Patient Square Capital

What Patient Square Capital does

Patient Square Capital is a dedicated health care investment firm founded in 2020 by Jim Momtazee, the former Head of KKR's Americas Health Care Team, together with founding partners Dr. Neel Varshney, M.D., Karr Narula, and Adam Fliss. The firm manages $19 billion in assets under management as of 5/9/2026 across multiple investment vehicles and invests across the full healthcare value chain: development-stage therapeutics, commercial-stage pharmaceuticals, medical devices and diagnostics, healthcare providers, and tech-enabled healthcare services. Patient Square pursues control buyouts, take-privates, growth equity, and structured financings — often as sole or lead investor, and in consortium structures with Elliott, Veritas, Gurnet Point, and B-FLEXION for mega-deals (Premier $2.6B, Patterson $4.1B, Syneos Health $7.1B, Hanger $1.25B).

The firm operates a vertically integrated healthcare platform that combines proprietary technology (Patient Square Insights), AI/ML-driven investment intelligence, a real-world data analytics capability, the EMPIRIC Institute for patient impact measurement, and a Transformation and Growth operating team led by Karr Narula that drives value creation across portfolio companies. Patient Square has built dedicated sub-platforms including Enavate Sciences (therapeutics), Elevage Medical Technologies (medtech), and the Royalty and Structured Solutions franchise co-headed by Russ Chong and Dr. Emily Janvey. The firm employs a senior-led enterprise deal team with multiple Managing and Founding Partners, supported by a centralized technology, data, and engineering group.

Patient Square generates revenue through asset management fees on committed capital and net asset values, plus carried interest on investment realizations. The firm markets itself primarily through corporate communications, owned digital properties, and earned media coverage of transactions rather than paid acquisition. It is headquartered in Menlo Park, California, with regional offices in New York and Dubai, and targets boards, founders, and management teams of healthcare companies as its counterparties across North America, Europe, and MENA.

Name

Patient Square Capital

Legal name

Patient Square Capital, L.P.

Website

https://patientsquarecapital.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

51–100 employees

Short description

Patient Square Capital is a dedicated healthcare private equity firm founded in 2020 managing $19 billion in AUM across development-stage therapeutics, commercial-stage pharma, medical devices, providers, and tech-enabled services. It invests through control buyouts, take-privates, growth equity, and structured financings with an integrated Transformation and Growth operating platform.

Ownership category

akta.pro rank

Product category

Healthcare Private Equity / Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Finance and Insurance (52)

SIC

Investment Advice (6282), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Healthcare & Life Sciences Growth Equity (FSANACAB)

akta.pro secondary industry

Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Healthcare private equity
• Healthcare buyout investing
• Growth equity healthcare
• Take-private transactions
• Healthcare royalty financing

Headquarters

HQ city

Menlo Park

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Asset Management / Management Fees: Patient Square Capital, L.P. manages $19 billion in assets under management across multiple investment vehicles (including co-investment vehicles), generating recurring management fees on committed capital and net asset values. AUM is measured as the sum of net asset values plus unfunded equity commitments for all investment vehicles, as of 5/9/2026.
2. Carried Interest / Investment Returns: As a private equity sponsor, the firm earns carried interest and investment income from successful realizations across its healthcare-focused funds and co-investment vehicles (e.g., realized exits and ongoing returns from Hanger, Patterson, Premier, Syneos, Radius Health, Eargo/LXE Hearing, SOC Telemed/Access TeleCare).
3. Royalty and Structured Solutions: Co-Headed by Russ Chong and Dr. Emily Janvey, this strategy generates fee and/or revenue-share economics by providing royalty, structured, and capital-markets financing to life sciences companies (e.g., former KKR Health Care Royalty & Income platform).

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Patient Square Capital is a dedicated healthcare investment firm that invests approximately $19 billion in assets under management across development-stage therapeutics, commercial-stage pharmaceuticals, medical devices and diagnostics, healthcare providers, and tech-enabled healthcare services. The firm partners with growth-oriented companies and top-tier management teams through buyouts, take-privates, growth equity, structured and royalty financings, and consortium deals, supported by a Transformation and Growth operating team and a proprietary Insights research and analytics platform.

Differentiator

Problem solved

Functional benefit

Brands

• Elevage Medical Technologies: A Patient Square Capital-formed platform dedicated to supporting growth-stage medical device companies with capital and strategic operational support.
• Enavate Sciences
• Patient Square Insights
• EMPIRIC Institute

Products and services

• Elevage Medical Technologies Platform Dedicated platform to support growth-stage medical device companies by providing capital investment and strategic operational support to advance approval and commercialization. Announced May 1, 2023.
• Enavate Sciences Platform Platform providing capital and strategic growth support to innovative therapeutic companies developing novel therapies, including financings of Zenas BioPharma, Compass Therapeutics, CAMP4, and Alladapt. Announced May 2, 2022.
• GondolaBio Therapeutics Company Development-stage therapeutics company spun out of BridgeBio (NASDAQ: BBIO), focused on genetic diseases with high unmet clinical need. Based in Palo Alto, CA. Formed August 2024.
• LXE Hearing Combined Company Hearing health company formed by the Eargo / hearX merger, dedicated to improving the quality of life of people with hearing loss through innovative products and a new go-to-market approach. Based in San Jose, CA. Merger closed March 31, 2025.

Quantifiable outcome

• $19 billion in assets under management as of 5/9/2026
• +8 more outcomes

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature5 records

Scale indicators8 records

Recent moves16 records

Expansion highlights6 records

Direct peers

• KKR (Healthcare Strategic Growth / Americas Healthcare): The most direct peer: Patient Square's founder Jim Momtazee led KKR's Americas Healthcare Team for 10+ years, and most senior partners (Varshney, Narula, Sabet-Peyman, Michalzuk, Saini) are KKR alumni. KKR runs a healthcare-dedicated PE/growth franchise across biopharma, devices, providers, and services at significantly larger scale.
• Bain Capital Life Sciences / Bain Capital Healthcare: Dedicated healthcare/life-sciences PE platform within Bain Capital, investing across therapeutics, medical devices, healthcare services, and digital health. Closely comparable in stage-spanning strategy and large-check capability.
• GTCR: Healthcare-focused PE firm where Patient Square partner David Katz spent nine years co-leading GTCR's Healthcare Team. GTCR competes head-to-head in healthcare services and provider buyouts with similar check sizes and operating-partner model.
• Welsh, Carson, Anderson & Stowe: Long-standing healthcare-dedicated PE firm investing across services, providers, and tech-enabled healthcare. Highly comparable as a pure-play healthcare sponsor of similar scale and stage focus, with multi-decade track record.
• Veritas Capital: Healthcare and technology-focused PE firm that co-led the $7.1B Syneos Health consortium with Patient Square. Direct competitor in tech-enabled healthcare services and provider buyouts.
• New Mountain Capital: Dedicated healthcare-defensive growth PE firm with large AUM focused on healthcare services, pharma services, and information services. Comparable in mandate and middle-to-large cap healthcare focus.
• Carlyle Group (Global Healthcare): Global PE firm with a dedicated healthcare team across buyouts, growth, and credit; Emily Janvey (Patient Square Co-Head of Royalty) previously led structured financing at Carlyle/Abingworth, and Jason Ridloff ran Carlyle Direct Lending's healthcare book. Direct competitor in healthcare PE and structured financing.

Broad incumbents

• TPG Capital (Healthcare): Large-cap PE firm with healthcare practice (TPG Capital + The Rise Fund). Adam Fliss (Patient Square Founding Partner) was General Counsel at TPG. Broad PE with a healthcare team rather than a dedicated pure-play.
• Ares Management: Alternative asset manager with private equity, credit, and real estate; Chris Wade (Patient Square CFO) was Ares's Chief Accounting Officer for Private Equity. Healthcare exposure is meaningful but diversified across multiple asset classes.
• Blackstone (Life Sciences / Private Equity): Largest alternative manager with dedicated life-sciences and healthcare PE verticals. Larger and broader than Patient Square but competes for similar large healthcare deals and LP allocations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/patient-square-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments22 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Patient Square Capital