Emerging Manager Roundup: EW Healthcare, Lee Equity, Variant and more

Emerging private equity fund managers appear unaffected by the summer lull. Nine emerging managers raised $1.8 billion from Aug. 14 through Aug. 27, according to Buyouts data. That’s up from the previous roundup period, in which managers raised just over $1 billion.

Year to date, new managers have raised a combined $41.3 billion, according to Buyouts.

EW Healthcare Partners outraised all other firms. Its sophomore fund closed on more than $746 million dollars, beating its original target of $650 million. The amount was raised through two parallel vehicles: EW HEALTHCARE PARTNERS FUND II, which raised $297.3 million from 17 investors, and EW HEALTHCARE PARTNERS FUND II-A, which raised $434 million from 30 investors, according to SEC filings.

The firm invests in pharmaceuticals, medical devices, healthcare services and healthcare IT.

Lee Equity Partners came in at second, with its third fund raking in more than $655 million from 63 investors. The firm was founded by Thomas H. Lee, who also founded and ran Thomas H. Lee Partners from 1974 to 2006. Lee Equity targets the healthcare, financial, business and consumer services sectors in the middle market.

Variant Equity was third, raising $102 million for its sophomore fund. The amount was raised from just four investors. In May of 2018, Variant raised $43.5 million for its debut fund through four investors, an SEC filing showed.

Below is a rundown of the most significant emerging private equity funds that Buyouts Insider has identified as being in the market over the past few weeks:

Arc70 Capital

  • Fund name: Arc70 Fund II, LP
  • Focus: Real estate investments across the U.S.
  • Amount raised: $96.9 million
  • Target: $200 million
  • Location: San Francisco
  • Phone: +1 415-322-3266
  • Filing: https://bit.ly/2ZttDR7

Cotton Creek Capital

  • Fund name: Cotton Creek Capital Partners III, L.P.
  • Focus: Manufacturing, infrastructure, specialty chemicals, food and beverage, transportation and logistics, business services, value-added distribution, building products, industrial services.
  • Amount raised: $66.4 million
  • Target: $215.1 million
  • Location: Austin, TX
  • Phone: +1 512-412-3300
  • Filing: https://bit.ly/2MJ8Piq

EW Healthcare Partners

  • Focus: Pharmaceuticals, medical devices, healthcare services, healthcare IT.
  • Amount raised: $746.3 million
  • Target: $650 million
  • Location: New York City
  • Phone: +1 646-429-1251
  • Filings: https://bit.ly/2ZnxlMJ; https://bit.ly/2LrBHJh

Great Point Partners

  • Fund name: Great Point Partners III-A, L.P.
  • Focus: Healthcare companies in the U.S., Canada and Western Europe.
  • Amount raised: $46.1 million
  • Target: $46.1 million
  • Location: Greenwich, CT
  • Phone: +1 203-971-3317
  • Filing: https://bit.ly/2ZB7sZ6

Kingfish Group

  • Fund name: KF Partner Investments Fund III LP
  • Focus: Industrials, business services, consumer & retail, financial services, healthcare and technology in the U.S. and Canada.
  • Amount raised: $26.6 million
  • Target: N/A
  • Location: Foster City, CA
  • Phone: +1 650-980-0202
  • Filing: https://bit.ly/2ZzrcN0

Lee Equity Partners

  • Fund name: Lee Equity Partners Fund III, L.P.
  • Focus: Buyouts and growth equity investments in healthcare, financial, business and consumer services.
  • Amount raised: $655.2 million
  • Target: N/A
  • Location: New York City
  • Phone: +1 212-906-4900
  • Filing: https://bit.ly/2ZlneYP


  • Fund name: Sarona Frontier Markets Fund 3 LP
  • Focus: Information and communication technology, education, healthcare, financial services, transportation and logistics, light manufacturing and consumer goods.
  • Amount raised: $15 million
  • Target: $100 million
  • Location: Toronto
  • Phone: +1 345-949-9876
  • Filing: https://bit.ly/329vdVP

Satori Capital

  • Fund name: Satori Capital III, LP
  • Focus: Business services, consumer products, e-commerce, financial services, healthy food and beverage, industrial automation, software and technology, specialty manufacturing.
  • Amount raised: $40.1 million
  • Target: N/A
  • Location: Dallas, TX
  • Phone: +1 214-390-6270
  • Filing: https://bit.ly/345VYwo

Variant Equity

  • Fund name: Variant Equity II, LP
  • Focus: Control equity investments in North American companies with revenues in excess of $75 million.
  • Amount raised: $102 million
  • Target: $102 million
  • Location: Los Angeles
  • Phone: +1 310-467-4700
  • Filing: https://bit.ly/2Z5AlNH

Download a spreadsheet with information about all of the funds: Emerging PE Roundup