WindRose Health Investors

What WindRose Health Investors does

WindRose Health Investors is a New York-based private equity firm founded in 2003 that invests exclusively in technology-enabled healthcare services companies in the United States. With approximately $7 billion of assets under management across seven fund vintages — most recently WindRose Health Investors VII at $2.6 billion in December 2025 — the firm pursues control and majority equity investments in profitable, growth-stage healthcare services businesses spanning clinical research (Veristat, Verified Clinical Trials, Clariness/SubjectWell), specialty pharmacy (Stellus Rx, Soleo Health), diagnostic benefit management (Avalon Healthcare Solutions), physician enablement (CardioOne, Bluestone), AI-driven care orchestration (Arbiter, CIVIE), behavioral health, IDD, and post-acute services. The firm is staffed by 19+ investment professionals, an operations and investor relations team, and 12 operating partners drawn from senior healthcare executive ranks (UnitedHealth Group, Florida Blue, Amazon Care, UPMC, CIBC World Markets).

The firm generates revenue through conventional private equity economics — recurring management fees on committed capital (typically 1-2% of AUM) and carried interest on fund returns above a hurdle — rather than product pricing. Its go-to-market is enterprise in nature: it sources deals through a proprietary network of major U.S. payors and providers, evaluates opportunities through direct outreach, intermediaries, and management referrals, and provides post-investment operating support including access to its in-house WindRose GradientAI technology and AI services team launched in April 2026.

WindRose's portfolio companies collectively employ more than 10,000 people and serve end customers including health plans, hospitals and health systems, life sciences sponsors, CROs, employers, and government programs. The firm's institutional investors are pensions, insurance companies, foundations, and family offices globally. Strategic activity in 2024-2026 has been notable, including the CardioOne acquisition (up to $100M, March 2024), the SubjectWell/Clariness combination (January 2026), the Avalon majority investment with Francisco Partners (January 2026), the Altruix sale to Frazier Healthcare Partners at an 18x EBITDA valuation (May 2026), and the Verified Clinical Trials recapitalization (August 2026).

Name

WindRose Health Investors

Legal name

WindRose Health Investors LLC

Website

http://www.windrose.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

WindRose Health Investors is a New York-based healthcare-focused private equity firm with approximately $7 billion under management that invests in technology-enabled U.S. healthcare services companies through control and majority equity stakes, generating revenue from management fees and carried interest across seven fund vintages.

Ownership category

akta.pro rank

Product category

Healthcare Private Equity

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Healthcare private equity
• Healthcare services investing
• Medical buyout investments
• Healthcare growth capital
• Value-based care investing

Headquarters

HQ city

New York

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, Infrastructure

Revenue model

1. Management Fees: Private equity firms typically charge management fees on committed capital under management, typically 1-2% annually, to cover operational costs and fund management.
2. Carried Interest: Performance-based carried interest typically 20% of profits above a hurdle rate, aligning fund manager and investor interests in successful portfolio company exits.

Go-to-market motion3 records

Distribution channels1 record

Marketing channels4 records

Core offering

WindRose Health Investors makes private equity investments in businesses that operate within the services sectors of healthcare, typically acquiring majority or significant minority stakes in established, profitable healthcare services companies. The firm raises capital from institutional investors (pensions, insurance companies, foundations, family offices) and invests through control buyouts, growth capital, and platform investments. Beyond capital, WindRose provides portfolio companies with operating partner expertise, strategic guidance, healthcare industry network access, and an in-house AI/technology services team called WindRose Gradient.

Product overview

WindRose Health Investors operates as a healthcare private equity firm with approximately $7 billion under management, investing in technology-enabled healthcare services companies. Rather than a single unified product, the firm manages a diverse portfolio of 20+ portfolio companies across healthcare sectors including clinical research, specialty pharmacy, diagnostics, patient engagement, and care delivery. The portfolio includes platforms such as Avalon Healthcare Solutions (diagnostic benefit management), CIVIE (AI-powered radiology), Clariness (patient recruitment), Stellus Rx (pharmacy care management), Verified Clinical Trials (clinical trial registries), and Veristat (CRO services). The firm also launched WindRose Gradient, an in-house AI and technology services team to support portfolio companies with AI implementation. Key portfolio companies like Arbiter offer AI-powered care orchestration, while CIVIE provides AI-powered radiology solutions with speech-to-text and imaging capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• WindRose Gradient: An in-house technology services team dedicated to helping portfolio companies identify, prioritize and implement actionable technology and AI projects.
• GradientAI

Products and services

• Avalon Healthcare Solutions A clinically-driven diagnostic benefit management platform that develops and deploys evidence-based policies and protocols for health plans to reduce avoidable costs and improve clinical outcomes, processing over 18 million claims monthly. Targeted at health plans and laboratory services providers.
• CardioOne A physician enablement company providing independent cardiologists with an integrated technology platform, practice optimization, workforce solutions, and growth capabilities for value-based care. Targeted at independent cardiology practices.
• CIVIE An AI-powered ecosystem of radiology solutions encompassing the entire patient and clinical journey from exam ordering to image viewing, reporting, and payment. Includes cloud-based RIS, PACS, automated speech-to-text, revenue cycle management, and vendor neutral archive. Targeted at radiology practices and hospitals.
• Clariness (formerly SubjectWell) A global patient recruitment and retention company supporting clinical trials from feasibility through randomization, with digital reach, patient engagement expertise, scientific rigor, and technology-enabled delivery for sponsors, CROs, and sites.
• Stellus Rx A technology-enabled, value-based pharmacy care management platform focused on improving quality and reducing total cost of care through clinical pharmacist-led medication adherence and intervention solutions for polychronic patients.
• Arbiter An AI-powered care orchestration platform that forms a longitudinal view of the patient and connects payers, providers, and patients to drive next best actions through clinical, financial, and contractual data integration.
• WindRose Gradient (GradientAI) In-house technology services team dedicated to helping portfolio companies identify, prioritize, and implement AI and technology projects. Consists of subject-matter experts in AI, operations research, data science, cloud computing, information security, data engineering, and technical program management. Targeted at WindRose portfolio companies.

Quantifiable outcome

• Ranked #18 in 2025 HEC-DowJones Upper MidMarket Buyout Performance Ranking Report among top 20 firms globally based on aggregate performance of all buyout funds raised between 2012-2021
• +1 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature1 record

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Linden Capital Partners: Healthcare-only middle-market PE firm investing in healthcare services, pharma services, and medical products. Pure-play healthcare focus and similar fund size position it as a direct competitor for the same deal universe.
• Welsh, Carson, Anderson & Stowe: One of the longest-tenured healthcare-focused PE firms in the US with comparable AUM scale, investing across healthcare services and healthcare technology. Multiple WindRose partners (CJ Burnes, C. Bren Hall) joined directly from Welsh Carson, making it the closest strategic and cultural peer.
• New Mountain Capital: Mid-market PE firm with a deep healthcare services franchise spanning payers, providers, and healthcare technology. Similar AUM scale and sector focus make New Mountain a directly comparable competitor for healthcare services deals.
• Chicago Pacific Founders: Healthcare-exclusive PE firm focused on tech-enabled healthcare services, value-based care, and AI-driven platforms. Closely aligned investment thesis with WindRose, especially around care orchestration and value-based care enablement.
• Avista Capital Partners: Healthcare-focused middle-market PE firm investing in healthcare services, pharma services, and medical technology. Comparable fund size and dedicated healthcare strategy make Avista a direct competitive peer.
• Court Square Capital Partners: Middle-market PE firm with healthcare services exposure that co-invested with WindRose in Soleo Health in 2025. Similar fund size and partial healthcare focus make it a peer in both deal sourcing and co-investment dynamics.

Broad incumbents

• TPG Capital: Large alternative asset manager with a dedicated TPG Healthcare practice investing across services, life sciences, and medtech. Much larger AUM and broader mandate, but competes for the same large healthcare services deals.
• KKR: Global PE firm with a dedicated healthcare strategic growth team investing across services, life sciences, and digital health. Mega-fund scale allows participation in larger platforms than WindRose can lead independently.
• Bain Capital: Large global PE firm with a longstanding healthcare vertical investing across services, life sciences, and healthcare technology. Bain Capital Healthcare competes for similar large healthcare services transactions at the upper end of the market.

Emerging players

• Francisco Partners: Technology-focused PE firm that co-invested with WindRose in Avalon Healthcare Solutions in January 2026. While primarily a technology investor, Francisco's healthcare technology deals overlap with WindRose's tech-enabled healthcare services thesis.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/mtspartners
• LinkedInlinkedin.com/company/windrose-health-investors

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

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

M&A13 records

Investments38 records

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

Frequently asked questions about WindRose Health Investors