Ampersand seeks $300 mln with latest fund

Ampersand Capital, a healthcare focused private equity firm, is out fundraising, according to three placement sources and an SEC filing.

Wellesley, Massachusetts-based Ampersand is seeking $300 million with its latest pool, the sources said. The fund, Ampersand 2014 Limited Partnership, looks to be the firm’s eighth. Ampersand has already closed on $100 million in commitments and expects to hold a final close in six months, a fourth placement source said. The PE firm invests in industrial healthcare companies that provide large scale services to companies or organizations, the person said. Ampersand also generated returns of 3x its money, the source said.

Atlantic-Pacific Capital and Harken Capital Securities are listed as placement agents for the pool, the SEC filing said.

Ampersand collected $212 million in 2006. It’s not clear if that was the firm’s last fund. Executives at Ampersand, Atlantic Pacific and Harken did not immediately return calls for comment.

In April 2011, the PE firm officially switched its name to Ampersand Capital from Ampersand Ventures. Ampersand said in a statement that the change would have no effect on its operations or strategy since it had been focused on middle market investments for over a decade.

Ampersand, during the 1990s, invested about 50 percent of its capital in middle market companies and the rest in early stage firms. Around 2001, the firm appears to have changed its focus to all middle market investments, the statement said. Ampersand currently invests between $10 million to $50 million per deal, according to the firm website.

Last June, Ampersand said it had raised seven funds over the past 20 years that produced a 24 percent internal rate of return to LPs net of all fees and carried interest.

The PE firm also expanded its management team in January 2013. Eric Lev joined Ampersand as a partner from Water Street Healthcare Partners where he was on the investment team. Dana Niles, the former CFO of HighPoint Capital, became Ampersand’s CFO and chief compliance officer. John Perkins also joined as an operating partner. Cecil Kost joined Ampersand in June as an operating partner.

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