Former CMS admin Slavitt’s Town Hall Fund closes $115m healthcare fund

Town Hall Ventures, a healthcare-focused investment firm co-founded by former Centers for Medicare and Medicaid Services head Andy Slavitt, said today that it closed its first fund at $115 million.

The investment firm, which was formed in May, said that the $115 million it raised exceeded its target size by more than 50%. The firm said it is looking to invest in companies that serve vulnerable populations and look to improve care in Medicare, Medicaid and in risk-based care.

“We couldn’t be more excited to have Ann join the team as an investment-focused Vice President. Town Hall’s commitment to building great companies begins with building a great team with diverse thoughts and capabilities. Ann brings depth, intelligence, experience, and great values to our team and has already had an enormous impact,” Slavitt said in a prepared release.

Town Hall Ventures said that along with closing the fund, it also added Ann Hickey as a new VP and chose three new companies to invest in. The fund said that it invested in Landmark Health, a home-based care provider, Bright Health, a technology-enabled health insurance plan and Strive Health, which is developing chronic kidney disease solutions.

“Town Hall offers a special proposition when considering investment partners for our high growth company. Andy, Trevor, and David all bring unique and complementary areas of expertise and we are thrilled to work with them,” Bright Health founder & CEO Bob Sheehy said in a press release.

“We are pleased to have raised the fund in four months with commitments by strategic Limited Partners that have the ability to change the delivery of care for millions of people, including four of the five largest non-profit health systems and non-profit health payors serving 23 million individuals. Together with the investor commitments made by a diverse group health care leaders, Town Hall Ventures is uniquely placed to drive value creation for our current and future portfolio companies. We look forward to working with strong entrepreneurs in building great companies, including our latest investments in Landmark Health, Bright Health, and Strive Health,” Town Hall Ventures founder & GP David Whelan said in a press release.

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