US-based healthcare investment firm Health Enterprise Partners (HEP) closed its oversubscribed third fund at $188m yesterday having secured several healthcare organisations and care providers as backers.
Although the participating corporates were not officially named, HEP identifies a number of strategic limited partners on its website, including healthcare systems Allina Health, Intermountain Healthcare, Novant Health, Sentara Healthcare and UCHealth.
The LP list also featured health insurance providers Anthem Blue Cross, BlueCross BlueShield of Tennessee and Usable Corporation.
Founded in 2006, HEP generally makes growth equity and small buyout investments sized between $5m and $15m in healthcare technology and services providers. Its first fund was sized at $91m and its second closed at $148m in 2012.
The firm’s exits include health data technology developer MobileMD, which was acquired by Siemens in 2011, and data analytics software provider HealthQx, which was bought by McKesson in 2016.
Elizabeth B. Concordia, president and chief executive of UCHealth, said: “UCHealth engages with HEP in a rich and productive dialogue on the future of healthcare.
“We look to both the HEP team and their portfolio companies as a source of innovative ideas on how to solve our most pressing issues and ultimately improve the care and experience of our patients.”