BelHealth Seeks $200M For Debut Fund

Firm: BelHealth Investment Partners

Target: $200 million

Amount raised: $60 million

Placement agent: TBD

BelHealth Investment Partners plans to officially begin marketing for a new fund in September, sources told sister Web site peHub.

The pool, which will have a $200 million target, is the first for BelHealth, according to people knowledgeable about the effort. The firm held a $60 million first close in June, but those funds came internally from BelHealth executives.

In September, BelHealth plans to begin fundraising to outside investors, including institutions, a second person said. A second close is expected at the end of that month, the person said.

Fundraising could end later this year but will likely extend into March. BelHealth has hired a placement agent in Europe but is currently on the hunt for one in the U.S., sources say.

Port Washington, N.Y.-based BelHealth was founded earlier this year by managing partners Harold Blue and Bert Brodksy. The firm invests in lower middle market health care companies in health care technology, services or distribution. BelHealth typically investing $10 to $20 million equity per deal, with $15 million being the sweet spot.

BelHealth has already made its first investment. The firm bought Skila, a Morris Plains, N.J.-based health care technology services company, in June.

BelHealth is the successor firm to HealthEdge Investment Partners, which raised a $60 million fund in 2006. HealthEdge Investment Partners LP made six acquisitions and the entire fund has been invested, a source says.

Several of the BelHealth executives, including Blue and Brodsky, were also with HealthEdge.

Officials for BelHealth declined comment.

(Luisa Beltran is a senior writer for peHub.)