KRANE CAPITAL MANAGEMENT

Michael Krane, the firm's founder and Chief Investment Officer, serves as the sole portfolio manager. He launched the firm in 2011 after a career in sell-side equity research covering healthcare services. All investment decisions — public and private — run through him, and the firm does not employ a separate investment committee.

Krane operates a single portfolio that holds both publicly traded equities and pre-IPO positions in healthcare companies. The firm treats every investment as a multi-year holding regardless of its listing status, which means it can hold a position through an IPO rather than exiting at the lockup expiry. Confirmed positions have included Oak Street Health, Progyny, and Waystar.

Krane typically holds fewer than 25 positions, with significant weight allocated to the highest-conviction names. Michael Krane has described the approach in investor letters as 'conviction-weighted,' where the top five positions can represent over half of the portfolio. This concentration is a deliberate feature of the single-manager structure rather than a risk-management oversight.

Healthcare services and adjacent technology remain the firm's primary domain, where most of its confirmed positions sit. Krane has occasionally invested in fintech and enterprise software companies that touch healthcare reimbursement or provider operations, but it does not operate a generalist mandate. It explicitly avoids biotech, medical devices, and early-stage drug development.

Krane sources private opportunities primarily through its public-market research process, identifying companies it would buy if they were already listed and then seeking access to pre-IPO rounds. The firm does not operate a formal venture-scouting network; instead, it relies on relationships with the management teams and existing investors of companies it has already researched. Krane has participated in rounds for VillageMD and other healthcare delivery platforms through this approach.

Krane Capital Management is a registered investment adviser structured as a traditional hedge fund, not a family office. It manages capital for a small number of institutional investors and high-net-worth individuals alongside Michael Krane's own capital. The firm charges management and performance fees and files quarterly 13F reports disclosing its public equity positions.

Yes, though real estate is a smaller sleeve within the overall portfolio and is typically tied to healthcare delivery infrastructure. Krane has invested in medical office buildings and ambulatory surgery centers, viewing them as a way to capture the real-asset economics of the healthcare providers it already studies in public and private markets.