Sheridan Capital Partners

What Sheridan Capital Partners does

Sheridan Capital Partners is a Chicago-based private equity firm specializing exclusively in the U.S. and Canadian healthcare sector, founded in 2012 by Jonathan B. Lewis and Sean M. Dempsey. The firm pursues lower-middle-market buyouts, growth recapitalizations, and large minority financings in founder-led and management-owned healthcare businesses across four verticals: outsourced services, products and manufacturing, provider services, and software and technology. As of December 31, 2025, Sheridan had raised more than $1 billion in committed capital across three fund generations (HCIT Fund I, II, III and their respective A vehicles), completed 21 platform investments and over 180 add-on acquisitions, and realized exits including Smile Doctors (now the largest orthodontics platform in North America), SpendMend, Diamondback Drugs, DAS Health, and Tarrytown.

Sheridan's distinctive operating model centers on its Acceleration Team, an in-house functional resource group that includes former healthcare CEOs, a former CMS deputy administrator, and specialists across finance, human capital, revenue cycle management, lean operations, digital marketing, and technology product strategy. The firm deploys a 'resident' model in which internal team members embed on-site at portfolio companies for six-month periods to lead transformation initiatives, and invests roughly two years developing each investment thesis before pursuing deals. Its sourcing approach combines direct-to-founder outreach (led by Alexandra Kier, Partner/Head of Business Development, and Malia LaFleur, VP of Originations) with trade show attendance, advisor triangulation, and intermediary relationships.

Sheridan generates revenue through traditional private equity management fees on committed capital and carried interest on investment gains. Current majority-held platforms include ICANotes (behavioral health EHR), Tres Health (employer health benefits technology via the TresTech platform), National Care Systems (post-acute care billing software), Currier Plastics (medical contract manufacturing), and ADVI Health (market access and HEOR services). The firm deliberately avoids healthcare subsectors heavily dependent on Medicare and Medicaid reimbursement, citing policy unpredictability, and concentrates instead on commercial-payor, employer-payor, and provider-service models with growth driven by demographic shifts, technology adoption, and operational improvement.

Name

Sheridan Capital Partners

Legal name

Sheridan Capital Partners (Sheridan CP, LLC)

Website

https://sheridancp.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Sheridan Capital Partners is a Chicago-based private equity firm exclusively focused on U.S. and Canadian lower-middle-market healthcare companies, providing buyouts, growth recapitalizations, and minority capital with an embedded operations model. The firm has raised over $1 billion across three fund generations and completed 21 platform investments with 180+ add-on acquisitions.

Ownership category

akta.pro rank

Product category

Healthcare Private Equity

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Healthcare private equity
• Leveraged buyouts
• Growth equity investments
• Minority financings
• Healthcare buyouts

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Private Equity Fund Management (Management Fees & Carried Interest): Sheridan Capital Partners generates revenue through private equity fund management, charging management fees on committed capital and earning carried interest (performance fees) on investment gains. The firm has raised more than $1 billion across multiple fund generations (HCIT Fund I, Fund II, Fund III and their respective A vehicles).
2. Portfolio Company Value Creation: Sheridan creates value in portfolio companies through operational improvements, add-on acquisitions, and strategic growth, generating returns through exits via sale to strategic or financial buyers, recapitalizations, and IPOs. Notable exits include Smile Doctors (now largest orthodontics platform in North America), Diamondback Drugs, and partial realizations of SpendMend and DAS Health.

Go-to-market motion3 records

Distribution channels1 record

Marketing channels6 records

Core offering

Sheridan Capital Partners is a healthcare-focused private equity firm that provides growth capital to lower-middle-market healthcare businesses through leveraged buyouts, growth recapitalizations, and large minority financings. The firm manages the HCIT Fund series (Fund I, II, III and A vehicles) with more than $1 billion raised across vintages, and pairs capital with an embedded Acceleration Team that delivers hands-on operational, functional, and strategic support to portfolio companies.

Product overview

Sheridan Capital Partners operates as a healthcare-focused private equity firm with a portfolio of platform companies across multiple healthcare verticals. The portfolio includes provider software and technology platforms (ICANotes - behavioral health EHR, National Care Systems - post-acute care software, Tres Health - employer health insurance technology), contract manufacturing (Currier Plastics), and various service providers. The firm takes an engaged operational approach, providing strategic resources and deep industry expertise to accelerate growth across its portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• HCIT Fund Series (Fund I, II, III and A vehicles)
• ICANotes (Behavioral Health EHR Platform)
• Tres Health (Employer Health Insurance Platform with TresTech)
• National Care Systems (Post-Acute Care Billing Software)
• Currier Plastics (Medical Contract Manufacturing)
• Smile Doctors (Orthodontics Services)
• SpendMend (Cost Cycle Management Services)
• Diamondback Drugs (Veterinary Compounding Pharmacy)

Quantifiable outcome

• Over 200% organic growth achieved vs. industry average, driven by active operational involvement
• +6 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature4 records

Partnerships

Six partnerships are on record, tiered supporting and core.

• McDermott Will & SchultesupportingImplementation/ SI/ Consulting Partner · 3 June 2026McDermott Will & Schulte served as legal counsel to Sheridan Capital Partners on the Tres Health investment transaction.
• TripleTreesupportingImplementation/ SI/ Consulting Partner · 3 June 2026TripleTree served as financial advisor to Sheridan Capital Partners on the Tres Health investment transaction.
• Cigna, Claritev, and AnthemsupportingChannel Partner/ Reseller/ Distributor · 3 June 2026Tres Health leverages partnerships with major national carriers and provider networks including Cigna, Claritev, and Anthem to support its plan offerings and maintains control over plan design and administration through its TresTech platform. These partnerships enable Tres to offer employer-facing health benefit solutions across all 50 states.
• McDermott Will & SchultesupportingImplementation/ SI/ Consulting Partner · 11 February 2026McDermott Will & Schulte served as legal counsel to Sheridan Capital Partners on the ICANotes acquisition.
• Harris WilliamssupportingImplementation/ SI/ Consulting Partner · 13 January 2026Harris Williams served as the exclusive financial advisor to Sheridan Capital Partners on the ICANotes acquisition. Harris Williams is a middle-market investment bank specializing in M&A advisory.
• ADVI HealthcoreStrategic or Co-development Partner · 1 December 2022Sheridan Capital Partners took an ownership stake in ADVI Health in December 2022. ADVI is a market access and healthcare solutions company operating in innovative healthcare and life sciences industries. The partnership includes strategic growth initiatives and financial backing, with legal and financial advisors involved. ADVI serves pharmaceutical, biotech, and life sciences companies with market access strategy, HEOR, and commercialization services.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• RiverGlade Capital: Healthcare-focused lower-middle market PE firm. Directly comparable given shared sub-sector mix, check size, and growth equity orientation.
• Audax Group: Middle-market PE firm with extensive healthcare experience across provider, services, and technology subsectors. Comparable in scaled platform-and-add-on strategy and middle-market positioning.
• Linden Capital Partners: Chicago-based healthcare-focused middle-market private equity firm investing in lower-middle market healthcare companies. Most directly comparable to Sheridan in scale, sector focus, and investment style.
• Avista Capital Partners: Healthcare-focused middle-market PE firm making control and growth investments in healthcare businesses. Closely comparable in sector specialization and lower-middle market orientation.
• Pamlico Capital: Lower-middle market PE firm with a meaningful healthcare focus. Comparable in fund size, deal sourcing approach, and operational orientation toward founder-led businesses.
• Welsh, Carson, Anderson & Stowe: Healthcare and technology-focused PE firm investing across provider, payer, and services. Comparable in deep sector specialization, though typically at larger check sizes.
• Trinity Hunt Partners: Healthcare-dedicated lower-middle market PE firm partnering with founder-led healthcare businesses. Comparable in thesis-driven approach and focus on outsourced services and provider markets.
• New Mountain Capital: Healthcare and growth-equity-focused PE firm with deep sector domain expertise and an operational value-creation model. Comparable in thesis-driven approach, though typically larger in scale.
• Genstar Capital: Middle-market PE firm with a significant healthcare vertical. Comparable in deal size range, healthcare exposure, and emphasis on operational value creation.
• Nautic Partners: Middle-market private equity firm with a strong healthcare services and products franchise. Comparable in sector mix (provider services, outsourced services) and lower-middle market focus.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

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

M&A7 records

Investments11 records

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

Frequently asked questions about Sheridan Capital Partners