Firm: Enhanced Equity Fund LP
Fund: Enhanced Equity Fund II LP
Target: $300 million
Placement Agent: None
Executives at
The New York-based firm will likely close the Fund II with $375 million in commitments. However, the vehicle will focus solely on health care services targets, while the firm’s previous fund, a $225 million pool of capital raised in 2006, also had a mandate to invest in information and business services. That’s because Dave Howe, a co-founder of the firm, left last summer, our source said. He is in the process of buying one of the firm’s portfolio companies, our source said, adding that the departure was amicable.
Howe, a former partner at
Enhanced Equity started raising the Fund II just after Labor Day last year, and did not employ a placement agent. More than 20 investors agreed to commit to the fund, our source said. The firm typically invests $10 million to $40 million of equity in buyouts or growth equity investments with enterprise values of between $20 million and $100 million.
The firm’s portfolio includes Correctional Healthcare management, an Englewood, Calif.-based provider of health care services to inmates in county jails in the Southwest; Fitness Together, a Highlands Ranch, Colo.-based home health nursing company; and PrePak Systems Inc., a Cookeville, Tenn.-based company that repackages bulk pharmaceuticals into bottles, blister packs and individually packaged doses for government mail outpatient pharmacies and hospitals.