What Windham Capital Partners does

Windham Capital Partners is a privately held, healthcare-focused venture capital firm headquartered at 500 Fifth Avenue in New York City. Founded in 2002 by Roger Fine (former corporate vice president and general counsel of Johnson & Johnson) and Joe Proto, and previously operating as Windham Venture Partners, the firm invests in and supports healthcare technology companies commercializing innovations across medical devices, diagnostics, digital health, and biopharmaceuticals. Its portfolio includes PainTEQ, Valera Health, Clever Care Health Plan, TailorMed, Neuspera Medical, ChromaCode, Alto Neuroscience, CVRx, and Upward Health, with realized exits to strategic acquirers including Hologic, Olympus, Stryker, and Conmed.

The firm does not develop proprietary technology products; instead, it delivers value through capital, board-level governance, and an extensive healthcare network spanning pharmaceutical, medical device, and digital health markets. Windham's team of approximately 15+ individuals includes Co-Founders and General Partners (Adam Fine as CEO, Roger Fine as Chairman, Joe Proto), a Managing Partner (David Kereiakes, joined 2023 from Providence Ventures), Operating Partners (Jason Helgerson, Alistair Erskine), and senior advisors drawn from UnitedHealth Group, MIT, Emory Healthcare, Mass General Brigham, and the Robert Wood Johnson Foundation.

Windham generates revenue through traditional venture capital economics — management fees (typically 1.5–2% of committed capital) and carried interest (20% of profits above the hurdle rate) — sourced from institutional limited partners including family offices and foundations. The firm raises successive funds from these LPs and deploys capital via direct equity investments into healthcare technology companies, typically structured as seed-to-growth equity rounds. Its go-to-market is relationship-driven, with deal flow sourced through proprietary networks anchored by Providence, the AO Foundation, and the Robert Wood Johnson Foundation rather than through external marketing channels.

Name

Windham Capital Partners

Legal name

Windham Capital Partners

Website

https://windhamcap.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1–10 employees

Short description

Windham Capital Partners is a New York-based, healthcare-focused venture capital firm that invests in and provides strategic support to medical device, diagnostics, digital health, and biopharmaceutical companies for institutional limited partners and healthcare entrepreneurs.

Ownership category

akta.pro rank

Product category

Healthcare Venture Capital

NAICS

All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

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

akta.pro secondary industry

Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Healthcare venture capital
• Healthtech investment
• Medical device investing
• Digital health venture
• Growth equity funding

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations

Revenue model

1. Fund Management: Generates revenue through traditional venture capital economics including management fees (typically 1.5-2% of committed capital) and carried interest (20% of profits above the hurdle rate) from successful portfolio company exits.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Windham Capital Partners is a healthcare-focused venture capital firm that invests in and supports HealthTech companies commercializing disruptive medical devices, diagnostics, digital health, and biopharmaceutical technologies. The firm raises capital from institutional limited partners and deploys it into portfolio companies, providing strategic guidance, board-level support, and access to extensive healthcare industry networks through the full investment lifecycle from due diligence to exit.

Product overview

Windham Capital Partners is a healthcare venture capital firm that invests in HealthTech companies. Rather than offering a traditional product or service, the firm provides investment capital, strategic partnerships, and operational support to portfolio companies developing medical devices, diagnostics, digital health, and biopharmaceutical technologies. The firm focuses on companies that are commercializing technologies to improve healthcare outcomes and lower costs, with a portfolio spanning areas including cancer diagnostics, mental health treatments, neuromodulation, surgical imaging, and healthcare delivery optimization.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• $1 billion+ in realized returns from healthcare investments

Named customers2 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

Four partnerships are on record, tiered core.

• AO Foundation Technology Transfer BoardcoreStrategic or Co-development Partner · 11 May 2026Windham's Managing Partner David Kereiakes joined the AO Foundation's Technology Transfer Board, which supports surgeon-led translation activities to bridge clinically validated medical innovations with broader patient access.
• ProvidencecoreStrategic or Co-development PartnerProvidence is an integrated delivery network with 52 hospitals and 1,085 clinics serving over 5 million unique patients. Sara Vaezy, Providence's EVP and Chief Strategy and Digital Officer, serves as an advisor to Windham. Providence has collaborated with Windham portfolio companies including Valera Health.
• AO FoundationcoreStrategic or Co-development PartnerDavid Kereiakes, Managing Partner of Windham Capital Partners, was appointed to the AO Foundation's Technology Transfer Board in 2026. The AO Foundation operates the world's largest trauma and orthopedic surgical network spanning over 160 countries, focused on translating surgical innovation into patient impact.
• Robert Wood Johnson FoundationcoreStrategic or Co-development PartnerRoger Fine serves as Chairman of the Board of Trustees of the Robert Wood Johnson Foundation, the 3rd largest foundation in the U.S. and the largest foundation in the world devoted to healthcare.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Versant Ventures: Healthcare-focused venture firm investing in biopharma, medtech, and digital health across stages. Comparable as a vertical specialist with similar deal types and exit pathways.
• OrbiMed: Healthcare-dedicated investment firm spanning venture through growth across biopharma, medtech, diagnostics, and digital health. Closest comparable to Windham in pure healthcare specialization and stage breadth.
• Venrock: Healthcare and technology venture capital firm with deep healthcare investing practice across medical devices, diagnostics, and digital health. Comparable as a multi-stage, healthcare-leaning specialist.
• 5AM Ventures: Early-stage life sciences venture firm focused on biotech, medtech, and research-platform companies. Comparable as a healthcare-only specialist with scientific founder relationships.
• ARCH Venture Partners: Sector-focused early-stage investor in science and medicine, including medical devices, diagnostics, and biotech. Comparable as a long-tenured healthcare specialist with similar deal sourcing from research institutions.
• New Leaf Venture Partners: Healthcare-focused venture and growth equity firm investing in biopharma, medical devices, and healthcare IT. Comparable as a healthcare-only, multi-stage investor.
• F-Prime Capital: Healthcare and technology venture firm (Fidelity-affiliated) investing across biotech, medtech, and health IT. Comparable as a sector-focused VC with similar portfolio breadth and stage range.
• Frazier Healthcare Partners: Dedicated healthcare investment firm providing venture and growth capital across biopharma, medtech, and healthcare services. Closely comparable business model and healthcare-only focus.

Broad incumbents

• General Catalyst: Large multi-stage VC with a dedicated Health Assurance thesis overlapping Windham's value-based care and digital health exposure. Comparable in healthcare deal types but materially larger and broader.
• Andreessen Horowitz (a16z Bio/Health): Large generalist VC with a dedicated bio/health fund investing across healthcare stages. Overlaps with Windham in healthcare investing but operates as part of a much broader portfolio across sectors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/windhamvp
• LinkedInlinkedin.com/company/windham-venture-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

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 Windham Capital Partners