Ropes & Gray served as legal counsel to CRG, a global health care investment firm with more than $3 billion in assets under management, in its final closing of CRG Partners III L.P. (together with its parallel investment vehicles, “Fund III”).
Fund III announced its final close on Jan. 4, reaching its hard cap of $1.25 billion of capital commitments from investors, exceeding its original target by 25 percent. Total investable capital for Fund III is expected to approach $2 billion, including debt financing. Participants in Fund III include public and private pensions, university endowments, sovereign wealth funds, insurance companies, wealth management firms and family offices.
Founded in 2003, CRG (previously known as Capital Royalty L.P.) is a health care-focused investment firm that delivers pioneering growth capital financing solutions to the global health care industry. With over $3 billion of assets under management across 47 health care investments, CRG provides growth capital primarily through structured debt and senior secured loans. CRG works across the spectrum of health care products, technologies, and services and targets investment sizes ranging between $20 million and $300 million.
The Ropes & Gray team was led by investment management partner Michael Doherty (Picture), and included tax & benefits partners Adam Greenwood and Dan Kolb (both of New York), private investment funds associate Justin Kliger (Boston), and tax & benefits associate Josh Lichenstein (New York).
Law Firms: Ropes & Gray;
Clients: CRG L.P.;