3 Boomerang Capital Raises Over $375 Million for Healthcare Private Equity Fund, Exceeding Target
3 Boomerang Capital (“3BC” or “3 Boomerang”), a lower middle-market healthcare-focused private equity firm, is pleased to announce that it has completed fundraising for its flagship private equity fund, 3 Boomerang Capital I, LP (the “Fund”). The Fund, which 3 Boomerang officially brought to market in early 2023, exceeded its $350 million target in closing over $375 million of commitments from a diverse investor group, including leading endowments, foundations, pensions, insurers, fund of funds, family offices, and 3BC professionals.
Founded by industry veterans Adam Dolder and Adam Elberg, 3BC executed an efficient and successful fundraise, demonstrating strong investor confidence in its differentiated approach to value creation in the healthcare industry. This milestone marks a significant achievement for the firm, showcasing its commitment to supporting healthcare entrepreneurs and businesses in pursuit of growth and innovation.
3 Boomerang’s genesis is marked by a compelling partnership between founders Adam Dolder, a seasoned healthcare investor, and Adam Elberg, a distinguished healthcare entrepreneur. Their collaboration, which began more than a decade ago, bore fruit with the transformation of Professional Physical Therapy (ProPT) into the largest outpatient physical therapy business in the Northeastern US. The dynamic duo achieved enormous success through their ProPT partnership, underscoring their proficiency in fostering entrepreneur-led healthcare businesses.
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Adam Dolder, a career healthcare investor, expressed his enthusiasm for the recent achievement, stating, “We are thrilled with the success of our inaugural private equity fund and are grateful for the partnership and trust of our Limited Partners. This accomplishment reinforces our commitment to fostering creative investment partnerships with healthcare entrepreneurs that bolsters the growth of their businesses.”
Adam Elberg, the entrepreneurial counterpart in this formidable partnership, echoed, “Entrepreneurs can trust that we understand the unique challenges of founder-led businesses, having been on both sides of the equation. We look forward to partnering with other healthcare businesses to accelerate their growth and achieve similar success.”
As 3 Boomerang Capital continues to expand its presence in the private equity landscape, the firm remains steadfast in its mission to empower healthcare entrepreneurs and companies, driving innovation and growth within the industry.
3 Boomerang Capital is backed by a distinguished team of eleven professionals with expertise spanning North America and Western Europe. 3BC’s areas of investment focus are in four key healthcare sectors: BioPharma outsourcing, medical device and diagnostic manufacturing, information technology and tech-enabled services, and alternate site care. The firm specializes in backing founder-led businesses, providing the guidance and resources needed for successful growth in the healthcare market. By strategically concentrating on these areas, 3 Boomerang Capital is well-equipped to deliver on its mission of propelling healthcare businesses to new heights.
McDermott Will & Emery LLP served as legal counsel and Eaton Partners, a Stifel Company, served as the placement agent to 3 Boomerang as part of the fundraising process.
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