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Varsity Healthcare closes Fund I at $240 mln

Firm: Varsity Healthcare Partners

Fund: Varsity Healthcare Partners Fund I

Amount raised: $240 million

Targeting healthcare provider platforms with up to $10 million in EBITDA, Varsity Healthcare is led by partners David Alpern and Kenton Rosenberry.

Alpern, who helped found the firm in October 2012, previously worked as a partner at Aurora Capital Group, a $2 billion mid-market firm, where he led the healthcare investing practice and served as a member of its investment committee.

Rosenberry joined Varsity Healthcare in 2013 after working as a partner at Enhanced Equity Funds and as a senior managing director and partner at MTS Health Investors. Varsity Healthcare is in the process of hiring vice presidents, according to the firm’s website.

Varsity Healthcare Partners paid an undisclosed sum for an investment with existing shareholders of Dermatology Associates of Wisconsin (DAW) and has formed Forefront Management Holdings to provide management services to DAW, the firm said in a prepared statement on May 20. Manitowoc, Wisconsin-based DAW ranks as “one of the nation’s largest and most reputable providers of dermatology services” with 40 clinics in four Midwestern states, the firm said.

The deal came eight days after Varsity Healthcare said it invested an undisclosed sum in Katzen Eye Group and used it to anchor a new platform, to be called EyeCare Services Partners Holdings LLC (ESP).

”ESP will consolidate locally dominant, clinically differentiated vision care services practices and affiliated surgical centers in selected geographies,” Varsity Healthcare Partners said in a prepared statement.