22 Aug Threestones preps healthcare-focused PE launch

Luxembourg-based manager eyes Q4 final close for new buy-and-build strategy

Threestones Capital is venturing into private equity with a new fund targeting the fragmented European healthcare sector.

The Luxembourg-headquartered manager is targeting €100-120m for the strategy, named Eurocare PE, Mathieu Perfetti, head of private equity at Threestones Capital told With Intelligence.

Perfetti, who joined Threestones in December last year, said the manager is eyeing a first close on the fund in Q4 of 2022.

“As a longstanding real estate investor across the healthcare market, the firm has built-up a proprietary network and investment deal-flow of operators, and private equity is only a natural extension for Threestones,” Perfetti said in an interview.

Perfetti said the fund, which has a seven-member investment team will follow a buy-and-build strategy, focusing on three main strategies: senior care, community care and specialty care

The fund will invest €5-15m per investment in three to four platforms with a separate corpus to make 10-15 follow-on investments. Threestones will be investing with control-oriented approach either through majority stakes or significant minority investments, Perfetti said.

Threestones has already identified investments from the fund, as per a presentation seen by With Intelligence. The fund is in talks to invest into four senior housing assets located in France, and one nursing home operator based in Italy.

Threestones is looking to market the strategy to ultra-high-net worth individuals, family offices, and few mid-size institutional investors. Threestones has already received its first commitments from European investors, but declined to comment further.

Founded in 2009, Threestones primarily focuses on real estate investments across Europe, targeting niche asset classes.

Alongside its new PE strategy, the manager is in the market with its fourth pan-European healthcare fund on the real estate side, named Eurocare IV. The vehicle, which has a €500m target, is expected to hold a final close in Q4.

(Article by Nishant Sharma, published in With Intelligence)