In utilizing the FINTRX family office data and research platform, which provides intel into thousands of direct deal transactions made by 3,000+ family offices worldwide, we explore three family offices making direct investments in the healthcare industry...
1. Black Cliffs Partners
Established in 2010, Black Cliffs Partners is a Salt Lake City, Utah-based single family office serving as the direct investment arm for the Lunt Family Office. The firm's founders, Michael and Marshal Lunt together created their wealth through extensive careers in finance, investment management and consulting. The group invests in a wide range of opportunities throughout the private equity landscape. Black Cliffs Partners generally makes control and minority investments across several industries including industrials, chemicals, education, health and health care, technology, SaaS, food and beverage, pharmaceuticals, oil and gas, logistics, financial technology, blockchain and artificial intelligence, among others. When selecting portfolio companies, they target exclusively profitable businesses. With regard to the type of investments, the firm has historically been flexible investing both debt and equity. While the firm invests in a highly opportunistic manner, they have historically targeted mid-market companies with revenue between $10-$100M.
In June of 2018, Black Cliffs Partners directly invested in Path Integrated Healthcare, or 'The PATH' (Positive Advocates Teaching and Helping). The Path is an organization that specializes in providing innovative behavioral health treatment via strength-based solutions and positive approaches to care. In February of 2020, Black Cliffs Partners directly invested in Biltmore Health Services, a team of licensed mental health professionals who have experience working with clients through all stages of life in individual psychotherapy, family, and group therapy. Its programs provide behavioral and mental health counseling, diagnostic assessments, crisis intervention, outpatient counseling services and more. Geographically, Black Cliffs Partners considers investments globally but has shown a heavy propensity toward domestic investments. The firm regularly co-invests alongside like minded individuals, family offices and institutional investors. Past co-investment partners have included Florida-based family office and private equity investor, Liebman Group.
2. East Seattle Partners
Established in 2014, East Seattle Partners is a Mercer Island, Washington-based single family office serving as the private investment arm for its founder, Alan Frazier. Frazier created his wealth through an extensive career in financial services, particularly within the private equity asset class. Most notably, Frazier founded Frazier Healthcare Partners in 1991. Over the course of thirty years, Frazier grew the firm's assets under management to more than $4.2 billion. Prior to founding Frazier Healthcare Partners, Alan Frazier served as Executive Vice President and CFO of Immunex Corporation (a biopharmaceutical company that develops, manufacturers and markets therapeutic products for the treatment of cancer, infectious diseases and autoimmune disorders). Frazier began his career with Young & Company, prior to it becoming Ernst & Young. Frazier and his family are heavily active in philanthropic activities and has served on the UW Medicine Board, UW Medicine Strategic Initiatives Committee and the Fred Hutchinson Cancer Center Board, among others.
Today, East Seattle Partners invests in a range of opportunities across the private equity and real estate asset classes. The group's main focus is growth equity investments in growth companies that aim to redefine business categories, solve market issues and strengthen communities. When making real estate investments, the firm targets properties that specialize in renovating historically significant buildings. The group employs an active, value-add approach to their portfolio companies. In June of 2020, East Seattle Partners made a direct investment in Proprio, a computational imaging company providing enhanced visualization systems for precision tasks - such as brain surgery, for instance. Geographically, East Seattle Partners invests almost exclusively in the Pacific Northwest. Given their private nature, the firm deploys sticky and patient capital, often with long-term hold positions. East Seattle Partners has historically made controlling or significant minority investments and regularly takes a board seat on their portfolio companies. The firm has historically considered co-investments alongside like minded family offices, private equity firms and individual investors.
3. Telemos Capital
Established in 2017, Telemos Capital is a London, United Kingdom-based single family office serving as the private investment vehicle for Philippe Jacobs and his family. Philippe Jacobs created his wealth over the course of an extensive career in finance. Prior to co-founding Telemos Capital, he worked in investment banking for both UBS and RBS. After a number of years in banking, Jacobs began his career in private equity serving as the Investment Director for Man's Aalto Invest. Jacobs has held a number of board seats over the years, including Cognita Schools, Lovehoney, Colosseum Dental Group, MedEuropa Group and Sanoptis. The Jacobs family has expansive ties throughout the United Kingdom and Switzerland, and maintains another family office based in Zürich (Jacobs Holding). Today, Telemos Capital allocates to a range of opportunities primarily throughout the healthcare, business services, consumer goods and life science spaces. When investing, the firm only makes controlling investments and will generally deploy between 50 million and 200 million per transaction. Telemos Capital will not consider early stage or venture investments but partakes in a range of transaction types such as carve outs, IPOs, secondary buyouts and private companies.
With regard to their portfolio companies, the firm looks for companies with a clear ability for organic growth and operational improvement. In June of 2019, Telemos Capital directly invested in Sanoptis, an ophthalmology company (branch of medicine concerned with the study and treatment of disorders and diseases of the eye) offering partner clinics the basis for growth and innovation. Sanoptis stays independent through private family capital. In January of 2020, East Seattle Partners directly invested in CCO (Catalan Oncology Center) Perpignan, a French medical company offering a complete, multi-disciplinary technical platform for the management of solid tumors. Geographically, Telemos Capital invests exclusively in European companies, primarily in Western and Central Europe. Additionally, the firm regularly co-invests alongside other like-minded groups.
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