HealthpointCapital Closes on First $110 Million Private Equity Fund
BY EDITOR, DECEMBER 22, 2003
HealthpointCapital, the first private equity and research firm dedicated solely to the Orthopedics Industry, is pleased to announce that it has reached its first fund closing. The Fund has closed on $110 million and is expected to have closed or committed $200 to $300 million in 2004. The firm has been aggressively screening deals during the past 90 days with the support of our research team. We hope to close our first investment before the end of 1Q:04.
John Foster, CEO of HealthpointCapital and Tim Berkowitz, Managing Director are leading the fund raising process and investment committee. Both have extensive experience investing in the healthcare industry. John Foster was the original investor and CEO of Novacare. Over the course of his thirty plus years of private equity investing, he has earned investors over 90% average annual rates of return in healthcare. Tim began his career at Goldman Sachs and was a Managing Director at Merrill Lynch. His prior firm, BPI Capital, posted exceptional returns in both healthcare and other areas.
Messrs Foster and Berkowitz, with help from HealthpointCapital's research department will be deploying its funds into promising growth companies in orthopedics. Specifically, HealthpointCapital is looking for companies with $10 million or more in revenues, a positive EBITDA and who are seeking growth capital to dramatically improve their market penetration and eventual value to shareholders.
Raising new capital in 2003 was difficult. But the opportunities available to investors in orthopedics, now the largest and fastest growing sector in medical devices, are substantial. As a result, roughly one year after starting, HealthpointCapital closed on $110 million and is looking forward to substantially increasing that number in 2004.
All inquiries should be addressed to either John C. McCormick or Tim Berkowitz.
