Northlane Capital Partners

The five-person partner group — Justin DuFour, Sean Eagle, Eugene Krichevsky, Scott Kauffman, and JJ Carbonell — makes investment decisions collectively. DuFour and Eagle are co-founders who have invested together since 2001. Carbonell joined as an associate in 2013 and was elevated to partner, reflecting the firm's internal promotion track.

NCP executes control buyouts and growth investments in lower-middle-market companies within non-reimbursed healthcare services and business services. It targets platform companies with enterprise values between $20 million and $150 million, then pursues aggressive add-on acquisition programs to build scale within sub-verticals. The firm does not invest in reimbursed healthcare sectors that depend on third-party payer reimbursement coding.

The firm leans on two decades of sub-sector specialization to generate proprietary deal flow. Its partners have spent their careers focused on narrow healthcare and business-services verticals, building relationships with executives, intermediaries, and portfolio-company management teams that produce off-market opportunities. NCP also maintains a dedicated business-development function led by Principal Rich Grant.

Northlane Capital Partners III LP closed at its hard cap of $750 million in 2023, oversubscribed from predecessor funds (per the firm, June 2023). The fund continues the same two-sector, lower-middle-market strategy NCP has run since its founding.

No. NCP deliberately avoids reimbursed healthcare models. Its investments — contract research, forensic toxicology, hospital supply-chain automation, pharma consulting, and employer cost-containment platforms — are non-reimbursed services that earn revenue directly from pharmaceutical companies, hospitals, employers, and other commercial counterparties.

The firm's primary value-creation lever is a programmatic add-on strategy. Portfolio companies like SAI MedPartners (three add-ons since acquisition), Choice Financial Group, and VMG Health (exited) have completed multiple tuck-in acquisitions to expand geography, service lines, and customer density. A dedicated portfolio-operations group, built with the 2026 hire of Jake Hovey, supports management teams on financial and operational initiatives.

The firm avoids reimbursed healthcare (provider services paid by Medicare, Medicaid, or commercial insurers), medical devices, and biopharma assets. It also stays away from consumer-facing businesses outside its two core sectors and does not pursue minority or passive investments.