Martis Capital
Martis Capital is a healthcare-exclusive private equity firm founded in 2011 that invests in middle-market North American healthcare companies with $1-250M+ enterprise values, managing over $2.2 billion across multiple fund vintages.
- Company typePrivate
- Founded2011
- HeadquartersWashington, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Martis Capital does
Martis Capital is a Washington, DC-headquartered, healthcare-exclusive private equity firm founded in 2011 by Barry Uphoff. The firm invests in middle-market North American healthcare companies with enterprise values of $1-250M+ and equity needs of $25-100M+, targeting founder-led and management-led businesses across four sub-sectors: Healthcare Services & Outsourcing, Healthcare Information Technology, Consumer & Wellness, and Products & Diagnostics. Martis Capital is registered as Martis Capital Management, LLC in Delaware and currently operates from three offices (Washington DC, San Francisco, and Miami) with 11-50 employees.
The firm makes both buyout and growth equity investments, providing portfolio companies with operational support across team building, technology, finance, and M&A. Notable portfolio companies include Centria Healthcare, Altruista Health, Care Hospice, ShareMD, WellHaven PetHealth, Amivie, Archway Dental Partners, Primor Health, Lighthouse Lab Services, Alcanza Clinical Research, MedCap Health, and HHA eXchange. Martis emphasizes a "bespoke" rather than blueprint-driven approach, branding itself as transparent and founder-friendly — a positioning reinforced by five consecutive years on Inc.'s Founder-Friendly Investors list (2021-2025).
Martis Capital generates revenue through traditional private equity economics: recurring management fees on funds under management (currently above $2.2 billion of capital raised across multiple fund vintages since 2011) and carried interest on successful portfolio exits. The firm's fourth fund, Martis Partners IV, LP, closed oversubscribed at $779 million in June 2023, exceeding its $700 million target and marking the largest fund to date. Limited partner commitments come from a global base of institutional investors.
Martis Capital firmographics
Firmographics- Name
- Martis Capital
- Legal name
- Martis Capital Management, LLC
- Website
- https://martiscapital.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Martis Capital is a healthcare-exclusive private equity firm founded in 2011 that invests in middle-market North American healthcare companies with $1-250M+ enterprise values, managing over $2.2 billion across multiple fund vintages.
- Ownership category
- akta.pro rank
Martis Capital industry classification
Industry- Product category
- Healthcare Private Equity
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)
- akta.pro secondary industry
- Venture Capital Fund-of-Funds (FSANAGAC)
Keywords
Where Martis Capital is headquartered
LocationHeadquarters
- HQ city
- Washington
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Martis Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Fund Management Fees: Martis Capital generates revenue through management fees charged on funds under management, typical for private equity firms. The firm has raised over $2.2 billion across multiple funds since 2011.
- Carried Interest / Performance Fees: Private equity returns generated through carried interest from successful portfolio company exits and performance-driven returns on fund investments.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Martis Capital product offering
Product offeringCore offering
Martis Capital is a healthcare-exclusive private equity firm that raises and manages investment funds (most recently Martis Partners IV, LP at $779 million) and deploys buyout and growth equity capital into founder-led, middle-market North American healthcare companies with $1-250M+ enterprise values and $25-100M+ equity needs. In addition to capital, the firm provides hands-on value creation support including team building, operational improvements, technology enhancement, and M&A guidance to portfolio companies across four healthcare subsectors.
Product overview
Martis Capital is a healthcare-focused private equity firm offering investment fund management (Martis Partners IV, LP at $779M) and private equity investment services in middle-market North American healthcare. The firm operates across four healthcare subsectors: Services & Outsourcing, Information Technology, Consumer & Wellness, and Products & Diagnostics. Their portfolio includes diverse companies such as WellHaven PetHealth (veterinary services), Altruista Health (care management software), Alcanza Clinical Research (clinical trials), Amivie (home care), Archway Dental Partners (dental services), Primor Health (primary care), Hospice Care, Centria Healthcare, Care Hospice, MedCap Health (post-acute care), and others.
Differentiator
Problem solved
Functional benefit
Products and services
- Martis Partners IV, LP (Fund IV) Martis Capital's fourth private equity fund with $779 million in capital commitments, targeting middle-market healthcare companies in North America with $1-250M+ enterprise value and $25-100M+ equity needs. Limited-partnership investment vehicle open to institutional and individual investors.
- Healthcare Private Equity Investment Services Buyout and growth equity investment services paired with bespoke strategic, operational, technology, and M&A support for founder-led middle-market healthcare companies across four subsectors. Delivered through multiple fund vintages to founders and management teams seeking growth capital and operational partnership.
Quantifiable outcome
- Fund IV closed at $779 million, exceeding $700 million target
- +2 more outcomes
Companies that use Martis Capital
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles2 records
Martis Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Martis Capital partnerships and signals
Strategic signalScale indicators8 records
Recent moves7 records
Expansion highlights6 records
Martis Capital competitors and assessment
Company assessmentDirect peers
- Welsh, Carson, Anderson & Stowe: Welsh Carson is a long-tenured, healthcare-focused private equity firm investing across services, information technology, and growth equity, making it the closest pure-play healthcare PE peer to Martis Capital.
- Linden Capital Partners: Linden Capital is a healthcare-focused middle-market PE firm making buyout and growth investments across healthcare services and products, directly comparable in sector focus and deal size to Martis.
- Avista Capital Partners: Avista Capital is a healthcare-focused middle-market private equity firm investing in pharma services, medical products, and healthcare services, closely matching Martis's healthcare-only strategy.
- Ampersand Capital Partners: Ampersand Capital is a middle-market PE firm specializing in healthcare and life sciences, including pharma services, diagnostics, and healthcare IT, directly comparable to Martis's healthcare and healthcare-IT verticals.
Broad incumbents
- New Mountain Capital: New Mountain is a large-cap growth-oriented investment firm with a significant healthcare services and healthcare IT franchise, competing with Martis for larger founder-led healthcare assets.
- Bain Capital Private Equity: Bain Capital runs a global PE franchise with a dedicated healthcare vertical across services, life sciences, and technology, competing with Martis at the upper end of the middle market.
- TPG Capital: TPG operates a large global PE platform with dedicated healthcare buyout and growth strategies, serving as a broader incumbent competing for healthcare deals that exceed Martis's typical equity check size.
Emerging players
- Incline Equity Partners: Incline Equity is a middle-market PE firm with a value creation orientation, comparable in size and operating approach to Martis (and a recent employer of Martis principal Beth Dresdale).
- Audax Group: Audax is a middle-market PE firm executing buy-and-build strategies across healthcare and business services, comparable in fund size and middle-market focus to Martis.
- Quad-C Management: Quad-C is a middle-market PE firm with a healthcare services focus (a prior employer of Martis Partner Chris Beall), making it a directly comparable middle-market peer.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Martis Capital social profiles
Digital presenceMartis Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Martis Capital leadership team
Management profileNumber of profiles
Profiles19 records
Martis Capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Martis Capital M&A and investment
M&A and investmentM&A2 records
Investments22 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Martis Capital
What does Martis Capital do?
Martis Capital is a healthcare-exclusive private equity firm that raises and manages investment funds (most recently Martis Partners IV, LP at $779 million) and deploys buyout and growth equity capital into founder-led, middle-market North American healthcare companies with $1-250M+ enterprise values and $25-100M+ equity needs. In addition to capital, the firm provides hands-on value creation support including team building, operational improvements, technology enhancement, and M&A guidance to portfolio companies across four healthcare subsectors.
Is Martis Capital a public or private company?
Martis Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Martis Capital founded?
Martis Capital was founded in 2011. It employs 11 to 50 people.
Where is Martis Capital based?
Martis Capital is headquartered in Washington, United States, in the North America region.
How does Martis Capital make money?
Two revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest / Performance Fees.
Who are Martis Capital's main competitors?
Direct peers on record are Welsh, Carson, Anderson & Stowe, Linden Capital Partners, Avista Capital Partners and Ampersand Capital Partners. Broad incumbents are New Mountain Capital, Bain Capital Private Equity and TPG Capital. Emerging players are Incline Equity Partners, Audax Group and Quad-C Management.
Does Martis Capital have an API?
No public API is recorded for Martis Capital.
What industry is Martis Capital in?
Martis Capital's product category is Healthcare Private Equity. Its primary akta.pro industry code is FSAEAGAC, Capital Raising Advisory (Equity & Equity-Linked), with a secondary code of FSANAGAC, Venture Capital Fund-of-Funds. Its NAICS code is 525 and its SIC code is 6199.