VC · May 15, 2026 · 06b

FCA Health Innovations III QP, LP

Offering

$175.0M

Analysis

The QP (qualified purchaser) designation paired with a 06b no-solicitation exemption indicates a continuation vehicle likely reserved for existing LPs from prior vintages, with the five-person GP roster (four named individuals plus the SLP entity) suggesting this manager operates a defined partnership structure rather than a sprawling investment committee.

This is FCA Health Innovations' third institutional fund, meaning the manager has successfully deployed and returned at least two prior vehicles in healthcare innovation; the absence of any EDGAR filings before this suggests either a pre-2016 formation or a reliance on non-registered fund structures, so prior returns and strategy consistency require direct LP reference checks outside public records.

A May 2026 filing for a healthcare-focused fund aligns with LP rebalancing cycles and sustained dry powder demand in life sciences, though the timing also reflects post-2024 correction recovery in medtech and digital health valuations—this raise likely targets deployment into a rebound cohort rather than counter-cyclical bottom-fishing.

Before committing, verify whether Whitney Kalb, Andrew Bouldin, Charles Johnson, or Matthew King are bound by key-man provisions that protect the fund if any GP departs, and confirm the distribution waterfall terms given the QP-only structure may carry different fee or carry arrangements than the prior two vintages.

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Whitney Kalb · Andrew Bouldin · Charles Johnson · Matthew King · . FCA Health Innovations III SLP, LLC

SEC EDGAR →

0002134121-26-000001