SkyKnight Capital has closed its third fund at $600 million, beating its $500 million target. The fund’s limited partners include family offices, foundations, endowments, pensions and institutional investors. Ropes & Gray LLP served as fund counsel. Based in San Francisco, the private equity invests in healthcare, financial services and tech-enabled services sectors.
SAN FRANCISCO–(BUSINESS WIRE)–SkyKnight Capital, L.P. (“SkyKnight”), a private equity investment firm, is pleased to announce the final closing of SkyKnight Capital Fund III, L.P. (“Fund III”), with $600 million in commitments from family offices, foundations, endowments, pensions, and institutional investors. With an initial target of $500 million, Fund III exceeded its target and was oversubscribed, reaching its hard cap of $600 million in five months. SkyKnight now manages over $2 billion of capital across its funds and co-investment vehicles.
“At SkyKnight, we are executing on a long-term, genuine approach to private equity partnership. SkyKnight brings both financial investment and strategic human capital to exceptional management teams to drive business growth and build value for all stakeholders. With Fund III, SkyKnight aims to continue to develop meaningful partnerships and contribute to the success of sector defining, best-in-class companies,” said Founder and Managing Partner Matt Ebbel.
Partner Mara Hunt commented, “We are incredibly grateful for the support of our existing limited partners as well as the expansion of our partnership to include additional leading global investors in Fund III. Our investors have confidence in the consistent, repeatable approach we use in sourcing, evaluating, and adding value to our portfolio companies. We have a true partnership with our investors and will continue to work hard to generate strong risk-adjusted returns for everyone who has entrusted us with their capital.”
SkyKnight focuses on partnering with high quality businesses in acyclical growth sectors alongside exceptional management teams. Since its launch in 2015, SkyKnight has made eleven platform investments which have further made more than 50 add-on acquisitions. Fund III will make investments in the healthcare, financial services, and tech-enabled services sectors with equity commitments between $50 million and $250 million per platform. Fund III has made two investments to date, including IMA Financial Group, a leading independent specialty retail insurance broker, and NearU Services, a leading home services platform.
Ropes & Gray LLP serves as fund counsel. The firm engaged no intermediary to assist in fundraising. More information is available at www.skyknightcapital.com.