Riverside Partners is building out its senior healthcare roster with the addition of Michael Bernard, the Boston-based healthcare and technology firm told PE Hub.
Bernard joins the mid-market-focused private equity shop from Chicago’s Linden Capital Partners, a healthcare-exclusive private equity firm where he most recently served as a principal.
Bernard started at Riverside a couple weeks ago as a principal following about five years at Linden. The investor got his start at Morgan Stanley in healthcare investment banking, before joining 3i Group Private Equity’s healthcare team in 2014, according to his LinkedIn profile.
At Linden, Bernard helped lead multiple investments in healthcare services, manufacturing and distribution. The investor will apply his broad range of prior healthcare experience, focusing at Riverside on sub-sectors including pharma services and suppliers to the life sciences industry, General Partner David Belluck told PE Hub.
On the healthcare front, Riverside’s three priority areas are pharma services, medical device manufacturing and tech-enabled services. The firm is actively recruiting for another principal on the technology side, Belluck added.
“It’s a very, very active time. Valuations are high and people are concerned about increasing tax rates. We’re seeing a number of founder-owned companies looking for liquidity,” Belluck commented. But, across economic cycles, he added, “there’s always founders who are interested in identifying an investment partner to meet a variety of objectives.”
Riverside’s latest healthcare bet came in October, when it completed an investment in Syner-G, which oversees all aspects of CMC (chemistry, manufacturing and controls) throughout the drug development process and post-commercialization.
The investment was made through Fund VI, which is about 50 percent invested so far, Belluck said.
More recently, the firm in March closed its new continuation fund at $532 million. Limited partners in 2012-vintage Riverside Fund V were given the option to roll into a continuation vehicle or sell their stakes to Neuberger and syndicate partner RCP Advisors, affiliate publication Secondaries Investor reported earlier this year.
Riverside’s other current healthcare-related investments include Revecore, a healthcare revenue cycle management company; Enovate Medical, a manufacturer of clinical workstations sold to hospitals; and Loftware, a provider of enterprise labeling software and services whose end-markets include life sciences. Syner-G (Fund VI) and Revecore (out of the continuation fund) are both actively seeking add-ons, Belluck noted.