Amulet Capital Partners Closes Continuation Vehicle to Support Continued Growth of US Fertility Led by StepStone

Amulet recapitalizes US Fertility via a StepStone-led continuation vehicle, adding long-term capital to support the fertility platform’s next growth phase.

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GREENWICH, Conn.--(BUSINESS WIRE)-- 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

Source: Amulet Capital Partners

Key Terms

recapitalization financial

Recapitalization is a deliberate change to a company's mix of debt and equity—how much it borrows versus how much is funded by shareholders—accomplished by issuing or repaying debt, buying back shares, or issuing new shares. It matters to investors because it alters the company's risk profile, potential returns and cash flow stability: increasing debt can amplify returns but raises the chance of financial stress, while adding equity can dilute ownership but lower default risk—like swapping between a mortgage and savings to reshape household finances.

continuation vehicle financial

A continuation vehicle is a new investment fund set up to buy one or more assets from an older fund so those assets can be held longer under a fresh structure. For investors it acts like offering a homeowner the option to sell a house to a new landlord who will keep renting it — it can provide liquidity to some holders while letting others stay invested, but raises questions about price fairness, fees and conflicts of interest.

assisted reproductive technology medical

Assisted reproductive technology (ART) is a set of medical procedures used to help people conceive when natural conception is difficult or impossible, including techniques such as in vitro fertilization (IVF), intracytoplasmic sperm injection, egg or sperm donation, embryo transfer and related laboratory and drug treatments. Think of it as a high-tech toolkit that replaces or assists parts of the natural fertilization process; it matters to investors because ART services and products are driven by patient demand, regulatory rules, reimbursement policies and technological advances, all of which affect clinic volumes, device and drug sales, and long-term revenue potential.

in vitro fertilization medical

In vitro fertilization (IVF) is a medical procedure that fertilizes an egg with sperm outside the body in a laboratory dish, then transfers the resulting embryo to a uterus to achieve pregnancy. Investors care because IVF drives demand for specialized clinics, medical devices, drugs, and insurance coverage—similar to how a new product line creates sales and service needs—so changes in treatment success rates, regulation, or patient demand can affect revenues and costs across healthcare and biotech companies.

intrauterine insemination medical

Intrauterine insemination is a fertility procedure in which processed sperm is placed directly into a woman’s uterus near the time of ovulation to raise the chance of fertilization. Investors track it because the procedure’s popularity, regulatory rules, and the cost of related supplies and medications affect revenue for clinics, device makers and healthcare firms; imagine placing a package at the front door to make delivery more likely.