Key Takeaways
- • Amulet Capital Partners closed a continuation vehicle recapitalizing US Fertility, with StepStone Group serving as sole lead investor alongside existing and new backers, though specific capital figures were not disclosed.
- • US Fertility operates as a physician-led platform spanning 120+ clinic and IVF laboratory sites with 200+ physicians, having treated over 400,000 patients since its 2020 formation.
- • The recapitalization funds geographic expansion, clinical innovation, and expanded access to reproductive care services, reflecting conviction in the platform's next growth phase.
- • Amulet Capital, founded in 2015 with approximately $3.8 billion in pro forma assets under management, focuses exclusively on healthcare investments across life sciences outsourcing, providers, and payors.
- • Transaction advisory services included Evercore and Morgan Stanley for Amulet, with Kirkland & Ellis and Debevoise & Plimpton providing legal counsel to Amulet and StepStone respectively.
Summary
Amulet Capital Partners has successfully closed a continuation vehicle that recapitalizes US Fertility, marking a significant capital infusion into the physician-led fertility network. StepStone Group leads the transaction alongside existing backers and new investors, though the specific capital amount raised has not been disclosed. The continuation vehicle structure allows Amulet to extend its investment horizon in the platform while enabling additional capital providers to participate.
US Fertility, established in 2020, operates a national network of fertility and reproductive healthcare services with substantial scale. The platform encompasses more than 120 clinic and IVF laboratory sites supported by over 200 physicians and has treated approximately 400,000 patients to date. This infrastructure positions the company as a consolidated player in a fragmented fertility services market, blending national operational scope with physician-led governance and alignment.
Sam Brinkley, a partner at Amulet, characterized US Fertility as an "unusual healthcare services platform pairing national scale with a physician-aligned culture," underscoring the company's differentiated positioning within healthcare services. The recapitalization is framed as validation of the platform's operational model and market opportunity, with capital earmarked for geographic expansion, advancement of clinical capabilities, and broader access to reproductive care services.
Amulet Capital Partners, founded in 2015 and managing approximately $3.8 billion on a pro forma basis, maintains a specialized investment focus exclusively on healthcare across three subsectors: life sciences outsourcing, healthcare providers, and healthcare payors. The firm's continued commitment to US Fertility through the continuation vehicle reflects conviction in the fertility services sector and the company's competitive positioning.
Transaction execution involved institutional capital markets infrastructure: Evercore and Morgan Stanley served as financial advisors to Amulet, while Kirkland & Ellis provided legal counsel to Amulet and Debevoise & Plimpton represented StepStone Group, reflecting the transaction's institutional complexity and stakeholder scope.
US Fertility, established in 2020, operates a national network of fertility and reproductive healthcare services with substantial scale. The platform encompasses more than 120 clinic and IVF laboratory sites supported by over 200 physicians and has treated approximately 400,000 patients to date. This infrastructure positions the company as a consolidated player in a fragmented fertility services market, blending national operational scope with physician-led governance and alignment.
Sam Brinkley, a partner at Amulet, characterized US Fertility as an "unusual healthcare services platform pairing national scale with a physician-aligned culture," underscoring the company's differentiated positioning within healthcare services. The recapitalization is framed as validation of the platform's operational model and market opportunity, with capital earmarked for geographic expansion, advancement of clinical capabilities, and broader access to reproductive care services.
Amulet Capital Partners, founded in 2015 and managing approximately $3.8 billion on a pro forma basis, maintains a specialized investment focus exclusively on healthcare across three subsectors: life sciences outsourcing, healthcare providers, and healthcare payors. The firm's continued commitment to US Fertility through the continuation vehicle reflects conviction in the fertility services sector and the company's competitive positioning.
Transaction execution involved institutional capital markets infrastructure: Evercore and Morgan Stanley served as financial advisors to Amulet, while Kirkland & Ellis provided legal counsel to Amulet and Debevoise & Plimpton represented StepStone Group, reflecting the transaction's institutional complexity and stakeholder scope.
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