Morgan Stanley’s investment management arm has anchored a continuation fund to help MedSpa Partners, a business that acquires and manages cosmetic medical treatment providers, stay on a course of rapid expansion, The Wall Street Journal reports.
MedSpa’s private-equity owner Persistence Capital Partners in Toronto raised 375 million Canadian dollars, or around $271 million, for the PCP MSP II vehicle, which has held its final close, Morgan Stanley said.
Demand for the new vehicle exceeded expectations as investors warmed to the company’s scalable business model, stable recurring revenue and strong management team at a time when many financiers shun more risky bets, said Yash Gupta, a partner with Morgan Stanley Private Equity Secondaries. Read more.
