Thurston Group (“Thurston”), a leading private equity firm specializing in healthcare investments, announced today the successful final close of Thurston Fund III (“Fund III” or the “Fund”). Fund III was oversubscribed and closed at its revised hard cap of $211 million in committed capital. The closing marks the firm's largest fundraise to date, representing more than a 60% increase in Limited Partner commitments compared to Fund II, which closed in 2022.
Fund III marks Thurston's third successful fundraise since 2018 and reinforces the firm's position as a preeminent investor in the lower middle-market healthcare sector. Leveraging its proven playbook to drive growth and long-term value creation, the Fund will continue Thurston's strategy of making control investments in attractive segments of healthcare, partnering with founder-owners of businesses.
“We are deeply grateful for the support from existing investors for this fundraise, as well as the new strategic partnerships we have created in Fund III, which further diversifies our investor base among high-quality family offices, fund-of-funds, and high-net-worth individuals,” said Dan Davis, Managing Partner at Thurston Group. “The strong demand for Fund III underscores the confidence in our disciplined strategy and the results we've delivered across prior funds. We look forward to continuing to back exceptional founders and help scale category-leading healthcare businesses.”
Founded in 1986, Thurston partners with entrepreneurial healthcare professionals to build long-lasting legacy businesses through a collaborative, value-added approach. Since inception, the firm has returned more than $4 billion of invested capital across various economic and industry cycles.
“Fund III represents the next chapter in our evolution as a firm,” added Patrick J. Haynes III, Chairman and Founder of Thurston Group. “Our team is deeply focused on building enduring partnerships with high-performing healthcare operators, and we are excited to deploy this capital into businesses where we can bring meaningful operational and strategic support.”
Nixon Peabody LLP served as fund counsel, and Praxess Securities, LLC served as placement agent to Thurston.
For media inquiries, please contact:
Gregory ClementVice PresidentThurston Group(312) 255-0077gsclement@thurstongroup.com
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SOURCE Thurston Group
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