US Fertility has formed a partnership with L Catterton, which is joining as a new co-lead investor alongside existing backer Amulet Capital Partners. Under the ownership restructuring, L Catterton and Amulet will serve as co-lead investors, while US Fertility’s physician partners will continue to hold substantial ownership. Amulet is increasing its investment and will remain a significant shareholder. Financial terms were not disclosed.
US Fertility operates more than 120 clinic and IVF laboratory locations and helps more than 60,000 new patients annually. The company was formed with Amulet in 2020.
“US Fertility has grown significantly over the past five years and is now helping more than 60,000 new patients annually on their path-to-parenthood,” said Richard Jennings, Chief Executive Officer of US Fertility. “With Amulet increasing its investment and L Catterton joining as a partner, we are better positioned than ever to expand access to fertility care, advance clinical research and innovation, and strengthen our relationships with the nation’s leading reproductive endocrinologists.”
US Fertility offers assisted reproductive technology services including in vitro fertilization, intrauterine insemination, genetic testing, cryogenic storage, and ancillary offerings. The company has more than 200 physicians and reports helping more than 400,000 individuals and couples build families through assisted reproductive technology.
“By leveraging Amulet’s dedicated healthcare investment expertise and extensive success in building physician practice management businesses that deliver high-quality, patient-centered care, we helped establish US Fertility in 2020 with the goal of making high-quality reproductive healthcare more accessible,” said Jay Rose, Managing Partner at Amulet Capital Partners. “This partnership with L Catterton will enable USF to accelerate that mission.”
Amulet Capital Partners is a middle-market private equity investment firm based in Greenwich, Connecticut, and Walnut Creek, California, focused on healthcare. The firm manages approximately $3.1 billion in assets and is investing from its third fund, which closed in July 2024 with approximately $1.2 billion in capital commitments.
“Fertility care is a meaningful and deeply personal segment within consumer healthcare, and one that is rapidly evolving,” said Rajan Shah, Partner at L Catterton. “We’re proud to partner with Amulet, the US Fertility physicians, and leadership — and to leverage our deep understanding of the consumer — to expand access to advanced reproductive care and support the company’s mission to deliver an innovative, patient-centered experience across the U.S.”
L Catterton is a consumer-focused investment firm managing approximately $38 billion of equity capital across private equity, credit, and real estate. The firm has made over 300 investments since its founding in 1989. L Catterton is investing from its tenth Flagship Buyout Fund, L Catterton X.
