Martis Capital, the former Capricorn Healthcare, targets $450 mln

Martis Capital, a spinout from the investment firm of an eBay co-founder, is targeting $450 million for its third fund, according to two people with knowledge of the situation.

Fund III will be Martis’s first fund under its new name. Martis was formerly part of Capricorn Investment Group, the family office of Jeff Skoll, a co-founder of eBay.

Martis, under the Capricorn umbrella, was called Capricorn Healthcare. It has rebranded as Martis, according to an August announcement by the firm.

Metric Point Capital is placement agent on the fundraising.

Martis is led by Barry Uphoff, founding and managing partner, and Shahab Vagefi, founding partner. Prior to Maris (and Capricorn), Uphoff was a senior investment professional at Silver Point Capital. Before that he led healthcare investing at Trivest.

Vagefi previously worked at Carlyle Group, according to his biography on Martis’s website.

Martis focuses on services and outsourcing, IT, consumer and wellness and products and diagnostics. Past investments include care-management-software company Altruista Health, Atlantic Diagnostic Laboratories, CareHospice, veterinary business WellHaven PetHealth and medtech company HeartFlow.

Martis, as Capricorn Healthcare, raised two prior funds, collecting $350 million for Fund II and $250 million for the first fund, one of the people said.

Fund III is targeting a 2.5x to 4x return on capital and a 25 percent internal rate of return, this person said.

Action Item: Check out Martis’s Form ADV here: https://bit.ly/2zRn4u0