STAMFORD, Conn., and NEW YORK, July 21 /PRNewswire-FirstCall/ -- Cowen
Healthcare Royalty Partners ("CHRP") and Cowen Group, Inc. (Nasdaq: COWN)
today announced the closing of Cowen Healthcare Royalty Partners, L.P. (the
"Fund") with capital commitments in excess of $500 million, reaching the
Fund's cap. This is the first investment fund raised by CHRP since the firm
was launched in January 2007. The Fund was significantly oversubscribed,
and substantially exceeded its initial target size of $350 million,
representing one of the largest inaugural healthcare-focused private equity
funds ever raised.
CHRP makes long-term investments in commercial and near-commercial
stage healthcare products and companies worldwide through the purchase and
monetization of passive royalties, the creation of Synthetic Royalties(SM),
and investments in royalties combined with equity or debt securities. The
Fund targets investments between $20 - $100 million across a diversified
portfolio of products and therapeutic areas. CHRP's unique investment
approach and flexible fund structure enable the Fund to offer healthcare
companies a variety of financial options in order to fund a commercial
product launch or a new development opportunity; acquire a new product or
technology; or otherwise unlock unrealized value.
The CHRP team is led by Gregory Brown, M.D., Todd C. Davis and Clarke
B. Futch, three experienced healthcare and investment professionals who
have invested close to $600 million together, including more than $80
million on behalf of the Fund in the first half of 2008. This leadership
team has a proven track record of structuring long-term strategic financing
partnerships with leading biopharmaceutical and medical device companies.
In addition to an anchor commitment by Cowen Group, Inc. the Fund's
limited partner base consists of a world-class list of investors, including
public and corporate pension funds, financial institutions, insurance
companies, funds-of-funds and university endowments. Eleven of the Fund's
investors collectively account for more than $470 million in commitments.
Selected investors include affiliates of OMERS Capital Partners, Crestline
Management, Nordea, Strategic Investment Group, New York Life Insurance
Company, and The Travelers Companies.
CHRP was advised by Credit Suisse Securities (USA) LLC as financial
advisor/placement agent and Goodwin Procter LLP as legal counsel.
About Cowen Group Inc.
Cowen Group, Inc., through its operating subsidiaries, provides
investment banking, equity research, sales and trading, asset management
and alternative asset management services to companies and institutional
investor clients in the healthcare, technology, telecommunications,
aerospace and defense, consumer and alternative energy sectors. Our asset
management business includes teams based in the U.S. and the U.K. Our U.S.
team focuses on a growth-oriented investment style centered on small and
mid-sized companies based primarily in North America. Our U.K. team
provides traditional asset management products, focusing on a global equity
strategy. Our alternative asset management business consists of Cowen
Healthcare Royalty Partners, which invests principally in commercial-stage
biopharmaceutical products and companies, and Cowen Capital Partners, which
manages a portfolio of middle market private equity investments for third
About Cowen Healthcare Royalty Partners
Cowen Healthcare Royalty Partners (CHRP), an affiliate of Cowen Group,
Inc., is a healthcare private equity firm with over $500 million under
management. The firm invests principally in commercial-stage
biopharmaceutical and medical device companies through the purchase of
royalty or Synthetic Royalty(SM) interests, debt and equity. CHRP's
investment team has over 90 years of healthcare related experience
including principal investing, structured finance, healthcare industry
senior management, Wall Street research and consulting, scientific and
clinical experience. For more information visit www.cowenroyalty.com.
For Cowen Group, Inc.:
SOURCE Cowen Healthcare Royalty Partners