Kirkland & Ellis counseled BPOC, a pure-play healthcare investor, on a $425 million continuation fund co-led by investment funds affiliated with Apollo S3, Blackstone Strategic Partners and Five Arrows. The continuation fund consists of five healthcare services companies previously held by Beecken Petty O’Keefe Fund IV, L.P. and Beecken Petty O’Keefe Fund IV-A, L.P. (together BPOC Fund IV), 2013 vintage funds with $503 million in combined total capital commitments. The continuation fund will provide more time and, in certain cases, additional capital to enable each portfolio company in further accelerating its full growth potential. As part of the transaction, existing investors in BPOC Fund IV were provided with the choice to receive full liquidity or to fully or partially re-invest into the new continuation fund.
The Kirkland team was led by investment funds partners Dave Stults, Eric Fischer and Scott Lenahan and associates Victor Ghazal, Michael Brar, Hannah Cloh and Nir Levin; corporate partners Cole Parker and Matt Whited and associates Chadney Rodgers and Emily Hartney; investment funds regulatory partner Josh Westerholm; and tax partners Mike Conroy and Dan Meehan.
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