Spindletop Capital seeks $200 mln for Fund II

Spindletop Capital is targeting $200 million for its second fund as the Austin, Texas, firm with ties to two family offices seeks investments in commercial-stage and profitable healthcare companies, according to a filing.

Among its portfolio companies, Spindletop lists Bioventus, QSpex and HNI Healthcare on its website.

Bioventus, the Durham, N.C., unit of Smith & Nephew, on June 30 filed to raise as much as $150 million in an initial public offering. Spindletop is a shareholder in Bioventus, which makes orthobiologic products for musculoskeletal conditions.

Evan Melrose, Steve Whitlock and Rod Altman are listed on the firm’s website as managing directors. Bob McDonald was promoted to managing director in 2014, according to a press release.

Melrose is the only executive listed on a Form D filing for Fund II.

Founded in 2011, Spindletop is backed by members of the Duncan and Alkek families, founder Melrose told Buyouts in 2014. The name Spindletop refers to a famous oil gusher in Texas in 1901.  Both families made a fortune in the oil business.

Spindletop Capital’s inaugural fund raised less than $100 million, according to a source.

The firm did not return an email.

Action Item: http://spindletopcapital.com/

Photo courtesy of ©iStock/sanjeriiStock/sanjeri

Correction: This story has been updated to correct the date of the Spindletop oil gusher in 1901, not 1910.