Linden Capital Partners

What Linden Capital Partners does

Linden Capital Partners is a Chicago-based private equity firm founded in 2002 that invests exclusively in the healthcare sector. The firm pursues leveraged buyouts and growth investments across healthcare services, life sciences, and medical technology, targeting companies that require capital for expansion, platform investments, or ownership transitions. Portfolio holdings span revenue cycle management (Aspirion), gastrointestinal therapeutics (Alcresta Therapeutics, including the RELiZORB enzyme device), medical device manufacturing (Avalign Technologies), hospice and palliative care (Agape Care Group), and life sciences commercialization (Klick Group, co-owned with GIC). The firm provides operational support, strategic board guidance, and add-on acquisition execution to its portfolio companies, drawing on sector-specialized expertise in FDA regulatory pathways, reimbursement, and healthcare compliance.

The firm's business model is based on private equity fund management: it raises capital from institutional limited partners, deploys that capital into healthcare platforms, and generates revenue through management fees (typically ~1.5-2% of committed capital) and carried interest on realized returns. In April 2025, Linden closed its fourth flagship buyout fund at $5.4 billion, and in May 2024 the firm received a passive minority investment from Blue Owl's GP Strategic Capital platform and Lunate Capital to support continued growth. With 101-250 employees and a leadership team led by Co-Founder, President and Managing Partner Anthony B. Davis alongside Managing Partner Brian Miller and additional principals, Linden is positioned as a mid-sized, sector-focused alternative asset manager rather than a generalist sponsor.

Name

Linden Capital Partners

Legal name

Linden Capital Partners

Website

https://www.linden.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

Linden Capital Partners is a Chicago-based, healthcare-focused private equity firm founded in 2002 that invests in healthcare services, life sciences, and medical technology companies through leveraged buyouts, generating returns via management fees and carried interest on its $5.4B Fund IV.

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)

akta.pro secondary industry

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

Keywords

• Healthcare private equity
• Healthcare buyout fund
• Healthcare investment management
• Middle-market healthcare investing
• Healthcare-focused PE firm

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Core offering

Linden Capital Partners is a Chicago-based private equity firm that invests exclusively in the healthcare industry. It raises dedicated healthcare buyout funds (most recently Linden Capital Partners IV at $5.4 billion) and deploys capital alongside operational and strategic support to healthcare services, products, and life sciences companies. Revenue is generated through management fees on committed fund capital and carried interest on investment realizations.

Differentiator

Problem solved

Functional benefit

Products and services

• Linden Capital Partners IV (Buyout Fund) A $5.4 billion private equity buyout fund investing exclusively in healthcare companies; limited partners commit capital that is invested across the fund's investment period.
• Healthcare Buyout Investment Program Control buyouts, growth capital, and structured equity investments in healthcare services, products, and life sciences companies, supported by operating partner resources and value creation capabilities.

Segments3 records

Ideal customer profiles2 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 and core.

• Regenity BiosciencesminorStrategic or Co-development Partner · 12 February 2026Cinven made a strategic investment in Regenity Biosciences with support from Linden Capital Partners, to fund growth and expand manufacturing footprint.
• Klick GroupcoreStrategic or Co-development Partner · 4 July 2025Linden Capital Partners and GIC invested in Klick Group, a life sciences commercialization company, replacing the previous partnership with GTCR. Klick Group plans to expand its services and continue its acquisition strategy.
• Agape Care GroupcoreStrategic or Co-development PartnerLinden Capital Partners acquired Agape Care Group as part of its hospice care platform, one of the key platform transactions driving hospice M&A activity in late 2025.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Welsh, Carson, Anderson & Stowe (WCAS): One of the most-established healthcare-focused PE firms in the US, with a long track record of healthcare services and provider investments. Most directly comparable to Linden in vertical focus, fund size tier, and operating model around healthcare buyouts.
• Avista Capital Partners: Healthcare-dedicated middle-market PE sponsor investing across pharma services, devices, and healthcare services. Comparable fund-size, sector focus, and platform-by-platform add-on strategy.
• New Mountain Capital: Large growth-oriented PE firm with a substantial healthcare services and life sciences franchise. Overlaps significantly with Linden's therapeutic platforms, RCM, and payer-provider services theses.
• GTCR: Chicago-based, healthcare-active middle-market PE firm with a Leaders Strategy approach and significant fund commitments. Direct competitor in horizontal healthcare deals and the prior owner of Klick Group before Linden/GIC acquired it.
• Cressey & Company: US healthcare-focused middle-market PE firm investing across services, technology-enabled services, and consumer health. Closely comparable vertical-specialist model with similar check sizes.
• Varsity Healthcare Partners: Boutique growth-equity and control investor exclusively focused on healthcare services and provider-centric businesses. Notably co-invested as a minority partner alongside Linden on the Aspirion acquisition, evidencing direct overlap and partnership history.

Broad incumbents

• TPG (Healthcare): Large alternative asset manager with a dedicated healthcare practice spanning buyouts, growth, and capital solutions. Operates broadly but competes with Linden in healthcare services and life sciences platforms at the upper end of the middle market.
• KKR Health Care Strategic Growth: Global alternative asset manager with a dedicated healthcare strategy investing across services, devices, and biotech. Larger and more diversified, but overlapping in target assets and operating playbook for healthcare buyouts.
• Bain Capital Private Equity (Healthcare): Large diversified PE manager with a strong healthcare services and life sciences franchise. Competes directly with Linden for platform deals in services, devices, and pharma services at similar fund-size tiers.
• Carlyle Group (Healthcare): Global alternative asset manager with a healthcare-focused team investing across services, pharma, and devices. Broader portfolio, but overlapping deal universe with Linden and similar competitive positioning in mid-to-large healthcare buyouts.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks4 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/linden-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors7 records

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

M&A27 records

Investments13 records

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

Frequently asked questions about Linden Capital Partners