Monday, November 2, 2020

Petrichor Closes Oversubscribed Fund I at $410 Million

NEW YORK--()--Petrichor Healthcare Capital Management (“Petrichor”), a private equity firm that makes structured investments in the healthcare sector, today announced the final close of Petrichor Opportunities Fund I, LP which was oversubscribed with $410 million in capital commitments.




Founded by Tadd Wessel, Managing Partner, Petrichor has a strong track record of identifying and supporting world-class management teams and their companies in the life sciences and healthcare sectors. To date, Petrichor has invested in five companies including LumiraDx, Cryoport (Nasdaq: CYRX), CorneaGen, Persivia, and ClearPoint Neuro (Nasdaq: CLPT). Petrichor invests in private and public companies that are seeking growth capital. Investment sizes range from $10 million to $50 million with the ability to commit larger amounts through limited partner co-investments.


“After reviewing hundreds of potential partners, Petrichor was chosen as the inaugural investment from Archean Capital Partners,” said Rob Lazaroff, a Partner at Archean Capital Partners (“Archean”), a joint venture between Veritable, L.P. and Moelis Asset Management LP. Chris Keller, a Partner at Archean, added “we are delighted to be Petrichor’s anchor investor and are impressed with the quality of the limited partners participating in the fund.”


Petrichor hired Moelis & Company’s Private Funds Advisory Group to serve as a placement agent for the fund.


“As a spin-out, Petrichor was an ideal partner for Moelis and Archean, which were fundamental to the success we’ve had with the fundraise. We could not be more excited about the team we have built. Patrick Lally, Michael Beecham, and I previously worked together, and this high level of continuity has given us and our partners considerable confidence in our strategy,” said Mr. Wessel.


Sir Bruce Keogh, a member of Petrichor's Advisory Board, LumiraDx’s Board of Directors, and former Medical Director of National Health Service (NHS) England commented, “It has been an absolute pleasure to work with the Petrichor team. Their experience and guidance in the board room have demonstrated incredible value and I look forward to building on the success we have established together thus far.”


“The Petrichor team has built something special,” said Jerrell Shelton, CEO of Cryoport. "Petrichor is a premier healthcare-dedicated investment firm who has been a key partner in our success. I could not be more excited for them and their future.”


“We appreciate the trust of our limited partners and their support of our distinctive investment style,” said Mr. Wessel. “We believe this is the most exciting time to be investing in life sciences and healthcare and have thoughtfully assembled a team to support leading companies in these sectors.”


About Petrichor Healthcare Capital Management


Petrichor Healthcare Capital Management partners with world-class healthcare managers and businesses to provide customized investment structures and support. The Petrichor team of investment professionals comes from highly-regarded financial institutions including OrbiMed Advisors and Fortress Investment Group. Collectively, the team has completed over 80 investments representing more than $5 billion in invested capital and has held over 30 board seats. Petrichor maintains a deep in-house understanding of healthcare products and services, including scientific, technical, and commercial expertise. This healthcare expertise, together with a breadth of experience investing across sectors, geographies, and capital structures, provides a unique combination to help build successful companies. For more information, please see www.petrichorcap.com.

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