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Tailwind Capital halfway to $750 mln Fund II

Firm: Tailwind Capital

Fund: Tailwind Capital Partners II LP

Target: $750 million

Amount raised: About $375 million

Placement Agent: MVision Private Equity Advisers USA LLC

Tailwind Capital, a New York-based specialist in healthcare and communication services, is following up its $775 million inaugural fund with Tailwind Capital Partners II LP, which kicked off its capital-raising efforts last year while remaining active on the deal front.The firm listed a $750 million target for Tailwind Capital Partners II in a Form D filing for the fund last October.

Last month, Tailwind Capital agreed to sell VPI Holdings Corp, the parent of VersaPharm Inc, to Akorn Inc for $440 million in cash. VersaPharm CEO Kevin Connelly said the firm had seen ”exceptional growth” since Tailwind Capital became an equity partner in 2007.

Late last year, Tailwind portfolio company Nautilus Neurosciences sold the U.S. and Canadian rights to its migraine medicine Cambia to Depomed Inc for up to $54 million.

On the acquisition front, Tailwind Capital closed in March on the purchase of Southwest Geoscienece, an environmental consulting firm, by its platform investment, Apex Companies LLC.

Early in 2014, Tailwind Capital’s regional telecommunications platform Nsight acquired a controlling interest in Lakefield Telecom for an undisclosed price.

Tailwind Capital in January announced a growth capital investment in Long’s Drugs, a retail pharmacy chain based in Columbia, South Carolina.

Currently, the firm lists six partners on its website: Jeffrey Calhoun, James Hoch, Geoffrey Raker, Frank Sica, Lawrence Sorrel and Adam Stulberger. Hoch founded Tailwind Capital 11 years ago after working for nearly 20 years at Morgan Stanley and its private equity unit, Morgan Stanley Capital Partners. Sorrel is also listed as a Tailwind Capital founder. He worked previously at Welsh, Carson, Anderson & Stowe as a general partner.

Doug Karp, a former Tailwind Capital executive, left the firm in late 2012, according to a March 2013 report by sister website peHUB. Karp’s LinkedIn page has not been updated with any new job titles or firms since then.

An email to Tailwind Capital by Buyouts was not answered.