# Varsity Healthcare Partners

Varsity Healthcare Partners is a Private Equity based in Los Angeles, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Los Angeles, United States
- **Region:** North America
- **Address:** Los Angeles, CA, United States
- **Founded:** 2014
- **Assets under management:** $500M – $3B (Altss estimate)
- **Website:** www.varsityhealthcarepartners.com
- **LinkedIn:** https://www.linkedin.com/company/varsity-healthcare-partners

## Regulatory record

- **CRD number:** 285151
- **SEC file number:** 801-108383
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-03-30T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/285151

## About

Varsity Healthcare Partners builds leading healthcare services companies, employing a differentiated partnership model. Our approach is predicated on a commitment to unconditional alignment and transparency with all stakeholders – founders, management teams, employees and investors. Varsity Healthcare Partners is a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading healthcare services companies. VHP has been successful in developing and executing a tailored value creation plan, in partnership with the leadership of each company, that typically emphasizes an appropriate investment in infrastructure followed by an aggressive organic and acquisition growth strategy. VHP draws upon its extensive healthcare industry experience and relationships, as well as its hands-on partnership approach to effectively drive growth and maximize value.

## Sectors

- Healthcare Services

## Offices

- Stamford, CT, United States

## People

- David Alpern — Managing Partner
- Kent Berkley — Managing Partner
- Justin Hand — Managing Partner

## Questions

### Who runs investment decisions at Varsity Healthcare Partners?

The three managing partners — David Alpern, Kent Berkley, and Justin Hand — share investment decision authority. They co-founded the firm in 2014 and sit on the investment committee alongside select senior advisors from the operating group. No single partner holds unilateral approval power, enforcing consensus on every platform investment.

### How does Varsity Healthcare Partners source proprietary deal flow?

VHP relies heavily on its operating-partner network, which includes former CEOs and divisional presidents from scaled healthcare companies who cultivate relationships with founders years before a sale process begins. The firm also works through specialized healthcare investment banks and accounting firms that serve owner-operators in sub-$10M EBITDA businesses, a segment where broad auction processes are less common.

### Is Varsity Healthcare Partners a generalist private equity firm or a healthcare specialist?

VHP is a pure healthcare services specialist. Since its 2014 founding, the firm has not invested outside outsourced provider, pharma, and payer services. It explicitly avoids clinical practices, life sciences, medical devices, and any business model dependent on direct third-party reimbursement, making it among the most narrowly scoped lower-middle-market buyout firms.

### What investment stages does Varsity Healthcare Partners target?

The firm targets buyout and growth recapitalization stages in lower-middle-market companies. It seeks established, cash-flow-positive businesses with founder or entrepreneur owners who want a partner to professionalize operations and build scale, rather than companies needing venture-stage technology risk.

### Which sectors does Varsity Healthcare Partners explicitly avoid?

VHP explicitly avoids clinical practice management, life sciences, medical devices, branded pharmaceuticals, and any hospital or physician-facing entity where reimbursement risk from government payers or commercial insurers is a meaningful variable. The firm's thesis depends entirely on outsourced service models that sell to healthcare organizations, not to patients or payers directly.

## Related profiles

- [Varsity](https://altss.com/profile/varsity)
- [VÅR Ventures](https://altss.com/profile/v-r-ventures)

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

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