StepStone Leads US Fertility Recapitalization

Amulet Capital Partners Acquires TFP Fertility Group from Benefit Street Partners

May 7, 2026

Healthcare Services

Amulet Capital Partners announced it has acquired TFP Fertility Group, a fertility care provider operating clinics across the UK and Northern Europe, from Benefit Street Partners. TFP will continue to operate under the TFP brand with no changes to its clinical leadership, led by CEO Jude Fleming.

Gemspring and StepStone Close Continuation Vehicle for Shrieve Chemical Company

October 31, 2024

Industrial Services

Gemspring Capital closed a single-asset continuation vehicle that acquired interests in Shrieve Chemical Company, in a transaction led by StepStone Group and supported by new and existing investors including an affiliate of Gemspring and the Shrieve management team. The deal, which included a concurrent refinancing of Shrieve’s debt facilities, provides follow-on capital to support organic growth initiatives and strategic add-on acquisitions.

Amulet Capital Partners Acquires Genetics & IVF Institute

September 6, 2024

Healthcare Services

Amulet Capital Partners has acquired the Genetics & IVF Institute (GIVF), a leading provider of reproductive tissue banking and related reproductive technology services, including Fairfax Cryobank and Fairfax EggBank. The private equity investment—made with significant co-investment from a consortium of Amulet limited partners—will support GIVF's growth, platform and capability expansion to broaden access to fertility services and donor-tissue offerings.

Fertility Centers of New England Acquires Fertility Solutions

February 6, 2024

Healthcare Services

Fertility Centers of New England, a First Fertility Center of Excellence, has acquired Massachusetts‑based Fertility Solutions, adding six clinic locations and four physicians to its network. The deal expands First Fertility’s regional footprint across New England and increases access to IVF and reproductive care services.

US Fertility Acquires Ovation Fertility from Morgan Stanley Capital Partners

April 3, 2023

Healthcare Services

US Fertility, the physician-led fertility practice management platform backed by Amulet Capital Partners, has acquired Ovation Fertility from investment funds managed by Morgan Stanley Capital Partners. The deal combines Ovation’s IVF laboratories and ancillary services with US Fertility’s physician network to create a national fertility platform aimed at expanding access, sharing best practices, and improving patient outcomes; financial terms were not disclosed.

Morgan Stanley Capital Partners Recapitalizes Ovation Fertility from WindRose Health Investors

June 17, 2019

Healthcare Services

Investment funds managed by Morgan Stanley Capital Partners (MSCP) completed a recapitalization of Ovation Fertility, a Los Angeles–headquartered provider of IVF laboratories, genetic testing and embryo/egg storage. WindRose Health Investors, the prior majority sponsor, exited in the transaction while Ovation's management and physician shareholders retained roles to support continued organic and acquisitive growth.