Kirkland Advises Patient Square Capital on Record $3.9 Billion Inaugural Fundraise
Kirkland & Ellis advised Patient Square Capital (Patient Square), a leading health care investment firm, on the formation of its inaugural fund, Patient Square Equity Partners (PSEP), with approximately $3.9 billion in total committed capital as of its final closing. PSEP surpassed its $3 billion target and is both the largest first-time private equity fund ever raised and the largest fund ever raised by a dedicated health-care-focused private equity, growth equity or venture capital firm. At the final close, Patient Square’s total assets under management (AUM) stood at approximately $5.9 billion, including significant co-investment commitments from leading institutional investors. Patient Square invests broadly across the health care industry, including development-stage therapeutics; commercial-stage pharmaceuticals; medical devices, diagnostics and life science tools; health care providers; and technology-enabled and other services. Commitments to PSEP were secured from a diverse and global set of institutional investors, including leading sovereign wealth funds, pension funds, endowments, foundations, family offices, hospital systems, consultants, private wealth platforms and insurance companies.
The final closing of PSEP was announced on February 1, 2023.
Read Patient Square’s press release
The Kirkland team was led by investment funds partners Daniel Lavon-Krein, Paul Watt and Barry Le Vine, and included investment funds partners Mark Boyagi and Amanda Strickler, with assistance from associates Jackie Ting, Nathan Calko, Alex Burt, Wilford Ng, Bojun Xu, Cynthia Situ, Alicia Nakhjavan and Devon Salge; investment funds regulatory partners Alpa Patel, Lisa Cawley and Zach Milloy and associates Nick D’Ambrosio, Radhika Kshatriya and Jade Bernard; tax partners Lee Morlock, Joel Peters-Fransen and associate Allison Bray; debt finance partner Aditi Iyer and associates Adnan Hussain and Alex Straka; investment funds ERISA partner Sabrina Glaser; and ESG & impact partner Alex Farmer and associates Emilie Jones and Donna Ni. The Patient Square team also includes restructuring partner Edward Sassower; corporate partners Michael Weisser, Ryan Brissette and Maggie Flores; debt finance partner Jason Kanner; and tax partner Mark Schwed.
