Avista Healthcare Partners

The firm was founded in 2005 by Steven Webster, Thompson Dean and David Burgstahler, as a spinoff from Credit Suisse's private equity arm DLJ Merchant Banking Partners (Dean was head of DLJMBP). Avista's spinoff from Credit Suisse was at the same time as private equity groups from other leading investment banks were formed including JPMorgan Chase's CCMP Capital, Citigroup's Court Square Capital Partners, Deutsche Bank's MidOcean Partners, and Morgan Stanley's Metalmark Capital.

In 2007, the firm closed its first fund at $2 billion. This included a commitment from predecessor Credit Suisse, whereas fellow spin-off Diamond Castle did not. Avista’s second fund closed with $1.8 billion of commitments, which was lower than its original target between $2.5 and $3 billion. The firm cited changes in North American alternative investment strategies for its lower target.

Its third fund closed in 2013 with $1.4 billion in commitments and in 2016 Avista began raising its fourth fund with UBS acting as the placement agent. The fourth fund does not include an energy component and is focused exclusively on healthcare. Fund IV closed in 2017 with $775 million of committed capital. The former Avista energy team spun-out and formed an independent firm AEC Partners in 2017 and began raising their first fund in 2017. In 2021, Avista closed its fifth fund after raising $1.2 billion in capital, above the original target of $775 million.