CareCapital

What CareCapital does

CareCapital Advisors Limited is a Hong Kong-headquartered private equity investment and operating group founded in 2015 that is exclusively dedicated to the global dental and oral care industry. It holds majority and minority stakes in 50+ businesses spanning the full dental value chain: upstream research, training, and education; mid-upstream technologies such as clear aligners, dental implants, bone regeneration biomaterials, restorative materials, intraoral scanners, and digital imaging; midstream practice management software and distribution (including the CC Dental, XinHuaGuang Dental, and CC Mall platforms plus a JD Health Smart Dental B2B partnership); and downstream dental hospitals and chain clinics. Portfolio operations reach across 15 countries and 4 continents (China, Korea, Singapore, Spain, France, Germany, Sweden, the UK, the US, Canada, and Jordan, among others), with combined portfolio-company annual revenue reported at approximately RMB 100 billion and CareCapital deploying roughly RMB 1 billion annually into the dental sector. The firm reports a multi-billion-dollar portfolio and has executed major liquidity events including the 2021 Hong Kong IPO of majority-owned Angelalign (6699.HK) and the 2023 sale of portfolio company AlliedStar to Straumann Group.

Name

CareCapital

Legal name

CareCapital Advisors Limited

Website

https://carecapitalpartners.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

CareCapital is a Hong Kong-based global private equity firm exclusively dedicated to the dental and oral care industry, holding majority and minority stakes in 50+ portfolio companies spanning the full dental value chain across 15 countries on four continents.

Ownership category

akta.pro rank

Product category

Healthcare Private Equity

NAICS

Offices of Dentists (62121)

SIC

Investment Advice (6282)

akta.pro primary industry

General Dentistry Group Practices (HLABAKAB)

Keywords

• Dental industry investing
• Healthcare private equity
• Oral care portfolio
• Dental technology investment
• Global dental value chain

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

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. Capital Gains and Portfolio Returns: As a private equity investor, CareCapital generates returns through capital gains on its equity investments in portfolio companies across the dental value chain. The firm holds both majority and minority stakes and provides venture capital, growth-stage financing, and buyout capital. Returns are realized through portfolio company exits, IPOs (e.g., Angelalign's 2021 Hong Kong listing), and strategic mergers and acquisitions.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

CareCapital is a global private equity and operating group dedicated to the dental and oral care industry, providing venture capital, growth-stage financing, and buyout capital (both minority and majority stakes) to dental businesses worldwide. The firm invests across the full dental value chain from research, training, and education upstream, through dental technologies (aligners, implants, biomaterials, imaging, intraoral scanners, software) in the midstream, to dental hospitals and chain clinics downstream, while actively supporting portfolio companies with operational expertise, talent, technology, distribution, and global network connections.

Product overview

CareCapital Group operates as an investment and operating platform with majority and minority stakes in 50+ dental businesses spanning the complete industry value chain. The portfolio includes dental technologies (Angel Aligner, uLab, Purgo Biologics, BEGO, Neoss, Carestream Dental, Freqty Technology, UPCERA), dental software (DeepCare AI, EasyDent, Denti AI), distribution platforms (CCDENTAL, XinHuaGuang Dental, CC Mall), consumer health products (Little Wanddy, HUGGAH, Evowera), and clinical services (dental hospitals including Hainan and Huizhou Stomatological Hospitals, and DSOs including Impress, Premier Orthodontic, ATOP Dental, More Dental, Hamony Long). The platform provides investment, operational support, and resource coordination across Asia, Europe, and Americas.

Differentiator

Problem solved

Functional benefit

Brands

• Angelalign: Global service provider of invisible orthodontic technology and solutions, majority-owned by CareCapital Group.
• Purgo Biologics
• Neoss
• Carestream Dental
• uLab Systems
• orthobrain
• CC Dental (松佰牙科)
• Freqty Technology
• DeepCare (羽医甘蓝)
• HUGGAH (呼嘎)
• Huizhou Stomatological Hospital
• Hainan Dental Hospital

Products and services

• CareCapital Dental Industry Investment Platform

Quantifiable outcome

• 50+ portfolio businesses with combined annual revenue of approximately RMB 100 billion
• +5 more outcomes

Named customers8 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature7 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Straumann GroupcoreStrategic or Co-development Partner · 25 September 2023AlliedStar, a CareCapital portfolio company, entered an agreement to be acquired by Straumann Group (September 2023). AlliedStar developed cutting-edge intraoral scanners for the mass market, and the acquisition follows the $2 billion sale of Medit and $600 million sale of Carestream Dental's intraoral scanning unit — all CareCapital portfolio companies. AlliedStar will continue serving existing channel partners while CareCapital's network continues to support AlliedStar scanners.
• Harvard School of Dental Medicine (HSDM)coreStrategic or Co-development Partner · 18 March 2022CareCapital partner Dai Feng was appointed to serve on the Harvard School of Dental Medicine's Board of Fellows (March 2022). The Board provides counsel to the Dean on strategic matters related to academic-private partnerships in global education, research, and clinical innovation. CareCapital leverages this relationship for talent development and clinical research collaboration.
• Forsyth Institute (ADA Forsyth Institute)coreStrategic or Co-development Partner · 8 November 2021The Forsyth Institute and ADA announced the formation of ADA Corporate Partners (November 2021), a collaboration of key dental industry leaders to promote research and innovation in oral health. CareCapital's Dai Feng has served on the Forsyth Institute's Board of Directors since 2018 and delivered the keynote at Forsyth Dentech 2021. CareCapital also supports the Forsyth Institute's annual Forsyth Dentech conference.
• Premier Orthodontics (齐美矫正)coreStrategic or Co-development Partner · 5 November 2021CareCapital and Premier Orthodontics (齐美矫正) signed a comprehensive strategic partnership agreement (November 2021), covering strategic investment, IT system upgrades, R&D of digital orthodontic solutions, and brand building. Premier Orthodontics operates 5 specialist orthodontic clinics in the Yangtze River Delta with nearly 100 orthodontic chairs and 70+ full-time orthodontists, serving 4,000+ new orthodontic cases annually.
• Jiangnan University / Wuxi Xidong Business DistrictcoreStrategic or Co-development Partner · 16 June 2021CareCapital signed agreements with Jiangnan University (a national top university) and Wuxi Xidong Business District (June 2021) to jointly promote the dental industry in Wuxi City. CareCapital will support Jiangnan University's dental medicine program development, expand dental medical services, and build a dental medical device industrial park, advancing dental education and industry development in the Wuxi region.
• A P A BindusarancoreOthers · 8 February 2021CareCapital appointed Mr. A P A Bindusaran as Executive Director and Head of DSO Clinical and Business Development (February 2021). Bindusaran previously held roles at BioMers (invented SimpliClear), Ormco (digital orthodontics), and Straumann (Global Head of Orthodontic Technology, ClearCorrect). He leads integration of diagnostic and treatment planning technology into dental service organizations across Asia, Europe, and the Americas.
• JD Health (京东健康)coreStrategic or Co-development Partner · 16 December 2020CareCapital and JD Health signed a comprehensive strategic partnership (December 2020) to jointly launch the Smart Dental Program. The partnership aims to build an online-offline B2B dental supply chain, support dental training and education, enhance patient access to quality dental care, and explore family oral health management models. JD Health's Yao Jing Cai platform integrates with CareCapital's nationwide dental distribution network.
• Dr. Robert GottlandercoreOthers · 1 December 2020CareCapital appointed Dr. Robert Gottlander, a renowned 40-year veteran of global dental implant technology, as Executive Director (December 2020). Dr. Gottlander previously worked with implant inventor Professor Branemark, led implant CADCAM development at Nobel Biocare, and served as Global Chief Marketing Officer at Henry Schein. He brings global clinical and education expertise to CareCapital's portfolio.
• SINOCERA / AiErChuang (爱尔创)coreStrategic or Co-development Partner · 18 June 2020CareCapital signed a strategic partnership with SINOCERA (国瓷材料) and Hillhouse Capital (高瓴资本) (June 2020) to work closely in dental restoration. CareCapital intends to invest at least RMB 200 million in AiErChuang (爱尔创), SINOCERA's dental subsidiary, and will leverage its global dental network to help AiErChuang develop into a comprehensive dental restoration platform.
• West China Dental (华西牙科)minorStrategic or Co-development Partner · 12 November 2019Huizhou Stomatological Hospital, a CareCapital portfolio company, partnered with West China Dental to establish Shantou Dental Hospital (November 2019), expanding into the Eastern Guangdong market. This partnership leverages West China Dental's 百年品牌 and medical expertise with Huizhou Stomatological Hospital's operational capabilities.
• Straumann China (士卓曼)coreStrategic or Co-development Partner · 12 October 2019Carestream Dental, a CareCapital portfolio company, reached a distribution agreement with Straumann China (October 2019) for the CS3600 intraoral scanner. The co-branded scanner integrates with Straumann's software ecosystem, enabling digital chairside workflows for Chinese dental clinicians. This partnership enables seamless oral data integration and comprehensive digital dental solutions.
• BEGO Implant SystemscoreStrategic or Co-development Partner · 2 September 2019BEGO Implant Systems, a German dental implant solutions provider, signed a strategic partnership agreement with CareCapital covering the China market (September 2019). CareCapital brings BEGO into its broad dental ecosystem of technology, distribution, and clinical assets to provide full-range services including technical support, distribution, technology integration, R&D, and training. CareCapital may consolidate BEGO's China business through a joint venture.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• KKR: One of the world's largest alternative asset managers with significant healthcare investing across Asia, Europe, and the Americas. Comparable in scale, geographic reach, and LP-style deployment, with growing dental/healthcare exposure.
• Carlyle Group: Global investment firm with a long-standing healthcare practice covering biopharma, medtech, and services. Comparable to CareCapital in global cross-border investing and operating support, though not dental-dedicated.
• CVC Capital Partners: Global private equity firm with deep European and Asian healthcare investments — CareCapital partner Jiang Fangming is a former CVC professional. Comparable in cross-border mid-to-large-cap healthcare buyouts, though broadly diversified.
• Permira: Global private equity firm with healthcare and consumer exposure, particularly in Europe. Comparable in long-dated, operationally-engaged investment style, though broadly diversified rather than dental-focused.
• EQT: Global private equity firm with strong healthcare and Asia presence (BPEA EQT). Comparable in scale, sector breadth, and cross-border capability, with growing healthcare services and digital health exposure.
• Bain Capital: Major global private equity firm with a substantial dedicated healthcare practice. Comparable to CareCapital in cross-border M&A capability and operating orientation, though broadly diversified across industries.
• Warburg Pincus: Global private equity firm with a deep healthcare practice and Asia presence — Dai Feng was a partner at Warburg Pincus before co-founding CareCapital. Highly comparable in size, sector breadth, and cross-border capability, though not vertically dedicated to dental.

Regional players

• Hillhouse Capital: Asia-focused investment management firm (with global reach via Hillhouse Healthcare) and a co-investor alongside CareCapital in SINOCERA's dental restoration subsidiary AiErChuang. Directly comparable in Asia healthcare/dental investing, with strong regional operating capability.

Direct peers

• Patient Square Capital: Healthcare-only private equity firm founded by former Apollo healthcare head Jim Momtazee. Similar dedicated-vertical thesis and operating partner model to CareCapital, with comparable mid-to-large-cap healthcare buyout focus.
• OrbiMed Advisors: The world's largest healthcare-dedicated investment firm, managing ~$17B across venture, growth, and buyout strategies. Closest analogue to CareCapital's dedicated-vertical model, with comparable global reach and operating orientation, though OrbiMed spans all of healthcare rather than dental alone.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/carecapitalgroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries19 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments7 records

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

Frequently asked questions about CareCapital