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Investment Strategy · Healthcare

We invest where our experience is deepest.

Freesolo Capital concentrates on lower middle market healthcare companies where we can pair operating playbooks with founder ambition. Our strategy is narrow on purpose — depth in four sectors over breadth across many.

4Healthcare sectors
$2–15MPlatform EBITDA
$10–100MEquity check
Philosophy
We don't believe in passive capital. We believe in concentrated conviction, hands-on operating support, and a partnership that lasts longer than the fund's average holding period.
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
How we work

A process built around founders.

From first conversation to long-term partnership, our process is designed to respect the founder's time and surface alignment quickly.

01

Identify

We source through operator networks, sector specialization, and direct relationships — not auctions. Most of our best leads come from founders we've worked with before.

02

Evaluate

Sharp diligence focused on the operating model, growth thesis, and founder fit. We tell you what we think — clearly and quickly — within two to three weeks of a first meeting.

03

Partner

Flexible structures designed around the founder's goals — control or significant minority, full liquidity or partial roll. We tailor terms to the situation, not the other way around.

04

Build

Hands-on operating partnership: commercial expansion, M&A, talent, and AI/ML deployment. We work alongside the founder, not above them.

05

Realize

We exit when the company is genuinely better, larger, and more durable than when we partnered. Our reputation depends on outcomes for founders, employees, and patients.

Fit

Clarity is a kindness.

We try to be direct about who we're built for — and who we're not. If you're not sure, reach out anyway. A short call usually settles it.

We're a strong fit when

  • You're a founder or operator looking for a real partner, not just a check.
  • The business is in healthcare provider, outsourced, pharma, or tech-enabled services.
  • EBITDA is between $2M and $15M with a clear growth path.
  • You see AI/ML as a margin and quality lever, not a threat to the model.
  • You want to keep building post-investment with capital and operating support.

We're probably not the right fit when

  • The business is pre-revenue, early-stage venture, or biotech R&D.
  • You're seeking a fully passive financial sponsor.
  • The thesis depends on cost cutting alone rather than growth.
  • The opportunity is outside healthcare or our four focus sectors.
  • The check size required is below $10M or above $100M of equity.
Founders

Think we might fit? Let's talk.

Most introductions start with a 30-minute call — no deck required. We'll know quickly whether there's a there there.