Where we invest
Four sectors. Real conviction in each.
Within healthcare, we focus on segments with structural demand tailwinds, defensible margins, and platform potential. Below is what we look for in each.
01 — Provider Services
Multi-site clinical platforms with operating leverage.
Specialty practices, ambulatory care platforms, behavioral health, and post-acute services with proven unit economics and consolidation runway.
What we look for
- 3+ locations with consistent unit performance
- Specialty or sub-specialty differentiation
- Favorable payor mix and reimbursement durability
- Identifiable add-on acquisition pipeline
02 — Outsourced Services
Mission-critical services that hospitals and payors can't do well in-house.
Revenue cycle management, clinical staffing, administrative services, and outsourced operations with embedded customer relationships.
What we look for
- Recurring or contracted revenue
- High customer retention and NPS
- Workflow defensibility through scale, data, or technology
- Margin expansion potential through automation
03 — Pharma Services
Picks-and-shovels for the pharma value chain.
CRO/CDMO niche providers, specialty pharmacy operations, commercialization services, and patient access platforms supporting drug development and delivery.
What we look for
- Specialized capability or therapeutic-area expertise
- Diversified pharma client base
- Regulatory or scientific moat
- Fragmented competitive landscape
04 — Tech-Enabled Services
Software wrapped in services where the workflow is the product.
Platforms combining proprietary technology with managed services — where AI and ML can compound margin over the hold period without disrupting the founder's core offering.
What we look for
- Proprietary data or workflow assets
- Service-led revenue with software gross margins
- Clear AI/ML application areas
- Path to category leadership