BOSTON--(BUSINESS WIRE)--Valspring Capital, a healthcare-focused growth equity firm, today announced the close of the firm’s debut fund, Valspring Capital Fund I (the “Fund”), above its target, at $255 million.
Founded in 2022 by a team spun off from Bain Capital Ventures to pursue healthcare investments with the firm’s support, the Valspring team will seek to invest primarily in growth-stage companies in the healthcare industry, focusing on the information technology, technology-enabled services, and services sectors within North America. The Fund received strong institutional investor interest from a diverse LP base which includes endowments and foundations, pensions, financial institutions, funds of funds, and private wealth firms.
“We are thrilled to announce the close of our debut fund and proud to close above target amid a challenging environment for growth equity,” said Yumin Choi, Managing Partner, Valspring Capital. “We see a great deal of opportunity in the healthcare sector, a continually growing and fragmented industry ripe for innovation. With our strong team, supplemented by a network of operating partners with significant industry and operating experience, we are confident we can excel in this competitive market and drive value for our portfolio companies and investors.”
Illustrating the firm’s strong pipeline and sourcing in a highly competitive and crowded growth equity ecosystem, the team completed two investments during the fundraise in HealthJoy and Phoenix. HealthJoy is a technology-first healthcare benefits navigation platform serving mid-sized employers. Valspring has tracked the care navigation space and HealthJoy for many years via its extensive, thesis-driven market landscaping work and has deep experience to help the company commercialize and scale. Phoenix is a founder-owned pharmaceuticals home delivery company servicing the Canadian market. The company exhibits many of the characteristics that Valspring targets for its fund investments including capital efficiency, strong unit economics, and outsized topline growth.
“Monument Group was honored to partner with Valspring on their successful inaugural fundraise,” said Bart Molloy, Partner at Monument Group. “Valspring’s focused strategy, deep sector expertise, demonstrated track record and combined history strongly resonated with investors, resulting in a highly successful fundraise.”
Monument Group acted as the exclusive placement agent and Ropes & Gray LLP acted as general counsel.
About Valspring Capital
Established in 2022, Valspring is a Boston-based growth equity firm founded by the former healthcare investment team of Bain Capital Ventures. With deep sector expertise and a proven track record, we invest in growth-stage companies in the healthcare industry, focusing on the information technology, technology-enabled services and services sectors. Valspring is purpose-built to support scaling the best teams and solutions to achieve outsized impact and accelerate commercial adoption. For more information, please visit www.valspring.com.
About Monument Group
Monument Group is a global, independent capital advisory and fundraising partner in alternative investments. The firm advises and assists on capital formation and liquidity solutions, including primary fundraising, secondaries, co-investments, fund recapitalizations and other capital solutions for both general and limited partners globally. Established in 1994, Monument Group has assisted its clients in raising over $140 billion across 210 funds and transactions. For more information, please visit www.monumentgroup.com.
About Ropes & Gray LLC
Ropes & Gray, a preeminent, global law firm, has been ranked in the top-three on The American Lawyer's prestigious "A-List" for eight years and by Chambers UK. The firm has more than 1,500 lawyers and legal professionals serving clients in major centers of business, finance, technology, and government in New York, Boston, Chicago, Los Angeles, San Francisco, Silicon Valley, Washington, D.C., London, Dublin, Hong Kong, Seoul, Shanghai, Singapore and Tokyo. The firm has consistently been recognized for its leading practices in many areas, including asset management, private equity, M&A, finance, real estate, tax, antitrust, life sciences, healthcare, intellectual property, litigation & enforcement, privacy & cybersecurity, and business restructuring.
