SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* FREMONT PARTNERS LP (Last) (First) (Middle) 199 FREMONT STREET SUITE 2300 (Street) SAN FRANCISCO CA 94105 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol KINETIC CONCEPTS INC /TX/ [ KCI ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 01/27/2005
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/27/2005		J(1)		1,868,272	D	(1)	1,554,265	D(1)
Common Stock	01/27/2005		J(2)		503,607	D	(2)	328,757	D(2)
Common Stock	01/27/2005		J(3)		1,111,960	D	(3)	512	D(3)
Common Stock	01/27/2005		J(4)		711,961	D	(4)	519	D(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* FREMONT PARTNERS LP (Last) (First) (Middle) 199 FREMONT STREET SUITE 2300 (Street) SAN FRANCISCO CA 94105 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* FREMONT ACQUISITION CO 11 LLC (Last) (First) (Middle) 199 FREMONT ST STE 2300 (Street) SAN FRANCISCO CA 94105 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* FREMONT ACQUISITION CO IIA LLC (Last) (First) (Middle) 199 FREMONT ST STE 2300 (Street) SAN FRANCISCO CA 94105 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* FREMONTKCI CO INVESTMENT CO LLC (Last) (First) (Middle) 199 FREMONT ST STE 2300 (Street) SAN FRANCISCO CA 94105 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* FREMONT KCI CO INVESTMENTS II LLC (Last) (First) (Middle) 199 FREMONT ST STE 2300 (Street) SAN FRANCISCO CA 94105 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. On January 27, 2005, (a) Fremont Acquisition Company II, L.L.C. distributed 1,868,272 shares to Fremont Partners, L.P., its sole member, in accordance with its limited liability company agreement and (b) Fremont Partners, L.P. distributed such shares to its partners on a pro rata basis in accordance with its limited partnership agreement. After such distribution, Fremont Acquisition Company II, L.L.C. directly owns 1,554,265 shares. The shares owned directly by Fremont Acquisition Company II, L.L.C. may be deemed to be beneficially owned by Fremont Partners, L.P., its sole member.

2. On January 27, 2005, Fremont Acquisition Company IIA, L.L.C. distributed 503,607 shares to its members on a pro rata basis in accordance with its limited liability company agreement. After such distribution, Fremont Acquisition Company IIA, L.L.C. directly owns 328,757 shares.

3. On January 27, 2005, Fremont-KCI Co-Investment Company, L.L.C. distributed 1,111,960 shares to its members on a pro rata basis in accordance with its limited liability company agreement. After such distribution, Fremont-KCI Co-Investment Company, L.L.C. directly owns 512 shares.

4. On January 27, 2005, Fremont-KCI Co-Investment Company II, L.L.C. distributed 711,961 shares to its members on a pro rata basis in accordance with its limited liability company agreement. After such distribution, Fremont-KCI Co-Investment Company II, L.L.C. directly owns 519 shares.

	FREMONT PARTNERS, L.P. By: FP Advisors, L.L.C., General Partner; By: Fremont Group, L.L.C., Managing Member; By: Fremont Investors, Inc., Managing Member; By: James Farrell, Managing Director	01/31/2005
	FREMONT ACQUISITION COMPANY II, L.L.C. By: Fremont Partners, L.P., Member; By: FP Advisors, L.L.C., General Partner; By: Freemont Group, L.L.C., Managing Member; By: Fremont Investors, Inc., Managing Member; By: James Farrell, Managing Director	01/31/2005
	FREMONT-KCI CO-INVESTMENT COMPANY, L.L.C. By: FP Advisors, L.L.C., Managing Member; By: Fremont Group, L.L.C., Managing Member; By: Fremont Investors, Inc., Managing Member; By: James Farrell, Managing Director	01/31/2005
	FREMONT-KCI CO-INVESTMENT COMPANY, II, L.L.C. By: FP Advisors, L.L.C., Managing Member; By: Freemont Group, L.L.C., Managing Member; By: Fremont Investors, Inc., Managing Member; By: James Farrell, Managing Director	01/31/2005
	FREMONT ACQUISITION COMPANY IIA, L.L.C. By: FP Advisors, L.L.C., non-Member Manager; By: Freemont Group, L.L.C., Managing Member; By: Fremont Investors, Inc., Managing Member; By: James Farrell, Managing Director	01/31/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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