Chicago-based private equity firm Thoma Cressey Equity Partners has opened a Boston office to focus on life sciences investing.
Thoma Cressey partner David Mayer, co-head of the healthcare practice, will lead the new office, according to the firm's website. He is joined by vice presidents Peter Ehrich and David Scuppan, and two associates.
Thoma Cressey partner Bryan Cressey, the firm's other lead healthcare investor, will remain in Chicago.
Until recently, the firm – formerly part of GTCR until its split in 1998 – has stuck to buyouts in healthcare services companies. In an effort to capitalize on the pharmaceutical and medical device industries, the firm has also begun making venture investments, the website said.
At the end of March, Thoma Cressey was part of a private equity consortium led by New York buyout house Kohlberg Kravis Roberts that provided $250 million in series B financing for specialty drug company Jazz Pharmaceuticals. The fundraising for the Palo Alto, California-based business is one of the largest second rounds on record for a specialty pharmaceutical company without any commercialised drug.
Thoma Cressey also operates another office in San Francisco; the firm is currently investing its $554 million Fund VII, which closed in 2001.