Medline

The investment team is led by Executive Vice President Jim Boyle, who was hired to build and oversee the Mills family's investment operations following the 2021 liquidity event. Boyle manages a dedicated staff responsible for sourcing, due diligence, and portfolio monitoring across private and public markets. The office reports to the Mills family principals, who retained significant influence over Medline Industries itself through continued board representation.

The Mills family founded Medline Industries in 1910 and owned it for over a century. In June 2021, the family sold a majority stake to private equity firms Blackstone, Carlyle, and Hellman & Friedman in a deal valuing the company at roughly $34 billion. The family retained a significant minority equity interest, meaning the office manages both the cash proceeds from the sale and ongoing exposure to the operating company's performance.

The office deploys capital across private equity fund commitments, direct co-investments, venture capital, and real estate. Its venture portfolio targets early-stage health-tech and enterprise software companies, while the real estate strategy focuses on acquiring income-producing properties across major US metropolitan areas. The office also makes commitments to external general partners, particularly in buyout and growth equity strategies.

The office engages in both direct investments and fund commitments. It co-invests alongside private equity sponsors in healthcare and generalist deals, makes direct venture investments in early-stage companies, and allocates to third-party funds. This hybrid approach allows the office to calibrate fee exposure, control, and diversification according to each opportunity.

The primary investment focus is North America, with real estate acquisitions concentrated in major US markets and venture and private equity activity centered on US-based companies. The office has not publicly disclosed a dedicated emerging-market or international allocation strategy, though fund commitments to generalist private equity managers may carry incidental non-US exposure.

The retained minority position creates a long-duration, illiquid anchor in the healthcare supply sector that influences the office's portfolio construction. Because the family already carries significant concentrated exposure to Medline Industries through its residual equity, the office likely seeks diversification across sectors and asset classes in its liquid portfolio, though this has not been explicitly stated by the principals.

The office operates as a single-family vehicle managing Mills family capital and does not accept outside investors. Unlike multi-family offices that pool third-party capital or open their platforms to other families, Medline's structure is closed, deploying exclusively for the benefit of the Mills family's balance sheet and future generations.