BPOC, a healthcare private equity investor, has closed its first continuation fund, a $425 million transaction co-led by investment funds affiliated with Apollo S3, Blackstone Strategic Partners and Five Arrows.

The continuation fund consists of five healthcare services companies previously held by Beecken Petty O’Keefe & Co. Fund IV LP and Beecken Petty O’Keefe & Co. Fund IV-A LP (together, BPOC Fund IV), 2013 vintage funds with $503 million in combined total capital commitments. The continuation fund looks to provide more time and additional capital to assist each portfolio company in driving its growth potential. JP Morgan, Newbury Partners, Committed Advisors and Kline Hill Partners also invested in the continuation vehicle.

“We are grateful for the support of our new investors and believe this new vehicle will enable us to continue to create value at certain Fund IV companies, while providing liquidity options for our existing Fund IV investors,” comments Gregory Moerschel, managing partner of BPOC.

Asante Capital Group Advisors LLC acted as advisor to BPOC on the transaction. Kirkland & Ellis LLP and Paul Hastings LLP served as legal counsel to BPOC, while Proskauer Rose LLP represented Apollo S3, Blackstone Strategic Partners and Five Arrows.