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Healthcare Specialist Amulet Capital Runs CV-on-CV Process for US Fertility

New York - Healthcare-focused private equity firm Amulet Capital Partners has launched a so-called 'CV-on-CV' secondaries process for its investment in US Fertility, a leading network of fertility clinics, according to sources familiar with the matter.

The single-asset process is part of what looks to be record-setting secondaries activity this year, with industry estimates pointing to more than $200 billion in total volume. Amulet's move underscores growing appetite among investors to access high-performing private equity assets through the secondaries market.

US Fertility, formed in 2018 through the combination of several regional fertility clinic networks, has emerged as a consolidator in the fragmented fertility services industry. Amulet invested in the platform in 2019, and sources say the firm is now seeking to sell down a portion of its stake.

In a CV-on-CV process, the general partner - in this case Amulet - runs a competitive bidding process, inviting other private equity firms to submit binding offers to acquire the limited partner interests. This allows Amulet to potentially monetize part of its investment while retaining exposure to the asset's future upside.

"Amulet has built an impressive platform in US Fertility, and this process gives them the ability to return capital to their own investors while keeping skin in the game," said one source familiar with the deal.

Fertility services have been a particularly hot area of healthcare investment in recent years, driven by growing demand, technological advancements, and the potential for consolidation. The global fertility services market was valued at over $16 billion in 2020 and is projected to reach nearly $26 billion by 2026, according to industry research.

Amulet's move comes as secondaries firms and investors have been increasingly active in the fertility space. Last year, private equity firm Leonard Green & Partners acquired a majority stake in Inception Fertility, one of the largest networks of fertility clinics in the US.

The robust demand for exposure to high-growth sectors like fertility is fueling the record secondaries volume this year, as investors seek to access these attractive assets through the secondary market. Amulet's CV-on-CV process for US Fertility is emblematic of this trend.