Novant Health

Novant Health

Novant Health was established in 1997 as an integrated not-for-profit health system. Carl S. Armato serves as President and CEO. The system maintains three regional foundations that direct community benefit spending. The investment program allocates 13.58% to private equity and maintains a hedge fund book valued at approximately $300.5M. Direct holdings include hospitals such as Novant Health Forsyth Medical Center and Novant Health Presbyterian Medical Center. Geographic exposure centers on North Carolina and South Carolina, with additional positions in South Carolina hospitals acquired from Blue Cross and Blue Shield of South Carolina. Co-investments occur through Novant Health Enterprises in early-stage health technology companies including Optain and Judi Health. The organization employs 41,000 people and operates additional offices in Charlotte and Wilmington. Foundations reported $1.6B in total community benefit in 2024. In 2024 Novant Health acquired UCI Medical Affiliates, expanding its South Carolina footprint. Novant Health maintains a hybrid structure that combines direct ownership of clinical real estate and operating companies with limited partner commitments to external funds. This architecture allows the system to control key facilities while accessing third-party investment expertise through its Chief Investment Officer.