Anyone have any recent thoughts on performance / trajectory / culture at any of the following healthcare only shops: Patient Square, Rubicon Founders, Oak HC/FT (I know fintech is a piece)? Or any other notable healthcare only recent firms that are growing fast / promising?
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Based on the most helpful WSO content, here’s what you need to know about healthcare-focused private equity firms and trends in 2025:
Patient Square Capital: This firm has been making waves as a healthcare-only PE shop. Known for its focus on growth and innovation, Patient Square has been actively investing in companies that align with the shift toward value-based care and lower-cost care settings. Their culture is often described as entrepreneurial, with a strong emphasis on healthcare expertise.
Rubicon Founders: Rubicon is relatively newer but has been gaining traction. They focus on transformative healthcare investments, often targeting companies that address inefficiencies in the system. Their trajectory seems promising, especially as they capitalize on the ongoing consolidation trends in healthcare services and technology.
Oak HC/FT: While Oak HC/FT has a fintech component, their healthcare investments remain robust. They are particularly strong in healthcare IT (HCIT) and digital health, which continue to see growth despite some cooling in the telemedicine space. Their culture is often described as collaborative and forward-thinking.
Other Notable Firms:
Key Trends Driving Healthcare PE in 2025:
If you're evaluating these firms for career opportunities, consider their focus areas, growth trajectory, and cultural fit. Healthcare PE remains a dynamic and promising space, with plenty of room for innovation and impact.
Sources: Questions about Healthcare M&A, Is Healthcare PE unethical?, Healthcare Investment Banking Q&A
Not intimately familiar, but Frazier, Vistria, Windrose and Linden seem to be tracking well from an outsider’s perspective
Curious about thoughts on NMC (New Mountain Capital).
Head of HC left yesterday and took their best companies
Where did he go? Did he set up a new healthcare PE firm?
What are the views on KKR / TPG / Carlyle HC?
Bump
How about other funds like Ascend Partners, Ampersand, BPOC, Flexpoint Ford, etc ?
Ascend: decent, niche but not done a lot recently. Buddy just left and said he made ~325 all in
Ampersand: hi-HC IQ investors. Semi odd people and pay below market - idk come figure tho
BPOC: super chill team (partners too) but fund is hurting. I’d wait to see if they raise again. Smaller, cant imagine they pay more than 300k
Flex: solid firm, way bigger than all these others. Some good partners left recently tho so not sure on future. Pay is decent from what my buddy says ~350+
Flexpoint shuttered its healthcare group completely. So I would say no, not a solid HC firm at all.
325 for Ascend at which level? Senior aso?
Cant believe a LMM fund paying 325 for associate
Hi-IQ HC investors sounds exciting, but hi-HC IQ investing sounds a little creepy and eugenics-oriented
Why did your friend leave Ascend?
any insights on Cressey?
not sure if zombie fund. definitely lags linden vistria water street
Dead
Surprise nobody mentioned Nordic
Any insights on Patient Square?
Intense nerds, they're pretty brand whore-y for undergrad/b-school/prior IB or PE shop even among the brand whore-y funds out there, which I guess they can afford to be. They are big-time interested in people who live and breathe HC and are very "academic" about it. Their non-flagshio-investing teams include a LOT of straight up PhDs and researchers in the field, particularly since they have a royalty strategy in addition to their "typical" buyout.
In flagship, there is one Arizona University -> Barclays Sponsors LA -> Marlin ASO hire they made a few years ago who's now a VP but a) he's pretty consistently been in Cali, b) he might just be a genius despite the brand names (had great grades and I'm not going to question a stranger's competence), and c) it looks like they made him redo his Associate year and do a third year before a VP promote, which is asking a lot.
Bro did some in depth research on this guy
I do not normally comment on WSO, but this post is a bit shocking. I think this is incredibly disrespectful to the person that you highlighted. I do not work at PS nor do I know anyone who does. I strongly advise deleting or editing this comment.
Im the UofA guy he talks about. I can confirm i got that dawg in me (a chihuahua). In all seriousness, i took this as a compliment. Grinded my way here, got no shame in my background. And of course always a bit of luck involved, right place, right time, right promotion cycle. Doesnt hurt to be a good personality hire in a firm of nerds (your words not mine) either. But also 4 years associate to VP is pretty common in the industry (2 years associate 2 years senior associate if you dont go to B-School). Some places do 3/3.5, but thats only for people who got Pitbulls in them. We are probably headed in the 3-3.5 direction as well.
WCAS?
solid healthcare fund. probs top in services along with Linden.
PSQ is more medtech and biotech
I don't view any of the three firms you listed as particularly strong healthcare investment platforms but they have all successfully created an aura over the years and sometimes, that's enough.
Two firms that I do see continuing to grow and gain momentum are WindRose and 1315 Capital. Both more established but have grown nicely with time and with rock solid teams to boot. Less concern with key person/succession risk.
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