About this site

The McGuireWoods Healthcare Private Equity Team previously published a multi-part series highlighting some of the more active private equity investors in the healthcare space. Since the original publication, we have seen even more PE investors turn toward healthcare investments, new healthcare-focused funds form, and healthcare PE deal activity continue at a staggering pace. Thus, we have decided to launch this site to highlight investors in a more current format, as part of our ongoing service to the healthcare private equity community. These investors, listed purely in alphabetical order, are funds that primarily focus on growth-stage, buyout and platform funding transactions. The sheer number of investors is a real testament to investors’ views of healthcare as a solid investment play.


Varsity Healthcare Partners

Founded in 2012, VHP seeks primarily control investments — growth equity to buyout/recapitalization — in lower middle market companies. With offices in Los Angeles and Stamford, Conn., the firm focuses exclusively on healthcare services, principally providers, payors and outsourced services, with an emphasis on multi-site providers, including physician practice management. VHP typically invests $20 million to $60 million, going larger with co-investment partners. Companies in its portfolio include Family Care Partners, a consolidator of primary care and ancillary diagnostic patient services, and The Orthopaedic Institute, a private practice group of specialty physicians providing musculoskeletal care. Read more about VHP at www.varsityhealthcarepartners.com

Vestar Capital Partners

Founded in 1988, Vestar is focused on middle market companies. Based in New York, the firm prefers to make more substantial investments from a dollars perspective in businesses from a few sectors, including healthcare. Companies in its healthcare portfolio include HealthGrades, an online source of hospital, physician, disease and condition information and decision-support tools tailored for consumers; Press Ganey, a provider of patient experience measurement, performance analytics and strategic advisory solutions; Civitas Solutions, a provider of home and community-based human services for individuals with developmental disabilities and acquired brain injuries; and 21st Century Oncology, an operator of radiation treatment centers. Read more about Vestar at www.vestarcapital.com

The Vistria Group

Founded in 2013, Vistria focuses on making investments in middle market companies in healthcare and a few other industries. Based in Chicago, the firm pursues control and minority equity investments and prefers to make more substantial investments from a dollars perspective in companies with at least $100 million in revenue. Within healthcare, Vistria targets companies in the provider services, hospital/major facilities, life sciences/pharmaceutical and non-reimbursement industries. Companies in its healthcare portfolio include AIS HealthCare, a provider of sterile, patient-specific intrathecal pump medications and in-home intravenous infusion including immune globulin therapies; Behavioral Health Group, a provider of opioid addiction treatment services; Civitas Solutions, which markets its services nationally as The MENTOR Network and is a national provider of home- and community-based health and human services to individuals with special needs; and St. Croix Hospice, a Midwestern hospice provider. Read more about Vistria at www.vistria.com

Warburg Pincus

Founded in 1966, Warburg Pincus is focused on growth investing. Based in New York, the firm takes a long-term perspective and invests in businesses at all stages of development within healthcare and several other sectors. Companies in its healthcare portfolio include CityMD, an urgent care provider with locations in the greater New York metropolitan area and Seattle; Alignment Healthcare, a health delivery company focused on seniors; and Intelligent Medical Objects, a developer of a medical terminology solution for the management of medical vocabularies and software applications at healthcare organizations. Read more about Warburg Pincus at www.warburgpincus.com

Water Street Healthcare Partners

Founded in 2005, Water Street targets middle market healthcare companies. Based in Chicago, the firm prefers to make more substantial investments from a dollars perspective in four healthcare sectors: medical and diagnostic products, specialty distribution, outsourced healthcare services and specialty pharmaceutical products and services. Companies in its portfolio include Breg, a provider of sports medicine, rehabilitative orthopedic products and services; Capstone Development Solutions, a developer of pharmaceutical products; CareCentrix, which provides products and services for managing care transitions to the home; and RTI Surgical, a surgical implant company. Read more about Water Street at www.waterstreet.com

Waud Capital Partners

Founded in 1993, Waud seeks control equity investments in middle market companies in healthcare and a few other industries. Based in Chicago, the firm prefers to make more substantial investments from a dollars perspective in companies with at least $10 million in revenue. Within healthcare, Waud targets the provider services, hospitals/major facilities, life sciences/pharmaceutical and non-reimbursement industries. Companies in its healthcare portfolio include The GI Alliance, an independent gastroenterology practice; Ivy Rehab, a provider of outpatient physical therapy services through a network of centers in the Northeast, Midwest and Southeast; Cordant Health Solutions, a provider of behavioral healthcare and medication monitoring services; and ChiroTouch, a provider of chiropractic practice management and EHR software technology solutions. Read more about Waud at www.waudcapital.com

Webster Capital

Founded in 2002, Webster prefers to invest in middle market companies. Based in Waltham, Mass., the firm considers a wide range of investments in several sectors, including healthcare, and prefers to make majority or minority equity investments. Companies in its healthcare portfolio include Healthcare Associates of Texas, a primary care practice group serving patients in the Dallas Forth Worth region; BayMark Health Services, a national provider of outpatient opioid treatment services clinics; Epic Health Services, a pediatric-focused home care company providing pediatric nursing therapy, behavioral health and enteral therapy; and Prospira PainCare, an interventional pain management practice delivering treatment for chronic pain through interdisciplinary programs. Read more about Webster at www.webstercapital.com

Welsh, Carson, Anderson & Stowe

Founded in 1979, WCAS’s investment strategy is deal-size agnostic. Based in New York, the firm targets growth-oriented companies within the healthcare and information/business services industries. Companies in its healthcare portfolio include Concentra, a division of Select Medical and provider of occupational medicine, urgent care, physical therapy and wellness services; K2M, a manufacturer of a portfolio of spine surgery products; U.S. Anesthesia Partners, a physician services organization that provides practice management services to anesthesiologists; and United Surgical Partners International, a provider of outpatient surgery through ambulatory surgery centers and surgical hospitals. Read more about WCAS at www.welshcarson.com

WindRose Health Investors

Founded in 2000 and formerly MTS Health Investors, WindRose pursues control equity investments in healthcare companies. Based in New York, the firm invests in a broad range of industry segments, including outsourced services to payors and health systems, technology-enabled services, healthcare providers and value-added distribution. Companies in its portfolio include Celerion Holdings, which provides clinical trial solutions to pharmaceutical and biotechnology clients conducting early clinical research; AGS Health, a revenue cycle management company providing billing and coding services; MDsave, which provides an online location for consumers to research, compare and purchase medical services; and Vital Decisions, a provider of behavioral counseling services to patients with advanced illness. Read more about WindRose at www.windrose.com


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