AVISTA HEALTHCARE PARTNERS CLOSES CONTINUATION FUND FOR GCM
Goldman Sachs Alternatives served as lead investor; additional investments from BlackRock Secondaries & Liquidity Solutions
NEW YORK, June 24, 2025 /PRNewswire/ -- Avista Healthcare Partners ("Avista"), a leading private equity firm focused exclusively on healthcare, today announced the successful close of Avista Healthcare Partners CV II, L.P., a single-asset continuation fund for GCM, a leading outsourced manufacturer of complex precision components for high-growth medical technology end markets. The continuation fund, managed by Avista, is anchored by commitments from funds managed by Secondaries at Goldman Sachs Alternatives, with additional investments from funds managed by BlackRock Secondaries & Liquidity Solutions. The continuation fund includes substantial unfunded capital commitments to support acquisition opportunities and strategic investments for GCM.
Since acquiring GCM in 2019, Avista has partnered with management to expand the company's manufacturing and commercial capabilities through critical investments in technology, facilities and human capital while also growing the company's customer base across attractive medical technology end markets. Since Avista's acquisition, GCM has more than doubled its revenue.
"We are pleased to provide our existing investors with the option for liquidity or continuing to participate in the value creation strategy we are successfully executing at GCM," said Rob Girardi, Partner at Avista Healthcare Partners. "We look forward to supporting GCM's next phase of growth and expanding the company's leading market position for the benefit of customers and all stakeholders."
"We are thrilled to continue our partnership with Avista," said Seamus Meagher, CEO of GCM. "The new capital and continued expertise of the Avista team will help us more quickly enhance our product offerings, expand our manufacturing capabilities, and achieve our next stage of growth."
"We are excited about the future prospects of GCM and the opportunity to partner with Avista in a transaction that provides existing investors a liquidity option while providing GCM additional duration and capital to take advantage of the compelling opportunity in the robotic surgical and other high-growth medical technology end markets," said Brian Musto, Managing Director in Vintage Strategies at Goldman Sachs Alternatives.
Piper Sandler served as exclusive financial advisor for the transaction and Ropes & Gray LLP served as legal counsel to Avista.
About Avista Healthcare Partners
Founded in 2005, Avista Healthcare Partners is a leading New York-based private equity firm with over $9 billion invested in 50 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – targeting healthcare product and technology businesses with clear scale potential across six sub-sectors experiencing strong tailwinds. The team is supported by a group of seasoned Strategic Executives enhancing the entire investment process through strategic insight, long-term value and sustainable businesses. For more information, visit www.avistahealthcare.com or follow Avista on LinkedIn.
About GCM
Headquartered in Union City, California, with additional US facilities in Chicago, Atlanta and Wilmington, NC, GCM is a preferred supplier of complex manufacturing services to leading OEMs in medical technology end markets. GCM offers highly-engineered precision machining, fabrication and integration services as core service solutions. The company also provides value-added services to its customers including new product introduction, supply chain management and value engineering. For more information, please visit www.gogcm.com.
About Secondaries at Goldman Sachs Alternatives
Goldman Sachs (NYSE:GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.2 trillion in assets under supervision globally as of March 31, 2025.
Established in 1998, Secondaries at Goldman Sachs Asset Management has invested over $80 billion since inception and has been a pioneer in the industry. The business provides liquidity, capital and partnering solutions to private market investors and managers worldwide across private equity strategies.
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SOURCE Avista Healthcare Partners