# Health Catalyst Capital Management

Health Catalyst Capital Management is a Private Equity based in Claymont, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Claymont, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2019
- **Assets under management:** $250M - $500M (Altss estimate)
- **Website:** healthcatalystcapital.com
- **LinkedIn:** https://www.linkedin.com/company/health-catalyst-capital-management-llc

## Regulatory record

- **CRD number:** 311005
- **SEC file number:** 801-119194
- **Registration status:** Registered
- **Latest Form ADV filing:** 2026-05-06T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/311005

## About

Health Catalyst Capital Management (HCC) invests in privately held healthcare technology and services businesses that aim to enhance care quality, access, and affordability. We leverage relationships with over 300 major healthcare and technology enterprises to identify sustainable investment themes and for mutual value creation. HCC drives value creation by helping portfolio company management teams integrate AI into their operations and build commercial relationships that accelerate growth, including hundreds of direct introductions by HCC to prospective customers and partners.

## Sectors

- Digital Health
- Healthcare Services
- AI/ML

## People

- Charles Kennedy — Managing Partner
- Omar Mian — Managing Partner

## Questions

### What types of healthcare companies does Health Catalyst Capital target?

The firm targets companies operating at the intersection of healthcare delivery, data liquidity, and reimbursement. Its focus spans clinical workflow software, revenue-cycle management platforms, AI-powered diagnostic tools, provider enablement services, and tech-enabled care delivery models. The unifying characteristic across the portfolio is a business model anchored in regulatory tailwinds — such as value-based reimbursement mandates, interoperability rules, or decentralized trial frameworks — which generate contracted or annuity-like revenue streams with high retention rates.

### Does Health Catalyst Capital do only majority buyouts, or does it consider minority and structured deals?

The firm's mandate includes traditional control buyouts, growth-stage minority investments, complex carve-outs, and direct secondary transactions. This structure provides flexibility to engage founder-owned businesses that are not for sale in full, platform companies seeking growth capital ahead of a later exit, or syndicates where one existing investor wants partial liquidity. The direct secondaries capability, in particular, differentiates Health Catalyst Capital from many lower-mid-market peers that lack the mandate or LP consents to execute structured purchases of existing LP or shareholder interests.

### How does the firm source its investment opportunities?

Sourcing relies on the partners' domain networks built over two decades inside healthcare IT banking, operating, and investing circles. Kennedy's track record at Blue Ox and his earlier operating roles provide access to founder referrals and sell-side advisors running processes in digital health. Mian's investment banking tenure at Morgan Stanley gives the firm visibility into larger corporate carve-outs in healthcare technology. The firm's thesis depth — publishing views on reimbursement change and data regulation — also surfaces inbound deal flow from company founders who screen for specialist boards rather than generalist capital, according to industry sources.

### Which sectors or types of healthcare companies does the firm explicitly avoid?

The firm's mandate excludes earlier-stage venture investments with no commercial revenue, pure biopharma or drug-development assets, medical device hardware companies with heavy FDA PMA-route regulatory burdens, and brick-and-mortar healthcare services businesses that lack a material technology or data component. This discipline reflects the partners' view that reimbursable-code risk and FDA clinical-trial cycles introduce binary outcomes unsuitable for a private equity fund structure, while capital-light software and tech-enabled services produce the repeatable revenue profile the strategy requires.

### What is Health Catalyst Capital's geographic focus?

The firm sources and underwrites investments primarily in North America, with disclosed portfolio activity concentrated in the United States. The strategy permits European healthcare IT investments where the regulatory frameworks — such as GDPR and the European Health Data Space — create analogous data- and reimbursement-driven business models to the US market. No publicly disclosed investments indicate active deployment in Asia-Pacific or Latin American healthcare markets.

## Related profiles

- [HealthCare Ventures](https://altss.com/profile/healthcare-ventures)
- [Health Cloud Capital](https://altss.com/profile/health-cloud-capital)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/health-catalyst-capital-management

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