Investment Strategy
Patient capital for essential healthcare.
We invest in fragmented, community-embedded healthcare services with clear paths to scale — not fads, not adjacencies.
01
Buy the platform.
We anchor each thesis with a leading regional operator — a business with 8–40 sites, positive clinical outcomes, and a founder committed to the next chapter.
02
Build the infrastructure.
We invest capital and operating talent into revenue cycle, technology, recruiting, and clinical governance before pursuing scale.
03
Compound with add-ons.
We partner with neighboring practices on transparent terms, giving founders liquidity, ongoing equity, and a peer community.
- Sectors
- Urgent care, primary care, dermatology, ambulatory & specialty services.
- Revenue
- $10M – $150M at platform entry; no size floor for tuck-ins.
- EBITDA
- $3M – $30M with clear path to margin expansion through shared services.
- Geography
- United States, with emphasis on Midwest, Southeast, and Mountain West.
- Structure
- Majority recapitalization, minority growth, or founder-led buyout.
- Hold
- Patient capital — typically five to ten years, longer where appropriate.
Our Approach
"We don't buy healthcare businesses to flip them. We buy them to compound them — with the founders who built them still in the room."
— Elena Marsh, Managing Partner