Penfund Announces US$205 million Investment in DOCS Dermatology

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TORONTO, March 04, 2026 (GLOBE NEWSWIRE) — Penfund, an independent provider of capital to North American middle market companies, announced the completion of a US$205 million unitranche loan to DOCS Dermatology Group (“DOCS” or the “Company”), a portfolio company of SkyKnight Capital (“SkyKnight”).

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Founded in 1978 and headquartered in Cincinnati, Ohio, DOCS is one of the largest dermatology platforms in the United States, with over 150 locations across 12 states. DOCS offers a range of clinical services, including general dermatology, Mohs surgery, dermatopathology, and cosmetic dermatology. DOCS provides its partner practices with centralized non-clinical resources and services that enable clinicians to focus on delivering best-in-class dermatological care to patients.

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“We are pleased to support DOCS in its next phase of growth. Dermatology is an attractive healthcare specialty with compelling long-term fundamentals, and DOCS is a high-quality, leading platform with a thoughtful growth strategy and a strong provider-centric culture,” stated Matthew Lee, a Partner at Penfund.

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Michael Binnington, a Partner at Penfund, added, “This transaction marks our first investment alongside SkyKnight, and we are pleased to establish a new partnership with their team. SkyKnight’s disciplined investment approach and collaborative style align with Penfund’s philosophy and the type of sponsor relationship we seek. We look forward to building upon this relationship and working together on future opportunities.”

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About DOCS Dermatology Group

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DOCS Dermatology Group is one of the largest dermatology practices in the United States, providing comprehensive medical, surgical, and cosmetic dermatology services. With a network of more than 150 locations, DOCS is dedicated to advancing skin health through clinical excellence, innovation, and patient-centered care. For more information, visit www.docsdermgroup.com.

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About SkyKnight Capital

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SkyKnight Capital focuses on partnering with high quality businesses in acyclical growth sectors alongside exceptional management teams. SkyKnight manages over $4 billion in private equity capital on behalf of leading endowments, foundations, pensions, and institutional family offices. SkyKnight aims to build industry-defining businesses across the healthcare, financial services, and technology-enabled services industries. For more information, visit www.skyknightcapital.com.

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About Penfund

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Penfund is a leading provider of capital to middle market companies throughout North America. The firm is actively investing both senior and junior capital through Penfund Prime and Penfund Capital Fund VII. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East, and Europe. Penfund has deployed more than C$4.3 billion in 75 investments since 2000. Assets under management are approximately C$3.5 billion. For more information, visit www.penfund.com

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Penfund Contacts:

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