Linden eyes $500 mln first close on Fund III

Linden LLC is aiming for a first close on about $500 million for its third fund, which is targeting $600 million, according to a person with knowledge of the fundraising.

The first close could come before the end of the year, the person said.

It’s not clear when Linden officially hit the market, though the firm had been talking to limited partners about Fund III as of October, Buyouts previously reported. Park Hill Group is working as the placement agent on the fundraising.

[contextly_sidebar id=”VGR42YDOipeXp7geyBT2N3zcjXJohUeE”]Mark Sullivan, a principal in human capital at Linden, did not return a request for comment.

Chicago-based Linden closed its prior fund, Linden Capital Partners II, on $375 million in 2010, beating its $300 million target. Its debut fund closed on $200 million in 2006.

Performance information on both funds could not be found as of press time.

Linden invests in middle-market healthcare and life sciences companies. The firm builds relationships with industry executives to help source deals and conduct due diligence as well as advise portfolio company management, according to an investment document from the Missouri State Employees’ Retirement System.

The firm has nine operating partners, including Eran Broshy, previously CEO and chairman of inVentiv Health; Gary Kagan, co-founder and onetime executive vice president-development at SemperCare, a long-term acute care hospital company; and Chris Kolber, previously president of Global Devices for Hospira Inc, a 2004 spin-out from Abbott Laboratories.

Linden announced in December that it had added Ron Labrum to its team of operating partners. Labrum was previously CEO of Fenwal, a $630 million device manufacturer focused on blood technologies. Labrum will be the lead operating partner for the firm’s distribution efforts, the firm said in a statement.

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