CRG wraps up third fund at $1.25 bln

Houston, Texas-based CRG, a healthcare investment firm, has closed its third fund at a hard cap of $1.25 billion, sweeping past its initial target by 25 percent.

According to the firm, the total investable capital for CRG Partners III LP is expected to near $2 billion.

The fund’s limited partners include public and private pensions, university endowments, sovereign wealth funds, insurance companies, wealth management firms and family offices in North America, the Middle East, Europe and Asia.

Fund III is planning on making investments between $20 million and $300 million in both public and private healthcare companies. So far, the fund has committed more than $900 million to 16 companies in the medical devices, tools and diagnostics, biopharmaceuticals, and healthcare IT and services sectors.

In May 2013, CRG (then known as Capital Royalty LP) announced it had closed its oversubscribed second fund at $805 million. No data was available on the performance of the fund.

Probitas Partners was the placement for the fund while Ropes & Gray provided legal counsel.

Photo: Healthcare concept photo courtesy of ©iStock/Xijian.