Blue Moon Capital Partners

What Blue Moon Capital Partners does

Blue Moon Capital Partners is a Boston-based private equity firm founded in late 2014 that invests exclusively in the senior housing sector. The firm was co-founded by Kathryn Sweeney, who serves as Chief Investment Officer, and Susan Barlow, who serves as Chief Operating Officer; both bring senior housing investment experience dating back to 1997, giving the team more than four decades of combined sector tenure. The firm operates with approximately twelve professionals and manages two primary vehicles: Blue Moon Senior Housing Fund I (BMSH I), with $251.5 million in committed capital, and Blue Moon Senior Housing Fund II (BMSH II), its successor fund.

The firm's investment strategy centers on forming joint ventures with leading senior housing operators in the top fifty markets identified by NIC MAP, the sector's primary market-data service. Capital is deployed alongside operators such as Aegis Living, LCB Senior Living, and Aspenwood Senior Living. The firm generates revenue through three mechanisms: management fees on committed and invested capital, carried interest on fund performance, and separate account advisory mandates for institutional clients. The 2021 joint venture with Aegis Living, valued at over $350 million and covering ten West Coast communities, is the largest single transaction in the firm's history to date.

The firm was initially capitalized through a $175 million anchor commitment from Hawkeye Partners in late 2014, which seeded BMSH I. Subsequent activity includes geographic expansion into Texas through a 2023 partnership with Aspenwood Senior Living in Houston, the 2023 recapitalization of the Valley Farm community, and the 2024 sale of The Residence at Orchard Grove to Ventas as a realization event. The firm appointed Aimée Bearer as Chief Financial Officer in early 2023, completing the C-suite alongside the CIO and COO roles.

Name

Blue Moon Capital Partners

Legal name

Blue Moon Capital Partners, LP

Website

https://bluemooncp.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Blue Moon Capital Partners is a Boston-based private equity firm founded in 2014 that invests exclusively in senior housing, forming joint ventures with leading operators in NIC MAP top-50 US markets.

Ownership category

akta.pro rank

Product category

Senior Housing Private Equity

NAICS

Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239), Other Financial Vehicles (52599)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532), Investment Advice (6282)

akta.pro primary industry

Real Estate Funds — Core-Plus (FSANAEAG)

Keywords

• Senior housing investment
• Private equity real estate
• Institutional capital management
• Joint venture equity
• Real estate fund management

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Blue Moon generates management fees from managing Blue Moon Senior Housing I LP ($175M initial commitment, increased to $250M) and Blue Moon Senior Housing II funds, as well as institutional separate account mandates.
2. Carried Interest: Performance-based carried interest from fund investments as senior housing communities are developed, repositioned, or sold at appreciation.
3. Separate Account Advisory: Blue Moon manages separate accounts for institutional clients seeking stabilized, core senior living assets in proven markets, in addition to commingled fund vehicles.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Blue Moon Capital Partners is a private equity real estate investment firm that matches institutional capital with leading senior housing operating companies. The firm deploys capital through commingled fund vehicles (Blue Moon Senior Housing I LP and Blue Moon Senior Housing II) and separate accounts, investing in development, repositioning, and acquisition of senior housing communities (independent living, assisted living, and memory care) through joint venture structures with experienced operators in NIC MAP top 50 markets.

Product overview

Blue Moon Capital Partners is a senior housing private equity investment platform that matches institutional capital with leading senior housing operating companies. The firm operates through two main investment vehicles: Blue Moon Senior Housing I LP (BMSH I), a value-add fund with approximately $250 million in committed capital, and Blue Moon Senior Housing II (BMSH II), the firm's second value-add fund. BMSH I invests in the development, repositioning, and acquisition of senior housing properties including independent living, assisted living, and memory care communities, operating through joint ventures with experienced operators such as LCB Senior Living, Aegis Living, Ascent Living Communities, LCS, and Senior Lifestyles Corporation in NIC MAP top 50 markets.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• BMSH I has made 10+ senior housing community investments
• +2 more outcomes

Named customers6 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

Partnerships

Nine partnerships are on record, tiered minor and core.

• JLL Capital MarketsminorOthers · 15 December 2023JLL Capital Markets arranged the recapitalization of The Residence at Valley Farm, representing the seller Bridge Investment Group and procuring Blue Moon as buyer. JLL also brokered the sale of The Residence at Orchard Grove.
• Aspenwood Senior Living / Bridgewood Property CompanycoreStrategic or Co-development Partner · 23 January 2023Joint venture between Blue Moon and Bridgewood Property Company purchased The Village at River Oaks in Houston's River Oaks District. Operated by Aspenwood Company which has operated senior housing since 1996 with 75+ years of executive team experience.
• Aegis LivingcoreStrategic or Co-development Partner · 14 December 2018Blue Moon and Aegis Living formed a joint venture acquiring three Class A properties in Bellevue, Kirkland WA and Aptos CA (253 units). This was Aegis Living's first institutional investor relationship. A second JV in January 2021 acquired 10 communities for $350M+. Third JV acquired Aegis Living Corte Madera in August 2021.
• Senior Lifestyle CorporationcoreStrategic or Co-development Partner · 1 September 2017Acquired North Shore Place in Northbrook, IL ($109.5M) with Senior Lifestyle retained as manager. Senior Lifestyle is the largest privately held operator of senior housing assets in the US with 174+ communities in 27 states. Also JV for The Sheridan at Oak Brook development.
• MGL Partners / Leisure CarecoreStrategic or Co-development Partner · 24 August 2016$169-unit development in Denver Tech Center with MGL Partners (developer) and Leisure Care (operator). Leisure Care is one of the most established senior housing companies in the nation with 39 communities and 2,500 employees. Also involved in The Carillon at Boulder Creek acquisition.
• LCB Senior LivingcoreStrategic or Co-development Partner · 14 March 2016Blue Moon and LCB formed multiple joint ventures including The Residence at Orchard Grove in Shrewsbury, MA (80 units), Traditions of Dedham acquisition, Paine Estate acquisition, and Valley Farm recapitalization. LCB operates 35+ communities throughout New England and Mid-Atlantic.
• LCScoreStrategic or Co-development Partner · 22 January 2016Joint venture for development of The Delaney at Parkway Lakes in Katy, TX (207 units). LCS is the largest privately held senior living operator in the country with roots dating back to 1971. This established a relationship for further growth together.
• Ascent Living Communities / Gerald H. PhippscoreStrategic or Co-development Partner · 21 September 2015$55.9 million development joint venture for The Village at Belmar in Lakewood, CO (156 units). Ascent is a Denver-based senior living developer and operator. The partnership developed Hilltop Reserve in Denver (205 units) which achieved LEED Gold Certification.
• The Damone Group / Cedarbrook Senior LivingcoreStrategic or Co-development Partner · 14 September 2015$52.5 million development joint venture for 180-unit community in Northville, MI. Cedarbrook of Bloomfield Hills acquisition (142 units) in Bloomfield Hills, MI. Michael Damone has been a prolific builder and investor in senior housing for 20+ years.

Scale indicators6 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Formation Capital: One of the original senior housing-focused private equity firms, now part of Greystone. Closest historical comparable as a sponsor dedicated to senior housing acquisitions, development, and operator partnerships.
• AEW Capital Management: Institutional real estate investment manager with a long-running senior housing portfolio (Kathryn Sweeney was previously senior housing portfolio manager at AEW). Directly comparable on asset class, separate-account mandate structure, and senior housing focus.
• Harrison Street Real Estate: Alternative real estate investment manager with significant senior housing and healthcare allocations. Competes for institutional capital seeking senior housing exposure via closed-end funds and SMAs.
• Kayne Anderson Real Estate: Real estate PE firm with a dedicated seniors housing strategy; Blue Moon's Taylor Rjos previously led seniors housing at Kayne Anderson. Competes for similar operator-led Class A senior housing investments.
• Artemis Real Estate Partners: Healthcare and senior housing-focused real estate private equity sponsor that invests alongside operators in development and value-add senior living. Comparable fund size, structure, and operator-JV model.

Broad incumbents

• Ventas: Major senior housing and healthcare REIT that acquired The Residence at Orchard Grove from Blue Moon in 2024. Acts as a likely exit buyer and competing acquirer of senior housing product.
• Welltower: Largest U.S. healthcare/senior housing REIT. Operates at much greater scale and competes both for acquisitions (including Blue Moon's JV partner communities) and for institutional capital targeting senior housing.
• Healthpeak Properties: Diversified healthcare REIT with senior housing exposure (formerly Physicians Realty). Competes for capital and product in senior housing segment.
• Bain Capital Real Estate: Large multi-strategy real estate platform that includes senior housing within broader healthcare/living investments. Larger scale and broader mandate than Blue Moon, but directly competes for senior housing product.

Others

• JLL Capital Markets: Real estate investment bank that arranged the recapitalization of The Residence at Valley Farm and the sale of Orchard Grove for Blue Moon. Serves as capital markets advisor to the senior housing sector.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/blue-moon-capital-partners-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Blue Moon Capital Partners