SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* BLUM CAPITAL PARTNERS LP (Last) (First) (Middle) 909 MONTGOMERY STREET, SUITE 400 (Street) SAN FRANCISCO CA 94133 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 02/23/2004	3. Issuer Name and Ticker or Trading Symbol KINETIC CONCEPTS INC /TX/ [ KCI ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3,529	D(1)
Common Stock	486,907	D(2)
Common Stock	10,040	D(3)
Common Stock	9,641,891	D(4)(6)
Common Stock	598,115	D(5)(6)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	(7)	08/11/2010	Common Stock	2,941	$17	D(1)
Series A Convertible Preferred Stock	(8)	(9)	Common Stock	140,267	$17	D(2)
Series A Convertible Preferred Stock	(8)	(9)	Common Stock	2,900	$17	D(3)
Series A Convertible Preferred Stock	(8)	(9)	Common Stock	2,777,589	$17	D(4)(6)
Series A Convertible Preferred Stock	(8)	(9)	Common Stock	172,295	$17	D(5)(6)

1. Name and Address of Reporting Person* BLUM CAPITAL PARTNERS LP (Last) (First) (Middle) 909 MONTGOMERY STREET, SUITE 400 (Street) SAN FRANCISCO CA 94133 (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* RICHARD C BLUM & ASSOCIATES INC (Last) (First) (Middle) 909 MONTGOMERY STREET, SUITE 400 (Street) SAN FRANCISCO CA 94133 (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* BLUM RICHARD C (Last) (First) (Middle) 909 MONTGOMERY STREET, SUITE 400 (Street) SAN FRANCISCO CA 94133 (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* BLUM STRATEGIC GP II LLC (Last) (First) (Middle) 909 MONTGOMERY STREET, SUITE 400 (Street) SAN FRANCISCO CA 94133 (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. These securities are owned directly by Blum Capital Partners, L.P. ("Blum L.P.")

2. These shares are owned directly by Blum Strategic Partners II, L.P ("Strategic II"). The shares also may be deemed to be owned indirectly by (i) Blum Strategic GP II, L.L.C. ("Blum GP II"), the general partner of Strategic II, and (ii) Richard C. Blum, a managing member of Blum GP II. Both Blum GP II and Mr. Blum disclaim beneficial ownership of thse shares, except to the extent of any pecuniary interest therein.

3. These shares are owned directly by Blum Strategic Partners II GmbH & Co. KG ("Strategic II KG"). The shares may also be deemed to be owned indirectly by (i) Blum GP II, the managing limited partner of Strategic II KG, and (ii) Richard C. Blum, a managing member of Blum GP II. Both Blum GP II and Mr. Blum disclaim beneficial ownership of these shares, except to the extent of any pecuniary interest therein.

4. These shares are owned directly by RCBA-KCI Capital Partners, L.P.

5. These shares are owned directly by Stinson Capital Partners II, L.P.

6. These shares may be deemed to be owned indirectly by the following parties: (i) Blum L.P., the general partner of the limited partnerships described in Notes (4) and (5); (ii) Richard C. Blum & Associates, Inc. ("RCBA Inc."), the general partner of Blum L.P.; and (iii) Richard C. Blum, a significant stockholder and chairman of RCBA Inc. Blum L.P., RCBA Inc. and Mr. Blum disclaim beneficial ownership in these shares, except to the extent of any pecuniary interest therein.

7. The option vests in one-twelfth installments every three months over a period of three years beginning on November 11, 2003.

8. Immediately.

9. No expiration date.

	BLUM CAPITAL PARTNERS, L.P. By Richard C. Blum & Associates, Inc., its general partner By Marc T. Scholvinck, Partner, Chief Financial Officer and Assistant Secretary	02/23/2004
	RICHARD C. BLUM & ASSOCIATES, INC. By Marc T. Scholvinck, Partner, Chief Financial Officer and Assistant Secretary	02/23/2004
	RICHARD C. BLUM By Marc T. Scholvinck, Attorney-in-Fact	02/23/2004
	BLUM STRATEGIC GP II, L.L.C. By Marc T. Scholvinck, Managing Member	02/23/2004
	** Signature of Reporting Person	Date
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