Patient Square Capital
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.
- Company typePrivate
- Founded2020
- HeadquartersMenlo Park, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
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.
Patient Square Capital firmographics
Firmographics- 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
Patient Square Capital industry classification
Industry- 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
Where Patient Square Capital is headquartered
LocationHeadquarters
- HQ city
- Menlo Park
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Patient Square Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- 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.
- 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).
- 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
Patient Square Capital product offering
Product offeringCore 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
Companies that use Patient Square Capital
Customer profileSegments6 records
Ideal customer profiles6 records
Patient Square Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability3 records
Feature5 records
Patient Square Capital partnerships and signals
Strategic signalScale indicators8 records
Recent moves16 records
Expansion highlights6 records
Patient Square Capital competitors and assessment
Company assessmentDirect 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
Patient Square Capital social profiles
Digital presencePatient Square Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Patient Square Capital leadership team
Management profileNumber of profiles
Profiles19 records
Patient Square Capital subsidiaries and ownership
Company hierarchySubsidiaries16 records
Patient Square Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Patient Square Capital M&A and investment
M&A and investmentM&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
What does Patient Square Capital do?
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.
Is Patient Square Capital a public or private company?
Patient Square Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Patient Square Capital founded?
Patient Square Capital was founded in 2020. It employs 51 to 100 people.
Where is Patient Square Capital based?
Patient Square Capital is headquartered in Menlo Park, United States, in the North America region.
How does Patient Square Capital make money?
Three revenue lines are on record. Asset Management / Management Fees are the primary driver. The others are carried Interest / Investment Returns and royalty and Structured Solutions.
Who are Patient Square Capital's main competitors?
Direct peers on record are KKR (Healthcare Strategic Growth / Americas Healthcare), Bain Capital Life Sciences / Bain Capital Healthcare, GTCR, Welsh, Carson, Anderson & Stowe, Veritas Capital, New Mountain Capital and Carlyle Group (Global Healthcare). Broad incumbents are TPG Capital (Healthcare), Ares Management and Blackstone (Life Sciences / Private Equity).
Does Patient Square Capital have an API?
No public API is recorded for Patient Square Capital.
What industry is Patient Square Capital in?
Patient Square Capital's product category is Healthcare Private Equity / Investment Management. Its primary akta.pro industry code is FSANACAB, Healthcare & Life Sciences Growth Equity, with a secondary code of FSAEALAI, Institutional Capital Introduction (LP/Family Office/Endowment Matching). Its NAICS code is 523940 and its SIC code is 6282.