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Giving back amid covid-19: Advent, WindRose, Olympus, Linden

Advent reveals $7.1m of contributions out of The Advent Global Relief Fund, while other mid-market PE shops add to the industry's charitable efforts amid the covid-19 pandemic.

Led by private equity behemoth Advent International, sponsors of all sizes continue to step up with philanthropic efforts to help those in need amid the covid-19 pandemic. 

Others in the act of giving include WindRose Health Investors, Olympus Partners and Linden Capital Partners, the firms told PE Hub

Advent said Friday it made a $7.1 million donation to support various organizations across Massachusetts through The Advent Global Relief Fund. 

The fund, announced last week, includes an initial $25 million commitment from Advent partners to support healthcare and other front-line workers, vulnerable communities and the employees of the firm’s portfolio companies.

With Friday’s commitment, the buyout group’s Boston headquarters office is the first out of the gate to announce specific charitable contributions. 

Representing one of the largest philanthropic donations in the state related to the public health crisis, the $7.1 million includes $1.5 million to the Massachusetts Covid-19 Relief Fund, $1 million to the Boston Resiliency Fund and $1 million to United Way and its Covid-19 Family Support Fund. It also includes $3.6 million to 15 other Boston community organizations and state hospitals on the front lines of the pandemic.

Elsewhere, middle-market sponsors are doing their part.

WindRose, which invests in healthcare businesses ranging $25 million to $300 million in enterprise value, is collectively contributing $800,000 to what will become an institutionalized charitable effort and an ongoing initiative, the firm told PE Hub

The New York firm will immediately focus on providing relief to those facing hardship within its portfolio companies, said Oliver Moses, managing partner at WindRose. The PE shop will then look to help the broader communities of its portfolio companies and NYC, assisting organizations battling the health and economic consequences of the pandemic. 

Within its portfolio, funds will be distributed where needs arise. For example, one portfolio company has a program allowing employees free access to coronavirus testing that WindRose intends to support, he said. 

The firm expects to continue the initiative in the aftermath of coronavirus, supporting other worthy causes, he said.

Elsewhere, the general partners of Olympus have given more than $200,000 over the last two weeks to support its community, Rob Morris, a managing partner at the Stamford, Connecticut-based firm told PE Hub

The funds have been distributed to buy 2,000 meals for Stamford, Norwalk and Greenwich hospital staff; to fund rooms for the Stamford Homeless; to buy a new delivery vehicle for Hartford Meals on Wheels; pay for childcare for healthcare workers at Upstate Medical Center in Syracuse; as well as to fund Onondaga County meals-on-wheels and the Food Bank of Central New York, Morris said. 

Olympus invests across various industries, with investments that range from $50 million for growth capital deals to $300 million or more for buyouts.

As one of the first-known Chicago-based PE groups to give back, Linden Capital Partners gave $100,000 to the Illinois COVID-19 Response Fund to help those in need, the firm told PE Hub

Linden is a private equity group focused exclusively on leveraged investments in middle market healthcare and life science companies. The firm is investing out of Fund IV, a $1.5 billion pool of capital that closed in May 2018.

Action Item: Read more about The Advent Global Relief Fund

Correction: This report has been updated to say $7.1 million upon second mention, referring to Advent’s donation in Massachusetts. A previous version inaccurately said $7.1 billion.