Shore Capital Partners said April 4 that its second institutional private equity fund closed at its $190 million hard cap. The original target of Shore Capital Partners Fund II was $150 million, while investor demand for the pool approached $750 million. Fund II’s investors include university endowments, financial institutions, funds of funds and family offices. Shore Capital said it also promoted Chris Mioton to Principal. Kirkland & Ellis LLP served as legal advisor. Shore did not use a placement agent.
Chicago, IL – April 4, 2017 ‐ Shore Capital Partners (“Shore” or the “Firm”), a strategic private equity firm focused exclusively on the healthcare industry, today announced the first and final close of its second institutional private equity fund, Shore Capital Partners Fund II (“Fund II”), at the hard cap of $190 million.
Fund II, raised in less than three months, surpassed its original target of $150 million and was substantially oversubscribed with investor demand approaching $750 million. Fund II will continue the successful investment strategy employed by the Firm’s predecessor fund and invest primarily in control buyouts, focusing on microcap healthcare businesses. With Fund II, Shore now manages a total committed capital base of approximately $350 million.
Commitments to Fund II came from substantially all the Firm’s existing investors, plus select new limited partners. Fund II attracted strong interest from many sophisticated institutions in North America, resulting in a diverse investor base comprised of leading university endowments, financial institutions, funds of funds and family offices. Additionally, the partners of Shore have committed to invest a substantial amount of capital alongside Fund II.
“We are humbled by the reception Fund II has received from such a highly-respected group of investors,” said Justin Ishbia, Founder and Managing Partner of Shore Capital Partners. “Fund II will allow us to continue our strategy of investing in companies in growth healthcare sectors that will benefit from our operating expertise and deliver outstanding returns to our investors. We are grateful for the support of our limited partners and thank them for their commitment and trust in Shore.”
Shore Capital Partners is also pleased to announce the promotion of Chris Mioton to Principal. Mr. Mioton joined Shore in 2015 and has been instrumental in value creation for the Firm. Further, Shore has cultivated a strong roster of experienced healthcare Operating Partners to assist in deal sourcing, due diligence, and portfolio company management.
Shore Capital Partners has achieved a top-tier track record and expertise in growing healthcare companies. Shore invests in businesses with strong growth potential in favorable niche segments in healthcare services, medical products and consumer‐directed healthcare. Target investments range in size from $1 to $7 million in EBITDA. Shore targets equity commitments of $10 to $30 million per platform and grows companies through both organic initiatives and strategic acquisitions. Shore’s partners, Justin Ishbia, Ryan Kelley, Mike Cooper, John Hennegan and Don Pierce, have been investing together since 2009, completing 50 acquisitions across 13 platforms.
Kirkland & Ellis LLP served as legal advisor to Shore Capital Partners for the fundraising efforts. Shore did not use a placement agent.
About Shore Capital Partners
Shore Capital Partners is a Chicago-based private equity firm focused exclusively on microcap healthcare investments. Shore supports management partners with capital, business development expertise, and industry knowledge to accelerate growth, fund acquisitions, and generate value to shareholders. Shore targets investments in proven, successful private companies with superior management teams, stable cash flow, and significant growth potential, including organic and growth through industry consolidation. Shore has approximately $350 million of equity capital under management through various investment vehicles. More information about Shore Capital Partners can be found at www.shorecp.com.