Varsity Healthcare Partners

What Varsity Healthcare Partners does

Varsity Healthcare Partners (VHP) is a lower middle-market private equity firm founded in 2012/2013 by David Alpern and Kenton Rosenberry, headquartered in Los Angeles with a regional office in Stamford, Connecticut. The firm invests exclusively in the healthcare services sector, targeting multi-site provider platforms and businesses that provide outsourced services, technology, or tools to healthcare providers and payers. Equity investment sizes range from $30 million to $100 million, executed primarily as control investments or growth equity to buyout/recapitalization transactions that frequently include founder or physician rollover. VHP's stated strategy is a "buy and build" approach: the firm applies a tactical investment playbook that emphasizes early operational and managerial enhancement, followed by aggressive multi-dimensional growth through add-on acquisitions.

The firm is currently investing out of its $700 million fourth fund and manages a portfolio of 15+ active healthcare services platforms spanning orthopedics (Orthopedic Care Partners), emergency medicine (Emergency Care Partners), gastroenterology (Gastro Care Partners), anesthesia (Essential Anesthesia Management), dental (Peak Dental), revenue cycle management (Ventra Health, Aspirion), opioid use disorder treatment (Ideal Option), pharmaceutical commercial services (Beghou), aesthetics (United Aesthetics Alliance), veterinary care (VetEvolve), and clinical trial technology (Trialbee). VHP's revenue model follows standard private equity fund economics: management fees on committed and invested capital across multiple fund vintages, plus carried interest on realized returns. The firm employs roughly 40+ investment and operating professionals, supplemented by an Operating Partner bench with specialized healthcare operating, technology, data science, revenue cycle management, and CFO experience. Realized exits to date include Forefront Dermatology (2016), EyeCare Services Partners (2017), Probo Medical (2022), Angels of Care (2024), and Surgical Affiliates Management Group (2025). VHP distributes capital to portfolio companies through direct origination and conducts limited partner fundraising on a global basis; the firm established The VHP Foundation in 2024 for charitable giving in its operating communities.

Name

Varsity Healthcare Partners

Legal name

Varsity Management Company, LP

Website

https://varsityhealthcarepartners.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Varsity Healthcare Partners is a lower middle-market private equity firm founded in 2012/2013 that invests exclusively in healthcare services, deploying $30M-$100M equity per deal into multi-site provider platforms and healthcare outsourcing companies. The firm is currently investing out of its $700M fourth fund.

Ownership category

akta.pro rank

Product category

Healthcare Private Equity

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Healthcare & Life Sciences Growth Equity (FSANACAB)

Keywords

• Healthcare private equity
• Lower middle market investing
• Healthcare provider platforms
• Buy and build strategy
• Growth equity investments

Headquarters

HQ city

Los Angeles

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. Fund Management: VHP manages private equity funds and generates revenue through management fees (typically a percentage of committed capital under management) and carried interest (performance fees on investment returns). Currently investing out of its $700 million fourth fund.
2. Portfolio Company Value Creation: The firm creates value through operational enhancement and growth acceleration of portfolio companies, realizing returns through exits via strategic sales, IPOs, or other liquidity events.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Varsity Healthcare Partners is a private equity investment firm that invests in lower middle-market healthcare services companies, deploying equity investments of $30 million to $100 million per platform. The firm applies a differentiated partnership model and a 'buy and build' investment playbook focused on multi-site healthcare provider platforms and businesses providing outsourced services, technology, or tools to healthcare providers and payers. VHP is currently investing out of its $700 million fourth fund.

Product overview

Varsity Healthcare Partners is a lower middle-market healthcare private equity investment firm that operates as a fund manager rather than a product company. The firm is currently investing out of its $700 million fourth fund and builds value in healthcare services companies through its portfolio of platform investments. The firm does not offer a unified software product or platform architecture; instead, it provides investment capital, operational expertise, and strategic support to healthcare provider platforms including Orthopedic Care Partners, Emergency Care Partners, Ventra Health, Gastro Care Partners, Essential Anesthesia Management, Peak Dental, Aspirion, Beghou, United Aesthetics Alliance, VetEvolve, and Trialbee.

Differentiator

Problem solved

Functional benefit

Products and services

• Varsity Healthcare Partners Fund IV

Quantifiable outcome

• Multiple successful exits including EyeCare Services Partners (exited 2017), Forefront Dermatology (exited 2016), Probo Medical (exited 2022), Angels of Care (exited 2024), Surgical Affiliates Management Group (exited 2025)

Named customers12 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

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Avista Healthcare Partners: Healthcare-dedicated middle-market private equity firm that invests in healthcare services, pharma services, and consumer health platforms. Closest comparable to VHP given shared sector focus and middle-market check size.
• Linden Capital Partners: Healthcare-focused middle-market PE firm that invests in healthcare services and products businesses. Highly comparable to VHP in mandate, fund size, and provider-platform orientation.
• Ampersand Capital Partners: Healthcare-specialist middle-market PE firm focused on life sciences tools, pharma services, and healthcare services. Comparable to VHP via lower middle-market healthcare services focus and similar equity check sizing.
• Audax Group: Middle-market PE firm with deep healthcare services investing practice. Comparable to VHP given shared middle-market focus, buy-and-build playbook, and active healthcare provider platform investing.
• Excellere Partners: Healthcare and consumer-services-focused middle-market PE firm. Comparable to VHP in lower middle-market focus and provider/services platform consolidation strategy.
• Havencrest Capital Partners: Healthcare-focused lower middle-market PE firm investing in provider and services businesses. Direct comparable to VHP in deal size, healthcare-only mandate, and provider platform strategy.
• Nautic Partners: Middle-market PE firm with a meaningful healthcare services portfolio and direct transactional overlap with VHP (acquired Angels of Care from VHP in 2024). Comparable in healthcare services focus and middle-market check size.

Broad incumbents

• Welsh, Carson, Anderson & Stowe: Long-standing healthcare-focused PE firm with broader healthcare services and technology mandate. Comparable to VHP as a healthcare-specialist incumbent operating at larger fund sizes and broader sector exposure.
• New Mountain Capital: Large healthcare-services-active PE firm investing across provider, payer, and healthcare IT platforms. Overlaps with VHP in healthcare provider roll-ups and tech-enabled services themes.
• KKR Health Care Strategic Growth: Growth equity strategy of large global PE firm KKR focused on healthcare services and technology. Comparable to VHP in healthcare services investing and growth-stage orientation, though at materially larger scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/VarsityHP
• YouTubeyoutube.com/channel/varsityhealthcarepartners
• Facebookfacebook.com/varsityhealthcarepartners
• LinkedInlinkedin.com/company/varsity-healthcare-partners
• Instagraminstagram.com/varsityhealthcarepartners

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries13 records

Funding overview

Funding rounds5 records

Investors

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

M&A2 records

Investments7 records

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

Frequently asked questions about Varsity Healthcare Partners