Linden Capital Partners
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.
- Company typePrivate
- Founded2002
- HeadquartersChicago, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
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.
Linden Capital Partners firmographics
Firmographics- 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
Linden Capital Partners industry classification
Industry- 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
Where Linden Capital Partners is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Markets served
Linden Capital Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Linden Capital Partners product offering
Product offeringCore 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.
Companies that use Linden Capital Partners
Customer profileSegments3 records
Ideal customer profiles2 records
Linden Capital Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Linden Capital Partners partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor and core.
- Regenity BiosciencesminorCinven made a strategic investment in Regenity Biosciences with support from Linden Capital Partners, to fund growth and expand manufacturing footprint.
- Klick GroupcoreLinden 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 GroupcoreLinden 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
Linden Capital Partners competitors and assessment
Company assessmentDirect 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
Linden Capital Partners social profiles
Digital presenceLinden Capital Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Linden Capital Partners leadership team
Management profileNumber of profiles
Profiles4 records
Linden Capital Partners subsidiaries and ownership
Company hierarchySubsidiaries5 records
Linden Capital Partners funding detail
Funding detailFunding overview
Funding rounds2 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Linden Capital Partners M&A and investment
M&A and investmentM&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
What does Linden Capital Partners do?
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.
Is Linden Capital Partners a public or private company?
Linden Capital Partners is a private company. It is classified as management employee owned and is currently operating.
When was Linden Capital Partners founded?
Linden Capital Partners was founded in 2002. It employs 101 to 250 people.
Where is Linden Capital Partners based?
Linden Capital Partners is headquartered in Chicago, United States, in the North America region.
Who are Linden Capital Partners's main competitors?
Direct peers on record are Welsh, Carson, Anderson & Stowe (WCAS), Avista Capital Partners, New Mountain Capital, GTCR, Cressey & Company and Varsity Healthcare Partners. Broad incumbents are TPG (Healthcare), KKR Health Care Strategic Growth, Bain Capital Private Equity (Healthcare) and Carlyle Group (Healthcare).
Does Linden Capital Partners have an API?
No public API is recorded for Linden Capital Partners.
What industry is Linden Capital Partners in?
Linden Capital Partners's product category is Healthcare Private Equity. Its primary akta.pro industry code is FSANACAB, Healthcare & Life Sciences Growth Equity, with a secondary code of FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists). Its NAICS code is 523940 and its SIC code is 6282.