Apposite Capital closes Healthcare Fund II on £144.5m

According to Unquote Data, the fund was launched in 2015 and went on to hold a first close on £70m in 2016. The fundraising effort eventually surpassed the £125m target.

Its predecessor raised £200m shortly after the firm's inception in 2006 and has now been fully realised.

Fundraising efforts for the second vehicle have been led in-house with the support of TMR Strategic as lead placement agent. Macfarlanes acted as legal adviser, while Intertrust is the fund administrator.

In conjunction with the fundraise, Valerie Auffray has been promoted to head of investor relations & operations and Anne-Laure Meynier to investment director. Auffray joined Apposite in 2008 and is responsible for fundraising, investor relations, funds reporting and marketing, as well as the firm's operations. Meynier joined the firm in 2015 and is involved in all aspects of the investment process.

Investors
Apposite stated that it had received "strong support" from existing investors. According to Unquote Data, LPs in the previous vehicle include Mizuho Bank and Dainippon Sumitomo Pharma.

In addition, Apposite said it had attracted a varied mix of new investors comprising funds-of-funds, financial institutions, family offices, endowments, foundations and corporates. LPs hail from Europe, Asia and the US.

Investments
Apposite focuses exclusively on the healthcare sector, seeking to deploy £10-20m over the life of an investment. It favours majority investments but can also deploy growth capital.

The fund has already been put to work across five investments. Most recently, Apposite acquired OrthoD, a UK-based manufacturer and distributor of medical products and implants, from The Riverside Company earlier this year. Other deals are Medical Imaging Partnership, MC Care Holdings, NIMGenetics and Swanton Care & Community.

People
Apposite Capital – David Porter (managing partner); Valerie Auffray (head of investor relations & operations).

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