About This Fund
Linden Structured Capital Fund II (SCF II) is the second structured capital vehicle raised by Linden Capital Partners, a Chicago-based private equity firm exclusively focused on the healthcare sector and one of the largest healthcare-dedicated investment managers in the United States with approximately USD 12.5 billion in regulatory assets under management. Linden was founded in 2004 and has built a deep sector franchise spanning healthcare services, healthcare IT, medical products, pharmaceuticals and biopharmaceuticals. SCF II closed at USD 400 million of aggregate commitments on April 1, 2025, surpassing the size of its predecessor, Linden Structured Capital Fund I, which raised approximately USD 355 million. The fund attracted returning SCF I participants and new investors from the United States, Europe, Asia and the Middle East, including pension plans, insurance companies, family offices and asset managers. Kirkland and Ellis LLP served as fund counsel and PJT Park Hill as placement advisor.
SCF II employs a structured capital strategy, investing in middle-market healthcare companies through securities that combine debt- and equity-like features — commonly described as mezzanine or preferred equity instruments. This hybrid capital approach allows the fund to occupy a flexible position in portfolio companies' capital structures, providing downside protection characteristic of senior debt while capturing equity-like upside as companies grow. By leveraging Linden Capital Partners' deep healthcare franchise, proprietary network and operational infrastructure, the fund targets opportunities where structured capital can unlock growth, support add-on acquisitions or facilitate ownership transitions. The healthcare-only mandate means the investment team possesses sector-specific expertise that generalist credit funds cannot replicate, enabling more precise underwriting and hands-on value creation across the healthcare value chain.
As of the fund's final close, SCF II had already deployed capital into eight investments and recorded its first full realisation, demonstrating active portfolio construction running concurrently with the fundraising process. This pace of deployment reflects both the depth of Linden's deal sourcing across the healthcare sector and the structural demand for hybrid capital instruments in a segment where traditional buyout structures may not fit every situation. SCF II's hybrid credit-equity mandate positions it as a complementary strategy alongside Linden's flagship buyout vehicles, offering limited partners exposure to healthcare deal flow through an instrument that balances income generation with meaningful capital appreciation potential.