Linden nears fund II close

Linden LLC has raised $200 million for its second fund earmarked for North American health care and life sciences companies, says a source familiar with the fund-raising effort.

The Chicago-based firm also has likely secured commitments that would get it to its target of $300 million, says the source. The fund’s hard cap is $350 million.

Park Hill Group, the New York-based placement agency owned by The Blackstone Group, is helping the firm raise the fund, which executives at Linden hope to wrap up by the end of the first quarter. Should the Chicago-based buyout shop reach its target, it would mark a healthy increase in size from its $200 million debut fund, which closed in 2006. That fund has yielded one exit, the April 2008 sale of oral-care products company Ranir, which netted 10x the firm’s investment in less than three years.

Investors in Linden’s first fund included funds-of-funds manager Parish Capital Advisors and Chicago-based buyout firm Madison Dearborn Partners.

Linden participates in a broad range of deal sizes, from $10 million to $2 billion. It invests in U.S. and Canada-based health care and life sciences companies in such niche markets as animal health products, health care services, hospital products and life science equipment.

The firm was founded in 2002 by former professionals from First Chicago Equity Capital. Partners include Anthony Davis, Eric Larson and Brian Miller. —Bernard Vaughan