Healthcare-focused buyout house Havencrest Capital Management has hired Alek G. Blankenau from fellow Latticework Capital Management as principal.
Blankenau was vice president at lower mid-market healthcare-focused Latticework since 2017. He was responsible for sourcing, executing and managing investments across healthcare industry sectors.
He was previously vice president at Lone Star Investment Advisors.
Christopher W. Kersey, Havencrest’s founding managing partner, said, “Havencrest is excited about welcoming Alek to the team, and he will bring a longstanding healthcare focus on the lower middle-market to our firm.”
Havencrest beat its $300m target to hit the $356m hard cap for Fund II in April. The fund will be used to invest in founder-owned healthcare businesses in the US.
The firm’s debut fund, which it closed in 2017, generated an impressive 65% IRR and 3.2x net multiple.
New investors contributed about $200m to Fund II, and the vehicle’s re-up rate was 110%.
Havencrest now has more than $600m of assets under management, although has not publicly clarified exactly how much it collected for Fund I.
Its portfolio businesses include Effective School Solutions, a national leader in adolescent behavioral health, The Oncology Institute, the largest independent oncology practice in California, and Apara Autism Centers, an outcomes-based, data-driven autism treatment services company.
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