Top Healthcare Private Equity Firms by Fund Size

The largest healthcare private equity firms by flagship fund size are Linden Capital Partners, with a $5.4bn sixth fund closed in April 2025, followed by Patient Square Capital at $3.9bn and ARCHIMED at €3.5bn. Below them sits a deep middle market of specialists running $0.8bn to $2.6bn funds.

Fund size tells you the cheque each firm writes, the companies it can buy and how many deal teams it needs. Use it to target recruiting, pick an investor for your business or benchmark a manager.

This ranking covers ten healthcare-dedicated firms, a comparison table, a profile of each and a guide to using the list.

How the healthcare private equity firms are ranked

Each firm is ranked by the size of its most recent closed flagship healthcare fund at final close, as of November 2026. A flagship fund is the firm’s main commingled buyout or growth buyout series.

The list includes only firms that invest exclusively in healthcare. Generalists such as KKR, Blackstone and TPG run large healthcare teams from multi-sector funds, so their fund sizes do not compare like with like.

Fund sizes are equity commitments from limited partners (LPs, the pension funds, endowments and other investors that commit capital). Some totals also include the general partner (GP) commitment, which is the manager’s own money, or a co-investment side vehicle. Where a total includes either, the profile says so. Euro funds are ranked on the dollar figure each firm gave at close.

Which healthcare private equity firms are the largest?

The table lists each firm’s latest flagship fund, its size and the date of the final close.

The same approach appears in our rankings of the top software private equity firms and the leading consumer private equity firms, so you can compare sector specialists across the market.

Large healthcare buyout specialists

These three firms run healthcare flagship funds of $3.5bn or more. They can write equity cheques for large take-privates and multi-country platforms.

1. Linden Capital Partners

Linden Capital Partners is a Chicago-based firm founded in 2004 that invests only in healthcare. Linden says it is the largest dedicated healthcare private equity firm.

Linden Capital Partners VI closed in April 2025 with $5.2bn of LP commitments plus a $200m GP commitment. That beat its $4.5bn target and its initial $5.0bn hard cap (the maximum size a manager agrees to raise).

Linden targets middle-market healthcare companies across services, products and distribution. The firm reports more than 45 healthcare companies invested and over $13.0bn in regulatory assets under management.

2. Patient Square Capital

Patient Square Capital is a Menlo Park, California firm founded in 2020 that describes itself as a dedicated health care investment firm with $19bn of assets under management.

Its inaugural fund, Patient Square Equity Partners, closed in February 2023 with about $3.9bn of total capital commitments against a $3bn target. Endpoints News reported in August 2025 that a second fund had raised at least $3.1bn at an interim close.

The firm invests across therapeutics, commercial-stage pharmaceuticals, medical devices, diagnostics and life science tools, providers and technology-enabled services. In February 2026, Patient Square agreed to buy Paradigm, a specialty care management company, from OMERS Private Equity.

3. ARCHIMED

ARCHIMED is a healthcare-only investor with offices in Europe, North America and Asia.

MED Platform II closed in June 2023 at its €3.5bn hard cap, about $3.75bn, against an initial €2bn target. The total includes a co-investment side vehicle, with the main fund at €3bn. Even on the main fund alone, it still ranks third.

The fund takes majority stakes in mid-cap European and North American companies in biopharma products, consumer health, healthcare IT, diagnostics, life science tools, medtech and pharma services. ARCHIMED also runs a smaller-company series, and MED IV closed at its €1.5bn hard cap in September 2026.

Upper middle-market healthcare specialists

These firms manage flagship funds of $2bn to $3bn. They typically buy mid-market platforms and grow them through add-on acquisitions.

4. GHO Capital

GHO Capital is a London-based healthcare specialist. Fund IV closed in October 2025 with over €2.5bn, about $2.9bn, of capital to invest, taking assets under management to about €9bn.

GHO says this makes it the largest healthcare specialist private equity firm headquartered in Europe. It invests in biopharma, medtech, advisory and data, life science tools and diagnostics, and health tech. Its 2025 platform investments included Avid Bioservices, Scientist.com and FotoFinder Systems.

5. WindRose Health Investors

WindRose Health Investors is a New York healthcare private equity firm. Fund VII closed at its $2.6bn hard cap in December 2025, a figure that includes LP and GP commitments.

Fund VII reached its hard cap in six months, nearly double its $1.4bn predecessor, Alternatives Watch reported, and plans 11 to 13 investments.

6. Frazier Healthcare Partners

Frazier Healthcare Partners is a Seattle-based firm founded in 1991. Frazier Healthcare Growth Buyout Fund XI closed in November 2024 with $2.3bn of LP commitments, reaching its hard cap in six months.

The fund buys controlling stakes in middle-market healthcare companies in the US, Canada and Europe. Its portfolio includes AirLife, CSafe, CPS Solutions and Vatica Health. Frazier Life Sciences is a separate, unaffiliated firm.

Middle-market healthcare private equity firms

These firms run flagship funds under $2bn. They are often the most active buyers of founder-owned healthcare services and products businesses.

7. Water Street Healthcare Partners

Water Street Healthcare Partners is a Chicago firm focused exclusively on healthcare. Water Street Healthcare Partners VI held a first and final close at its $1.9bn hard cap in May 2026.

The firm invests in three sectors: medical products and diagnostics, pharmaceutical and life sciences, and healthcare services. It lists 48 portfolio companies.

8. Webster Equity Partners

Webster Equity Partners is based in Waltham, Massachusetts. Webster Equity Partners VI raised about $1.8bn of total commitments across the main fund and a Luxembourg parallel vehicle in 2026, its largest fund to date, Campbell Lutyens reported.

Webster invests in medically necessary healthcare services and had completed five platform investments from the fund to date. Its portfolio includes BayMark and Bristol Hospice.

9. Avista Healthcare Partners

Avista Healthcare Partners is a New York firm founded in 2005. Avista Healthcare Partners VI closed at $1.5bn in March 2024, above its $1.25bn target and 25% larger than the previous fund.

It backs middle-market product and technology healthcare companies in North America and Europe. Core sub-sectors include outsourced pharma and medtech services, consumer healthcare, medical devices, specialty and generic pharmaceuticals, and healthcare technology.

10. Hildred

Hildred is a New York firm that invests in middle-market healthcare companies with enterprise values of $50m to $500m. Hildred Equity Partners III closed above $800m in January 2025, against a $600m target, reaching its hard cap in seven months.

Hildred targets companies with $10m to $100m of revenue and makes equity investments of $25m to $300m. The firm reports about $4.75bn of assets under management.

What fund size tells you about each firm

Fund size sets the equity cheque per deal. A quick rule is to divide the fund by the number of platforms it plans to buy.

Example, using WindRose’s stated plan:

• Fund size: $2.6bn.
• Planned investments: 11 to 13.
• Equity per platform: $2.6bn / 13 = $200m, and $2.6bn / 11 = $236m.

On those numbers, a typical WindRose platform takes about $200m to $240m of fund equity before add-ons and co-investment. In this example, at 50% debt, that supports enterprise values of roughly $400m to $470m. Hildred, by contrast, writes $25m to $300m cheques into companies with under $100m of revenue.

Fund size also drives fees. A larger fund earns a larger management fee, which pays for bigger teams and operating partners. Our guide to the private equity fee structure shows how that works.

How to use this list

Use the ranking in one of four ways.

• Candidates recruiting: Larger funds run bigger deals with more debt and more add-ons, so you see more complex models. Middle-market firms give you more exposure per deal. Match your story to each firm’s sub-sectors, and read what private equity recruiters look for in candidates before you apply.
• Founders and management teams: Pick firms whose cheque size fits your business. A business valued at $400m to $470m fits the cheque a typical WindRose platform takes on the numbers above.
• LPs and allocators: Compare fund growth between vintages. WindRose nearly doubled its fund, and Linden beat its hard cap. Fast growth can change deal size and strategy, so ask how the team will deploy a bigger pool.
• Bankers: These firms are core buyers for sell-side mandates. Our list of the top healthcare investment banks shows the advisers most active in the sector.

FAQ

Which is the largest healthcare private equity firm?

Linden Capital Partners has the largest recent healthcare-dedicated flagship fund. Linden Capital Partners VI closed in April 2025 at $5.4bn, including a $200m GP commitment. Linden describes itself as the largest dedicated healthcare private equity firm, and it invests across healthcare services, products and distribution.

Which healthcare private equity firms are based in Europe?

GHO Capital in London and ARCHIMED are the two European firms on this list. ARCHIMED’s MED Platform II closed at €3.5bn in 2023, including co-investment. GHO’s Fund IV closed at over €2.5bn in October 2025, and GHO says it is the largest healthcare specialist headquartered in Europe.

Why are KKR and Blackstone not on the list?

KKR, Blackstone and TPG invest in healthcare from multi-sector funds, so their fund sizes cover many industries. This ranking compares only healthcare-dedicated funds. Generalists remain major healthcare buyers and are worth targeting alongside the specialists if you want healthcare deal experience.

What do healthcare private equity firms invest in?

Most invest across healthcare services, medical devices, pharma and life science services, diagnostics and healthcare technology. Some narrow further. Webster focuses on medically necessary healthcare services, while Avista and GHO lean towards products, pharma services and medtech. Check each firm’s sub-sectors before you pitch or apply.

Conclusion

Linden, Patient Square and ARCHIMED lead healthcare private equity firms by flagship fund size, with a strong middle market behind them. Use fund size to judge cheque size and deal type, then match your pitch or application to each firm’s sub-sectors. For other sectors, see our ranking of the top industrials private equity firms.

P.S. To build your own target list beyond these ten firms, the Private Equity & Venture Capital Fund Database – USA gives you firm and fund details in one place. Our Premium Resources include additional tools you might be interested in. For weekly finance updates and the latest financial reports, sign up to the Private Equity Bros newsletter.

Sources

• Linden Completes Oversubscribed Fund VI Fundraise at $5.4 Billion
• Patient Square Capital Announces Record $3.9 Billion Inaugural Fund
• Archimed wraps up fifth fund at $3.75bn
• GHO Capital announces final close of Fund IV with over €2.5bn of capital
• Kirkland Advises WindRose Health Investors on $2.6 Billion Fund VII
• Campbell Lutyens advises Webster Equity Partners on $1.8B fundraise for Fund VI
• Water Street Closes New Fund With $1.9 Billion