HAVENCREST

What HAVENCREST does

Havencrest Capital Management is a Dallas-based, lower middle-market private equity firm founded in 2017-2018 by Christopher W. Kersey, M.D., M.B.A., that invests exclusively in U.S. healthcare companies. The firm targets founder-owned businesses with $3M-$15M of EBITDA and $25M-$250M of enterprise value, executing control buyouts, recapitalizations, and growth equity investments. Capital is deployed primarily through Havencrest Healthcare Partners II, L.P., a $356M fund that closed at its hard cap in April 2022, bringing assets under management to over $600 million.

The firm builds concentrated healthcare platforms via add-on M&A. Active platforms and investments include Deep Eddy Psychotherapy (outpatient behavioral health, 13 Texas locations serving 6,000+ patients), Avid Health at Home (non-medical home care, multi-state), Focus Staff Services (healthcare staffing across all 50 states), Tekton Research (clinical trial site network), Paradigm Health (hospice and palliative care), ThermoTek (medical device temperature management), Apara Autism Centers (ABA therapy), Effective School Solutions (K-12 school mental health), and OFFOR Health (pediatric dental anesthesia, majority recapitalized April 2026). The Oncology Institute was exited. The team includes 10 investment professionals, 31 operating partners, and senior advisors such as former HHS Secretary Tommy G. Thompson.

Havencrest's business model is fund-based: it earns management fees on committed AUM (typically 1.5-2.0% annually) and carried interest on realized returns. Limited partners comprise pension funds, university endowments, fund-of-funds, insurance companies, foundations, and international investors from Europe and Latin America. Fund I delivered a 65% net IRR and 3.2x net MOIC as of December 2021, with over 1.4x net DPI, supporting a 110% LP re-up rate into Fund II. GTM is direct and relationship-driven, relying on investment banking referrals, industry conferences, and proprietary sourcing from the firm's healthcare operator network.

Name

HAVENCREST

Legal name

Havencrest Capital Management, LLC

Website

https://havencrest.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Havencrest Capital Management is a Dallas-based, lower middle-market private equity firm that invests exclusively in U.S. founder-owned healthcare companies with $3M-$15M EBITDA, building concentrated healthcare platforms via add-on M&A and earning returns through management fees and carried interest across its LP base.

Ownership category

akta.pro rank

Product category

Healthcare Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Buy-Side M&A Advisory (FSAEAGAB)

Keywords

• Private equity investments
• Healthcare buyouts
• Lower middle-market
• Fund management
• Healthcare services

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management: Managing private equity funds (Havencrest Healthcare Partners II, LP) with $356M raised in 2022. Generates returns through portfolio company value creation and exits.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Havencrest Capital Management is a Dallas-based, lower middle-market private equity firm that invests exclusively in U.S. healthcare companies through control buyouts, recapitalizations, and growth equity transactions. It deploys committed capital from its $356M second fund (Havencrest Healthcare Partners II, LP) into founder-owned healthcare businesses with $3M–$15M EBITDA and $25M–$250M enterprise value, partnering with management teams to drive enterprise value through operating improvements, organic growth, and strategic M&A. The firm maintains a Portfolio Resource Group of 31 Operating Partners who provide operational support to portfolio companies across behavioral health, home care, hospice, staffing, clinical research, and medical devices.

Product overview

HAVENCREST Capital Management is a lower middle-market private equity firm focused exclusively on healthcare investments. The firm manages Havencrest Healthcare Partners II, LP ($356M fund) and deploys capital through control/non-control buyouts, recapitalizations, and growth equity investments targeting founder-owned companies with $3M-$15M EBITDA and $25M-$250M enterprise value. The portfolio consists of healthcare services companies including behavioral health platforms (Deep Eddy Psychotherapy, Effective School Solutions), home care services (Avid Health at Home), medical staffing (Focus Staff), clinical research (Tekton Research), medical devices (ThermoTek), hospice care (Paradigm Health), and autism therapy (Apara Autism Centers).

Differentiator

Problem solved

Functional benefit

Products and services

• Havencrest Healthcare Partners II, LP A $356 million healthcare-focused private equity fund that invests in founder-owned, lower middle-market U.S. healthcare companies with $3M–$15M EBITDA and $25M–$250M enterprise value, targeting control buyouts, recapitalizations, and growth equity investments. The fund is the firm's primary capital deployment vehicle for healthcare investing.

Quantifiable outcome

• 65% net IRR, 3.2x net MOIC, over 1.4x net DPI from first fund as of December 31, 2021
• +1 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor.

• Steven FrancisminorOthers · 1 November 2023Founder, Former CEO and Chairman of AMN Healthcare Services (NYSE: AMN) added to Focus Staff advisory board.
• Kay CowlingminorOthers · 1 November 2023Former CEO of Fastaff, the 7th largest healthcare staffing company in the United States, added to Focus Staff advisory board.
• Proskauer Rose LLPminorOthers · 7 April 2022Served as legal counsel for Fund II closing.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Latticework Capital Management: Dallas-based lower middle-market private equity firm exclusively focused on healthcare services and consumer health; directly comparable to Havencrest by sector focus, fund size band, and target company profile. Notably, a Havencrest principal joined from Latticework, indicating direct talent overlap.
• Varsity Healthcare Partners: Lower middle-market healthcare services PE firm targeting founder-owned companies in the $25M–$250M enterprise value range; virtually identical investment strategy and deal-size band as Havencrest.
• Linden Capital Partners: Healthcare-focused middle-market PE firm investing across services, products, and distribution; comparable healthcare-specialist mandate at a similar lower middle-market scale.
• Frazier Healthcare Partners: Healthcare-dedicated PE firm with both growth and buyout strategies covering services, pharma, and medical products; comparable sector specialization with a longer track record and similar lower middle-market deal band.
• Trive Capital: Dallas-based lower middle-market PE firm with healthcare services as a core vertical; comparable fund size, geography, and sub-sector focus. Havencrest's CFO previously served as Controller at Trive, indicating direct talent and strategy overlap.
• Gauge Capital: Lower middle-market PE firm with strong healthcare services exposure and Dallas/Texas roots; comparable fund size and lower middle-market deal band. A Havencrest principal previously worked at Gauge Capital.
• Peak Rock Capital: Lower middle-market PE firm with healthcare services as a key vertical; comparable fund size, deal-size band, and operating value-creation approach. A Havencrest principal previously worked at Peak Rock.

Broad incumbents

• Welsh, Carson, Anderson & Stowe: Established healthcare-focused PE firm with a long track record across services and technology-enabled care; significantly larger AUM but the closest broad-incumbent comparator for healthcare-specialist PE strategy.
• New Mountain Capital: Large healthcare-dedicated PE platform investing in services, information, and growth-stage healthcare businesses; broader incumbent with comparable healthcare specialization at materially larger scale.
• KKR Health Care Strategic Growth: KKR's healthcare-focused growth equity platform; a broader incumbent with overlapping interest in healthcare services and technology-enabled care, operating at much larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/havencrest

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

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

M&A5 records

Investments3 records

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

Frequently asked questions about HAVENCREST