Philadelphia-based 1315 Capital, a private investment firm, recently closed on two funds.
The first fund closes 1315 Capital III (Fund III) and exceeded the firm’s target of $350 million.
The second fund closes the 1315 Capital Emerging Growth and Buyout (EGB) and exceeded the firm’s target of $150 million.
The funds target growth equity and buyout investments in commercial stage healthcare businesses and include commitments from business entities, endowments, family offices, foundations, and public and private pensions.
“From the inception of the firm, our goal has been to target high quality management teams that can rapidly scale healthcare companies into large and important businesses that positively impact patients, providers, and the broader healthcare system,” Michael Koby, 1315 Capital founding partner, said.
The funds have the potential to scale between $50 million and $150 million in revenue with a starting point of more than $5 million in revenue at time of investment.
The firm now has between $5 million and $40 million to invest in minority or majority transactions.
1315 Capital has more than $1 billion in assets under management. It provides growth capital to companies operating in commercial-stage healthcare services, health and wellness, medical technology, and pharmaceutical and medical technology outsourcing.