Linden hits market with next fund without one of its co-founders

  • Linden shoots for higher target than prior fund
  • Moves forward without co-founder Eric Larson
  • Invested in Smile Doctor earlier this month

Linden Capital Partners, a healthcare- and life-sciences-focused firm, will enter the market with its largest fundraising effort to date without one of its founders and senior leaders, Eric Larson.

Larson, who co-founded Linden, retired from the firm over the summer, according to Linden’s Form ADV. He most recently held the titles of chairman and managing partner. Linden is owned by Co-Founders and Managing Partners Anthony Davis and Brian Miller, the Form ADV said.

Davis and Miller did not return a request for comment.

Linden is targeting $1.25 billion for its fourth fund, according to a person with knowledge of the firm. The firm is working with Park Hill Group on the process.

Linden closed its prior fund on its $750 million hard cap in 2015, Buyouts has reported. That fund, still early in its J-curve period, was generating a 25.5 percent net internal rate of return as of June 30, 2017, according to a person with knowledge of the fund.

Chicago-based Linden closed Linden Capital Partners II on $375 million in 2010. That beat its $300 million target. The debut fund closed on $200 million in 2006.

Earlier this month, Linden invested in Smile Doctors, an orthodontic dental support organization. Terms weren’t disclosed.

Update: This story was updated with more recent performance numbers for Fund III.

Action Item: Check out Linden’s Form ADV here:

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