What Persistence Capital Partners does

Persistence Capital Partners is a Canadian private equity firm that invests exclusively in the Canadian healthcare sector. Founded in 2008 by Dr. Sheldon Elman and Stuart M. Elman, the firm is headquartered in Montreal (Westmount) with an additional office in Toronto and operates with a lean team of 8 investment professionals. Its investment thesis is narrowly focused on mid-market Canadian healthcare businesses, and over 17 years it has built a track record of 4 active portfolio companies alongside 17+ completed exits.

The firm's portfolio spans a diverse set of healthcare sub-sectors, including medical imaging, laboratory services, occupational health, diabetes care, fertility services, dental, pharmacy, veterinary, clinical research, and medical aesthetics. Active holdings include Anova, Neighbourly Pharmacy, LMC Healthcare (diabetes/endocrine), and MedSpa Partners; historically exited companies include Medisys (sold to TELUS Health, 2018), EnvironeX (sold to Eurofins, 2018), and Neighbourly Pharmacy itself, which was taken public on the Toronto Stock Exchange in 2021 raising approximately CAD 175 million. The most recent realization is the sale of MCA Dental Group to 123Dentist, announced in October 2025.

PCP earns revenue through traditional private equity economics: management fees (typically around 2% of committed capital) on its healthcare-focused funds, supplemented by carried interest on successful realizations. The firm has raised successive fund vintages — Fund I initiated in 2008, Fund II with a first close above CAD 90 million against a CAD 225 million target in 2013, and a third fund initiated around 2017 — providing a recurring, capital-light revenue base tied to long-duration limited-partner commitments.

Name

Persistence Capital Partners

Legal name

PCP GP Inc.

Website

https://persistencecapital.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Persistence Capital Partners is a Montreal-based Canadian private equity firm founded in 2008 that invests exclusively in mid-market Canadian healthcare companies, currently managing 4 active portfolio companies and 17+ historical exits across diverse sub-sectors.

Ownership category

akta.pro rank

Product category

Private Equity Healthcare

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Secondary Venture Funds (VC Secondaries) (FSANAAAK)

akta.pro secondary industries

GP-led Continuation Funds (Single-Asset & Multi-Asset) (FSANAFAB), Tail-End / Residual Portfolio Secondaries (FSANAFAK)

Keywords

• Private equity healthcare
• Healthcare investments
• Growth capital
• Management buyouts
• Healthcare consolidation

Headquarters

HQ city

Montréal

HQ country

Canada

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. Private equity fund management: PCP raises and manages private equity funds (Fund I initiated 2008, Fund II first closing raised $90M+ in 2013 with $225M target, Fund III active since 2019) investing exclusively in Canadian healthcare. Revenue is generated from management fees charged to limited partners, carried interest/performance fees on successful exits, and direct returns from equity investments in portfolio companies. Limited Partners include leading Canadian institutional investors, Canadian financial institutions, and high net worth individuals.
2. Strategic advisory and transaction support: PCP provides ongoing strategic direction, transaction support, board representation, and operational guidance to portfolio companies across mergers and acquisitions, recapitalizations, divestitures/carve-outs, distressed financing, and restructuring engagements.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Persistence Capital Partners is a Canadian private equity firm that raises and manages limited partnership funds (Fund I initiated 2008, Fund II first closed 2013, Fund III active since 2019) investing exclusively in Canadian healthcare businesses. PCP acquires private companies, supports management buy-outs, provides growth capital, and leads industry consolidations and roll-ups. The firm also provides ongoing strategic direction, board representation, and transaction support (M&A, recapitalizations, divestitures, distressed financing, and restructuring) to its portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Persistence Capital Partners Fund I (PPC I / Partenaires Persistance Capital S.E.C.) First PCP private equity fund, initiated in 2008 at the time of the firm's founding, providing capital for investments in Canadian healthcare businesses, growth equity, buy-outs, and industry consolidations. Limited partners include leading Canadian institutional investors, Canadian financial institutions, and high net worth individuals.
• Persistence Capital Partners Fund II (PPC II / Partenaires Persistance Capital II s.e.c.) Second PCP private equity fund with a first close of more than CAD 90 million completed in May 2013 and a target fund size of CAD 225 million. Invests in growth capital, management buy-outs, industry consolidation, recapitalizations, and refinancings of Canadian healthcare businesses with CAD 5-50 million in revenue. The vast majority of Fund I limited partners returned for Fund II.
• Persistence Capital Partners Fund III (PCP Fund III) Third PCP private equity fund, active since 2019, continuing PCP's healthcare-focused investment strategy in Canada. Limited partners include Canadian institutional investors and other limited partners; specific fund size not disclosed in the input.
• Strategic advisory and transaction support services Ongoing strategic direction, transaction support, board representation, and operational guidance provided to PCP portfolio companies across mergers and acquisitions, recapitalizations, divestitures/carve-outs, distressed financing, and restructuring engagements. Provided to portfolio companies alongside fund investment.

Quantifiable outcome

• 30+ years investing in, running, and growing healthcare businesses in Canada
• +6 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Partnerships

Seven partnerships are on record, tiered core.

• Steve OrgancoreStrategic or Co-development Partner · 14 April 2020Founder of Summit Veterinary Pharmacy (1998), Canada's largest veterinary compounding pharmacy. PCP's investment in April 2020 (4th investment in Fund III) supports Summit's growth as an Ontario-accredited pharmacy serving veterinarians across Canada.
• Dominic MazzonecoreStrategic or Co-development Partner · 5 December 2019Serial entrepreneur who co-founded MedSpa Partners Inc. (MSP) with PCP in December 2019. As CEO of MSP, Mazzone leads the acquisition platform consolidating Canada's premier medspas and cosmetic dermatology clinics, supported by PCP as principal investor.
• Dr. Mark LupincoreStrategic or Co-development Partner · 5 December 2019Dermatologist and Founding Partner of MedSpa Partners, joining from Cosmedica (Victoria, BC). Dr. Lupin helps shape the unique partnership model that attracts leading Canadian medical aesthetics practitioners to MSP's platform.
• Ken Craig and Dr. Mark McCullough (MCA Dental Group)coreStrategic or Co-development Partner · 4 September 2019Founders of Groupe Dentaire MCA (2017), a dental services organization partnering with Canadian dentists. PCP made its initial investment in early 2018 and a follow-on investment in September 2019 to accelerate MCA's growth. In 2025, 123Dentist (backed by Peloton Capital) announced the acquisition of MCA Dental Group.
• Dr. Marjorie DixoncoreStrategic or Co-development Partner · 27 June 2019Founder, Medical Director and CEO of Anova Fertility & Reproductive Health. PCP partnered with Dr. Dixon in June 2019 to provide growth capital for new clinic openings, technology investment, and physician recruitment. Anova operates Canada's first next-generation embryology laboratory.
• Marc HamiltoncoreStrategic or Co-development Partner · 1 January 2015Founder of EnvironeX (2005) and registered microbiologist with 20+ years of experience. PCP invested in EnvironeX in 2015 and supported its growth to 275+ employees and ~$30M CAD revenue before selling to Eurofins in October 2018.
• Dr. Ronnie AronsoncoreStrategic or Co-development Partner · 10 November 2014Founder of LMC Diabetes & Endocrinology (1997) and one of Canada's leading endocrinologists. PCP's first portfolio company investment in November 2014 supported LMC's national growth strategy. LMC has grown to 30+ endocrinologists across 9 clinics in Ontario, Alberta, and Quebec, and was consistently recognized among Canada's Best Workplaces.

Scale indicators9 records

Recent moves15 records

Expansion highlights4 records

Direct peers

• Novacap: Quebec-headquartered Canadian private equity firm with a dedicated healthcare vertical and mid-market focus. Highly comparable as a Montreal/Toronto-based competitor sourcing Canadian healthcare buyouts and growth capital deals in similar revenue ranges.
• Avista Capital Partners: US-based healthcare-dedicated private equity firm. Comparable as a healthcare-only PE specialist focused on mid-to-large healthcare services and pharma services businesses.
• Linden Capital Partners: US-based healthcare-exclusive private equity firm. Comparable as a healthcare-only mid-market PE specialist, though operating primarily in the US rather than Canada.
• TorQuest Partners: Toronto-based Canadian mid-market private equity firm with significant healthcare exposure. Most directly comparable as a Canadian-domiciled PE sponsor competing for similar mid-market healthcare transactions and management buyouts.
• Birch Hill Equity Partners: Canadian mid-market private equity firm investing across business services, consumer, and healthcare. Comparable as a Toronto-based sponsor competing for mid-market Canadian healthcare buyouts, growth capital, and management buyouts.
• Peloton Capital Management: Canadian mid-market private equity firm with active healthcare/dental vertical (notably the acquirer of PCP's MCA Dental Group). Comparable as a competing Canadian PE sponsor in healthcare services platforms and consolidations.

Broad incumbents

• Welsh, Carson, Anderson & Stowe: Large US private equity firm with a long-standing dedicated healthcare practice. Comparable as an established healthcare-focused investor, though substantially larger fund size and US-centric deployment.
• Wynnchurch Capital: Larger North American private equity firm operating across multiple sectors including healthcare. Comparable as a mid-market PE investor with operational value-creation focus, though broader sector mandate differs from PCP's healthcare-only thesis.
• Onex Partners: Large Canadian-headquartered private equity platform with healthcare investments. Comparable as a Canadian PE competitor for larger healthcare transactions, though broader mandate and significantly larger fund size differ from PCP's mid-market focus.

Regional players

• Imperial Capital Group: Canadian private equity investment firm with focus on mid-market healthcare and growth services. Comparable as a competing Canadian mid-market PE investor in similar healthcare verticals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries20 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments21 records

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

Frequently asked questions about Persistence Capital Partners