Amulet Capital Partners Closes Continuation Vehicle to Support Continued Growth of US Fertility Led by StepStone
MWN-AI** Summary
Amulet Capital Partners ("Amulet"), a private equity firm specializing in healthcare investments, recently announced the successful closure of a continuation vehicle for US Fertility, a leading platform in fertility services. The transaction, with StepStone Group serving as the lead investor and backed by both existing and new investors, marks a significant milestone in supporting US Fertility's mission to enhance access to advanced reproductive care across the United States.
This recapitalization underscores Amulet's commitment to US Fertility's long-term growth trajectory, enabling the company to further invest in clinical innovations and expand its offerings. US Fertility has rapidly emerged as a frontrunner in the fertility industry since its establishment in 2020, providing a comprehensive range of assisted reproductive technologies including in vitro fertilization (IVF) and genetic testing through a robust network of over 120 clinics and laboratories.
The partnership with StepStone and the extended investor backing emphasizes the alignment with US Fertility's physician-led model and patient-centered approach. Amulet's leadership, represented by Sam Brinkley and Jay Rose, expressed strong confidence in US Fertility's differentiation in reproductive medicine and its capacity for sustained growth.
Known for its impressive infrastructure and dedication to clinical excellence, US Fertility helps over 400,000 individuals and couples achieve their parenthood dreams. The firm will continue to prioritize initiatives that leverage technology and data to enhance patient care and support for its medical teams.
Financial advisement for the transaction was provided by Evercore and Morgan Stanley, while legal assistance came from Kirkland & Ellis for Amulet and Debevoise & Plimpton LLP for StepStone. This transaction illustrates the potential of US Fertility's strategic growth in the ever-demanding healthcare sector.
MWN-AI** Analysis
The recent announcement that Amulet Capital Partners has closed a continuation vehicle to support US Fertility is a significant development for investors looking at the healthcare sector, particularly in reproductive services. Given the increasing demand for fertility treatments—driven by societal shifts, delayed family planning, and growing awareness of reproductive options—this strategic positioning provides an attractive opportunity for long-term growth.
Amulet’s partnership with StepStone Group reflects a confidence in US Fertility's physician-led model and its commitment to clinical excellence and patient care. Since its launch in 2020, US Fertility has emerged as a dominant player in the fertility market, boasting over 120 clinic and IVF lab locations and a strong network of specialists. This expansive footprint allows for economies of scale and greater access to a broader patient base. Investors should note that the fertility market is characterized by durable demand, making US Fertility well-positioned to capitalize on ongoing trends.
As Amulet deploys additional capital toward enhancing technology and innovative clinical practices, attention should be paid to how this may translate to improved clinical outcomes and patient experiences. The growing suite of ancillary life sciences services further diversifies US Fertility’s business model, enhancing revenue streams and patient engagement.
Given the stability of the healthcare sector, particularly in niche areas like fertility, and backed by strong investor support, this is a prime time for investors to consider exposure to US Fertility. Monitoring key performance indicators such as revenue growth, patient volume, and clinical outcomes will be crucial. Moreover, keeping an eye on regulatory changes and technological advancements in reproductive health will help in making informed decisions about future investments in this segment.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Amulet Capital Partners (“Amulet”), a middle-market private equity investment firm focused exclusively on the healthcare sector, today announced the closing of a recapitalization of US Fertility, the nation’s leading fertility services platform, through a new continuation vehicle. StepStone Group (“StepStone”) acted as the sole lead investor, supported by other existing and new investors. Financial terms of the transaction were not disclosed.
The transaction marks an important milestone for Amulet and US Fertility, reflecting Amulet’s conviction in the company’s long-term trajectory while positioning US Fertility to continue investing in growth, clinical innovation and its mission to expand access to advanced reproductive care nationwide. Amulet continues to be aligned around the company’s physician-led model, clinical excellence and patient-first approach, and this expanded investor support broadens the base of long-term capital behind US Fertility and increases the financial resources available to support the company in its next phase of growth.
Since its formation with Amulet in 2020, US Fertility has become the premier fertility services platform in the industry, offering a comprehensive, technology-enabled suite of assisted reproductive technology services, including in vitro fertilization, intrauterine insemination, genetic testing, cryogenic storage and a growing range of ancillary offerings that support individuals and families on their path to parenthood.
Today, US Fertility supports the largest network of fertility specialists and embryologists, delivering care through more than 120 clinic and IVF laboratory locations. The transaction builds on the strategic partnership announced in 2025, in which L Catterton joined Amulet as a co-lead investor alongside US Fertility’s physician partners and the company’s management team.
US Fertility will continue to focus on expanding patient access to high-quality fertility care, investing in clinical outcomes through technology and data, strengthening collaboration among physicians, scientists and care teams, and pursuing strategic growth opportunities that advance the company’s mission.
Sam Brinkley, Partner at Amulet Capital Partners, commented: “US Fertility is a rare healthcare services platform with national scale, a deeply physician-aligned culture and a mission that matters to patients and families across the country. This transaction reflects the continued conviction we have in US Fertility’s long-term growth trajectory and provides additional resources to help the company expand access, invest in innovation and continue supporting outstanding clinical care.”
“This transaction reflects the flexible capital solutions we look to provide to high-quality middle-market sponsors and their exceptional companies,” said Adam Johnston, Partner at StepStone Group. “US Fertility pairs national scale with deep physician alignment in a category with durable demand, and we are pleased to partner with Amulet to support the company’s next phase of growth and value creation.”
Jay Rose, President at Amulet Capital Partners, added: “We are proud of the business that US Fertility’s physicians, management team and employees have built, and we are excited to continue supporting the company alongside L Catterton. The strong support for this transaction is an endorsement of US Fertility’s track record, its differentiated position in reproductive medicine and the significant opportunity ahead to build on its leadership in the fertility market.”
Evercore and Morgan Stanley acted as financial advisors and Kirkland & Ellis acted as legal advisor to Amulet on the transaction. Debevoise & Plimpton LLP served as legal counsel for StepStone.
About US Fertility
US Fertility is the nation’s largest partnership of physician-owned and physician-led fertility practices and IVF laboratories and has helped more than 400,000 individuals and couples build their families through assisted reproductive technology. With over 200 physicians and 121 IVF clinic and laboratory locations, US Fertility combines clinical excellence, innovation and patient-centered care, along with a growing suite of life science ancillary services, to deliver the joy of parenthood.
About Amulet Capital Partners
Amulet Capital Partners is a middle-market private equity investment firm based in Greenwich, CT, and Walnut Creek, CA, focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in healthcare companies, focusing on those segments it believes have the most attractive long-term fundamentals. Amulet currently manages approximately $3.1 billion in assets and is investing out of its third fund, which was oversubscribed and closed in July 2024 with approximately $1.2 billion in capital commitments. For additional information, please visit www.amuletcapital.com .
About StepStone Group
Stone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of June 30, 2026, StepStone was responsible for approximately $913 billion of total capital, including $245 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. For more information, visit www.stepstonegroup.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20260914503530/en/
Media enquiries:
For Amulet Capital Partners
Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
Amulet-JF@joelefrank.com
(212) 355-4449
For StepStone Group
Jordan Niezelski
Edelman
stepstone@edifi-dje.com
FAQ**
What specific growth initiatives does US Fertility plan to pursue following the recapitalization led by StepStone Group Inc. (STEP)?
How does Amulet Capital Partners plan to leverage increased investor support to enhance clinical innovation at US Fertility?
Can you provide details about the performance metrics that have contributed to US Fertility's position as a leader in the fertility services market since its formation?
How does the collaboration between Amulet Capital Partners and StepStone Group Inc. (STEP) enhance the competitive advantage of US Fertility in the healthcare sector?
**MWN-AI FAQ is based on asking OpenAI questions about StepStone Group Inc. (NASDAQ: STEP).
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