DRI Capital, a private equity firm which invests in drug royalty streams, has closed its second fund with $701 million in capital commitments. It originally targeted $500 million, with Atlantic-Pacific Capital serving as placement agent.
Atlantic-Pacific Capital, a leading independent global placement agent, announced today the final closing of Drug Royalty II (the “Fund”) with $701 million of equity capital commitments. The Fund, managed by DRI Capital, had an initial target of $500 million and received tremendous support from a broad group of institutional investors across the U.S., Canada, Europe, Australia and Asia. Atlantic-Pacific Capital acted as the exclusive global placement agent and advisor.
“DRI is one of the leading firms with a long-running tenure in the royalty monetization space. Its differentiated business model proved to be a unique portfolio diversifier for Limited Partners,” explained Alex Leykikh, Partner at Atlantic-Pacific Capital.
“While we managed our core business, Atlantic-Pacific Capital assisted us with every facet of the fundraising process, which they performed with thoughtfulness, professionalism and integrity,” said Behzad Khosrowshahi, DRI Capital’s President and CEO.
Based in Toronto, DRI Capital is a healthcare industry-focused investment management firm with over $2.0 billion under management that acquires royalties from pharmaceutical and biotechnology companies, research institutes, universities and inventors. The Fund’s investment team has over 100 years of combined experience in the healthcare industry, including the identification, assessment and management of royalty streams. DRI Capital raised $240 million of equity capital for Drug Royalty I in 2006.
“We congratulate the DRI team on this successful global fundraise in light of the current challenging capital-raising environment,” added James Weidner, Partner at Atlantic-Pacific Capital.
Atlantic-Pacific Capital, Inc. (www.apcap.com)
With offices in New York, Greenwich, Chicago, San Francisco, London and Hong Kong, Atlantic-Pacific Capital is a leading independent global placement agent and advisory firm dedicated to raising capital for alternative investment funds and for direct private placement transactions. Typical projects include private equity, real estate, energy and infrastructure, fund placements, as well as private placement financings in support of acquisitions, buy-outs and growth capital transactions. Founded in 1995, Atlantic-Pacific Capital has raised nearly $40 billion for its clients and has developed strong and unique relationships with over 4,000 alternative investors worldwide.
DRI Capital, Inc. (www.dricapital.com)
DRI Capital Inc. (DRI) is a privately held investment management company focused on the healthcare industry. DRI has over $2.0 billion under management and is a leader in acquiring royalties from pharmaceutical and biotechnology companies as well as from research institutions, universities, and inventors.