Amulet Capital Partners

What Amulet Capital Partners does

Amulet Capital Partners is a middle-market private equity firm exclusively focused on the healthcare sector, founded in 2015 by Ramsey Frank (CEO) and Jay Rose (President). The firm manages approximately $2.5 billion in assets under management as of March 31, 2026, deployed across 15 platform investments and 40 add-on acquisitions through three fund vintages, with Fund III closed oversubscribed at $1.2 billion in July 2024. Investment sizes typically range from $25 million to $150 million per platform, with the firm organized around three subsector verticals: life sciences outsourcing (Assembled Intelligence, OPEN Health, SSI Strategy), healthcare providers (Alliance Clinical Network, Choice Healthcare Services, Theoria Medical, United Vein & Vascular Centers, Lighthouse Behavioral Health, HealthCentral), and fertility/reproductive services (US Fertility, Genetics & IVF Institute, TFP Fertility Group), plus the payor/payor services vertical.

The firm operates a platform-plus-portfolio model combining direct private equity investment with hands-on operational support via its Portfolio Resource Group, led by a former consulting partner from EY, BCG, and Oliver Wyman. Portfolio companies leverage distinct technology platforms: Theoria Medical's care coordination technology across senior living communities in 21 states, Assembled Intelligence's AI-powered commercialization workflows for pharma clients, US Fertility's technology-enabled suite of assisted reproductive technology services across 121 clinics, and Unlock Health's marketing/data platform serving 200+ hospitals and health systems. Value creation emphasizes de novo expansion, add-on M&A (40 add-ons to date), and operational scaling, supported by a network of healthcare operators and advisors.

Amulet's revenue model is classic private equity fund management: management fees on committed/invested capital plus carried interest on successful exits. Fund interests are distributed via private placement to qualified institutional buyers. The firm maintains headquarters in Greenwich, CT with a second office in Walnut Creek, CA, and is currently investing out of Fund III with a stated focus on healthcare's structural shifts and emerging trends. The firm became a UN PRI signatory in 2023 and launched its internal Sustainability Committee and EDCI membership in 2024, formalizing its ESG posture.

Name

Amulet Capital Partners

Legal name

Amulet Capital Partners, LP

Website

https://amuletcapital.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Amulet Capital Partners is a middle-market private equity firm exclusively focused on healthcare, managing $2.5B AUM across three subsectors: life sciences outsourcing, healthcare providers, and payor services, deploying $25M-$150M per platform investment.

Ownership category

akta.pro rank

Product category

Healthcare Private Equity

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Private equity investments
• Healthcare sector investing
• Leveraged buyouts
• Growth equity investing
• Fund management services

Headquarters

HQ city

New York

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, Infrastructure

Revenue model

1. Fund Management: Private equity fund management generating returns through management fees and carried interest from successful portfolio company exits. Invests in healthcare companies seeking growth capital and operational expertise.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Amulet Capital Partners is a middle-market, healthcare-focused private equity firm that raises capital from institutional investors and deploys it into leveraged buyouts, restructurings, and growth equity investments in healthcare companies. The firm typically invests between $25 million and $150 million per transaction across life sciences outsourcing, healthcare providers, and payor/payor services subsectors, while providing hands-on operational support to scale portfolio companies into market-leading platforms.

Product overview

Amulet Capital Partners is a middle-market private equity investment firm focused exclusively on the healthcare sector, managing approximately $2.5 billion in assets under management as of March 2026. The firm operates a platform-plus-portfolio model, making direct private equity investments in healthcare companies while providing hands-on operational support to build market leaders. The portfolio spans multiple healthcare subsectors including life sciences outsourcing (Assembled Intelligence, OPEN Health, SSI Strategy), healthcare providers (Alliance Clinical Network, Choice Healthcare Services, HealthCentral, Lighthouse Behavioral Health, Theoria Medical, United Vein & Vascular Centers, US Digestive Health), and fertility/reproductive services (Genetics & IVF Institute, TFP Fertility Group, US Fertility). Investment sizes typically range from $25 million to $150 million, with funds sourced from limited partners and deployed across platform investments and add-on acquisitions. The firm maintains offices in Greenwich, CT and Walnut Creek, CA, and is currently investing from its third fund which closed in July 2024 with approximately $1.2 billion in capital commitments.

Differentiator

Problem solved

Functional benefit

Products and services

• Amulet Capital Partners Fund III
• Healthcare Private Equity Investment Platform
• Amulet Capital Partners Fund II

Quantifiable outcome

• More than doubling of EBITDA under ownership (Synteract)
• +1 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

Feature1 record

Scale indicators12 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• GTCR: GTCR is a large middle-market private equity firm with deep healthcare expertise through its Healthcare team, often competing with Amulet for healthcare services and life sciences outsourcing platforms.
• New Mountain Capital: New Mountain Capital is a larger growth-oriented private investment firm with a significant dedicated healthcare services franchise, overlapping with Amulet in healthcare provider and payor-services investments.
• Bain Capital Private Equity: Bain Capital's PE arm invests across healthcare services, life sciences, and healthcare technology with global scale, frequently competing with Amulet on larger healthcare platforms.
• TPG Capital (Healthcare): TPG Capital operates the dedicated TPG Healthcare platform, a much larger PE competitor that invests across the same healthcare subsectors Amulet targets (life sciences outsourcing, providers, payor services).

Direct peers

• Linden Capital Partners: Linden Capital Partners is a healthcare-focused middle-market private equity firm that invests in healthcare services, life sciences, and medical products, with a comparable fund-size profile and similar provider/outpatient thesis to Amulet.
• Cressey & Company: Cressey & Company is a healthcare-exclusive middle-market PE firm focused on provider services and healthcare technology investments, making it a very close direct comparable to Amulet's investment thesis.
• JLL Partners: JLL Partners is a middle-market PE firm where Amulet's co-founders (Ramsey Frank and Jay Rose) previously worked together on healthcare investments, making it the historical stylistic and thematic predecessor of Amulet.
• Welsh, Carson, Anderson & Stowe: Welsh Carson is one of the longest-tenured healthcare-focused PE firms, investing across healthcare services, providers, and life sciences at scale comparable to Amulet but with a longer track record and larger funds.
• Audax Group: Audax Group is a middle-market PE firm known for its high-volume add-on acquisition model (40+ deals per platform), paralleling Amulet's 40 add-ons across 15 platforms and frequent co-investor status (e.g., Audax Private Debt financed minds + assembly).
• Avista Capital Partners: Avista Capital Partners is a middle-market healthcare-focused private equity firm investing across healthcare services, pharma services, and consumer health, with similar fund sizes and operational approach to Amulet.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/amulet-capital-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries16 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A10 records

Investments9 records

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

Frequently asked questions about Amulet Capital Partners