Davis Polk advised RoundTable Healthcare Partners (“RoundTable”) in connection with the formation of, and the sale of limited partner interests in, its fourth equity funds, RoundTable Healthcare Partners IV, L.P. and RoundTable Healthcare Investors IV, L.P. (together, “Equity Fund IV”), and its third captive subordinated debt fund, RoundTable Healthcare Capital Partners III, L.P. (“Capital Fund III”), which held their first and final closing on August 31, 2015 and raised an aggregate of $850 million in capital commitments. Equity Fund VI will make equity investments in leveraged buyout transactions of middle-market healthcare companies and Capital Fund III will seek to generate attractive risk-adjusted returns by making subordinated debt investments in the same RoundTable-led transactions.

RoundTable is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has raised $2.75 billion in capital commitments, including four equity funds totaling $2.15 billion and three-subordinated debt funds totaling $600 million.

The Davis Polk investment management team included partner Yukako Kawata, associates Brantley Hawkins and Rui (Ray) Xu and former associate David Lenzi. Partner Mary Conway, counsel Gregory T. Hannibal and associate Ethan R. Goldman provided tax advice. Counsel Erin K. Cho provided ERISA advice. Counsel Jeanine P. McGuinness provided regulatory advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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