Lorient Capital Closes $122 Million Fund, Exceeding Target
Lorient Healthcare Fund Will Focus on Investments in the Healthcare "Micro" Middle Market
Birmingham, MI (PRUnderground) February 19th, 2019
Lorient Capital Management (“Lorient”) is pleased to announce the closing of Lorient Healthcare Fund (the “Fund”), at its hard cap of $122 million as of July 2018.
The foundation for Lorient was created in 2015 by former U.S. Medical Management executives Mark Mitchell and David Berman after the sale of Mitchell’s ownership stake to Centene Corporation (NYSE: CNC) for $325 million. Originally organized as Mitchell’s family office, Lorient was spun off in 2018 to form a new investment manager focused exclusively on private investments in the healthcare services sector.
As an operationally focused firm with deep roots in healthcare, Lorient seeks to form partnerships with entrepreneurs and executives to help transform their emerging healthcare companies into industry leaders. Providing more than just capital, Lorient’s team works hand-in-hand with management to execute on strategic initiatives, build infrastructure, and hire exceptional talent; a strategy that Lorient’s partners have used in the past to drive average annual revenue growth of over 50% for other emerging healthcare companies.
Lorient has assembled a strong team with deep experience owning, operating, growing, and selling healthcare companies. Notably, Lorient’s four partners have founded and held executive level positions as CEO, COO, CFO, amongst others, in businesses ranging from private start-ups to public companies with over $40 billion in revenue.
The Fund will seek to invest $10 to $25 million of equity capital into high growth healthcare companies in the areas of physician practice management, post-acute care, behavioral health, and outsourcing. Lorient creates strong alignment with founders and management in the form of both majority and minority deals where control can be shared.
“We are grateful for the opportunity to continue building lasting partnerships and relationships with great healthcare entrepreneurs and clinicians to serve patients and their families by providing better care at lower costs,” said Mitchell and Berman.
Mitchell anchored the fundraise, with additional capital commitments from a select number of large institutional investors including leading endowments, asset managers, and family offices, as well as friends and family.
Lorient was advised by Cooley LLP and Sparring Partners Capital acted as exclusive placement agent.
About Lorient Capital
Lorient Capital is a private investment firm focused exclusively on the healthcare industry. Our distinctive approach blends our roots as entrepreneurs, operators, and investment professionals to build market-leading healthcare services companies.