fargo Securities where he covered the biotechnology sector, and previous to Wells Fargo he oversaw technology, intellectual property and business development activities at the Mount Sinai School of Medicine.
“Shin possesses a strong combination of industry knowledge and analytical skills which are critical to evaluate the clinical aspects of the products we look to invest in,” HCRP's Brown said in a statement.