Amulet Capital Partners, LP

Background

Amulet Capital Partners, LP is a middle-market private equity investment firm headquartered in Greenwich, Connecticut, with an additional office in Walnut Creek, California. Established in 2013, Amulet focuses exclusively on the healthcare sector, aiming to achieve long-term capital appreciation through privately negotiated investments. The firm's mission is to partner with exceptional management teams to build industry-leading healthcare companies. Amulet's investment approach is value-oriented and thesis-driven, leveraging deep industry expertise and strategic relationships across various healthcare verticals.

Key Strategic Focus

Amulet Capital Partners specializes in investing in high-growth subsectors within the healthcare industry, including life sciences outsourcing, healthcare providers, and payor services. The firm targets investment sizes between $50 million and $150 million, focusing on segments with attractive long-term fundamentals. Amulet's flexible investment mandate allows for a variety of transaction structures, including buyouts, growth capital financings, and special situations.

Financials and Funding

As of August 2024, Amulet Capital Partners closed its third fund, Amulet Capital Fund III, with approximately $1.2 billion in capital commitments, bringing the firm's total assets under management to around $2.7 billion. This oversubscribed fund attracted commitments from a diverse range of global institutional investors, including state and corporate pension funds, endowments, foundations, and family offices.

Pipeline Development

Amulet has made several strategic investments to expand its portfolio:

minds + assembly: A full-service, design-centric agency and commercialization platform serving the pharmaceutical, biotech, and digital health industries.

Alliance Clinical Network: A comprehensive clinical platform serving patients, pharmaceutical sponsors, and CROs across various clinical areas, including dermatology, gastroenterology, neurology, pain, vaccines, and women's health.

Eruptr LLC: A leader in healthcare digital marketing, providing proprietary technology-enabled solutions to over 200 hospitals and health systems across the United States.

Remedy Health Media: A digital health platform delivering content to patients and healthcare professionals through brands like HealthCentral.com and TheBody.com.

Technological Platform and Innovation

Amulet Capital Partners leverages its deep industry knowledge and strategic relationships to identify and invest in companies with innovative technological platforms and proprietary technologies. For instance, their investment in Eruptr LLC highlights a focus on technology-enabled digital marketing solutions that enhance patient engagement and acquisition for healthcare providers.

Leadership Team

Amulet's leadership team comprises experienced professionals with extensive backgrounds in private equity and healthcare investments:

Ramsey Frank: President and Managing Partner, co-founder of Amulet Capital Partners.

Jay Rose: Managing Partner, co-founder of Amulet Capital Partners.

Nick Amigone: Partner at Amulet Capital Partners.

Gabe Luft: Partner at Amulet Capital Partners.

Michael Keaveney: Partner and Head of Investor Relations, overseeing capital formation, fundraising, and investor engagement initiatives.

Leadership Changes

In 2024, Amulet appointed Michael Keaveney as Partner and Head of Investor Relations. Mr. Keaveney is responsible for overseeing the firm's capital formation, fundraising, and investor engagement initiatives, working closely with the leadership team to grow Amulet's diversified investor base.

Competitor Profile

Market Insights and Dynamics

The healthcare private equity sector is characterized by significant growth potential, driven by increasing demand for innovative healthcare solutions and services. The market is competitive, with numerous firms vying for attractive investment opportunities in various healthcare subsectors.

Competitor Analysis

Amulet Capital Partners faces competition from several private equity firms with a focus on the healthcare sector:

Altor: A private equity investment firm based in Stockholm, Sweden, focusing on mid-market companies in the Nordic region.

Gulf Capital: An Abu Dhabi-based private equity firm investing in growth markets across the Middle East and North Africa.

SK Capital Partners: A New York-based private equity firm specializing in the specialty materials, chemicals, and pharmaceuticals sectors.

Thoma Bravo: A Chicago-based private equity firm with a focus on software and technology-enabled services sectors.

Strategic Collaborations and Partnerships

Amulet Capital Partners has established significant collaborations to strengthen its market position and expand capabilities:

Athyrium Capital Management: Co-invested alongside Amulet in the acquisition of Eruptr LLC, providing additional resources and expertise to support the company's growth.

Capstone Partners: Acted as the exclusive placement agent for Amulet Capital Fund III, assisting in the successful fundraising process.

Operational Insights

Amulet's strategic focus on the healthcare sector, combined with its value-oriented and thesis-driven investment approach, positions the firm to effectively navigate the competitive landscape. By partnering with strong management teams and leveraging deep industry expertise, Amulet aims to build market-leading companies that deliver superior returns to investors.

Strategic Opportunities and Future Directions

Looking ahead, Amulet Capital Partners plans to continue deploying capital strategically to build best-in-class businesses within the healthcare sector. The firm is committed to driving meaningful change and innovation for patients, physicians, and the broader healthcare landscape across the country.