Health Care Shop Hopes To Hit Hard Cap

Firm: Linden LLC

Fund: Linden Capital Partners II LP

Amount Raised: $208 million

Target: $300 million; hard cap $350 million

Placement Agent: Park Hill Group

Linden LLC is more than two thirds of the way toward meeting the target for its second health-care fund, and the firm anticipates hitting its hard cap in the not-too-distant future.

Chicago-based Linden has so far gathered $208 million for Linden Capital Partners II LP, a source familiar with the situation told Buyouts. The firm has secured enough commitments to attain its target of $300 million, and it expects to reach its hard cap of $350 million early in the second quarter, said our source. New York-based placement agency Park Hill Group is helping to raise the fund.

Linden invests in the North American health care and life sciences industries, typically in lower middle market companies with revenues of $25 million to $300 million. Fund II is earmarked for eight to 10 platform investments, plus add-ons.

Deal sizes for the health care shop span the chasm from $10 million to $2 billion, while specific industry niches include animal health products, health care services, hospital products and life science equipment.

The team includes partners and founders Mary Beth Berkes, Anthony Davis, Eric Larson and Brian Miller. Linden has eight investment professionals and 12 operating partners that assist portfolio companies and vet possible acquisition targets.

Backers of the firm’s $200 million freshman fund, Linden Capital Partners LP, which closed in 2006, are funds-of-funds managers, including Parish Capital Advisors, as well as a mix of endowments, foundations, insurance companies and family offices.