HealthCap is a real estate and private equity firm specializing in creative solutions to the capital and strategic needs of healthcare service providers.

HealthCap assists its operating partners by providing growth capital, facilitating buy-outs and recapitalizations, and executing strategic healthcare real estate initiatives. Since 1996, HealthCap and its predecessor entities have sponsored more than $1 billion of direct healthcare sector investments. Learn More »

Growth Capital, Buy-Outs, Recapitalizations, Healhcare Real Estate

HealthCap offers a diverse team of professionals who possess a wealth of healthcare industry investing experience.

HealthCap was formed by the merger of The Cirrus Group and HealthCap in 2012. The Cirrus Group was an industry-leading healthcare real estate development and investment firm specializing in the strategic planning, capitalization and development of highly complex healthcare facilities. Going forward, HealthCap is focused on creating value for our investors and healthcare operating partners via two primary platforms:

Real Estate. Our extensive experience investing in all facets of healthcare real estate enables us to offer monetization or development alternatives for projects that do not fit the criteria of many other companies, often due to 1) project or market size, 2) highly specialized asset use, or 3) the need for creative ownership structures to facilitate multiple project stakeholders.

Private Equity. HealthCap targets profitable small and lower middle-market healthcare related businesses seeking growth capital and a strategic partner. We provide founding management teams and entrepreneurs with the opportunity to gain liquidity and maintain a meaningful equity position. Our typical investment target valuation ranges between $1 million to $50 million in enterprise value.

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Our Leadership

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Jason K. Dodd

Managing Partner

As Managing Partner, Mr. Dodd is responsible for the corporate strategy and overall direction for HealthCap and is actively involved with the financing and capital structuring for … Read More

As Managing Partner, Mr. Dodd is responsible for the corporate strategy and overall direction for HealthCap and is actively involved with the financing and capital structuring for all projects.  He serves on the boards of Restora Healthcare, Homeland Healthcare and Urgent Care for Kids.  Mr. Dodd has had transactional responsibility for over $750 million of projects with financing combinations of debt, mezzanine financing and equity.  Additionally, Mr. Dodd has structured asset and property level joint venture transactions with some of the largest capital providers and REITs in the country.

Previously, Mr. Dodd has been President of The Cirrus Group since 2005 and has been a Partner since 2002.  Prior to that, he served as a Vice President for Jones Lang LaSalle Americas and US Bancorp.

Mr. Dodd holds a B.B.A. from Texas A&M University and an M.B.A. from the University of South Carolina.  Additionally, Mr. Dodd serves on the board of Healing Hands Ministries, a medical non-profit clinic serving uninsured patients in northeast Dallas county.

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William (Bill) L. Hutchison, Jr. 

Partner

As co-founder, partner, and CEO of HealthCap’s predecessor, The Cirrus Group, Mr. Hutchison has focused his attention on medical and healthcare-related developments since 199… Read More

As co-founder, partner, and CEO of HealthCap’s predecessor, The Cirrus Group, Mr. Hutchison has focused his attention on medical and healthcare-related developments since 1996.  Prior to forming Cirrus, Mr. Hutchison worked for Southland Real Estate Resources at its Las Colinas development where he served as Project Manager for the 400 rooms, 24-story Mandalay Four Seasons Hotel (now the Omni Mandalay). Later, Mr. Hutchison formed Trans Texas Investment Properties with which he developed over 1,000,000 sf of commercial office and retail space across the DFW Metroplex. Notable during this time was Mr. Hutchison’s landmark 500,000 sf, 24-story Trans Texas Tower (now Occidental Tower) in Dallas.

With The Cirrus Group, Mr. Hutchison guided almost 100 medical development projects in 14 states including ambulatory surgery centers, surgical hospitals, acute care hospitals, post-acute, rehab, and long-term hospitals, medical office buildings, primary care clinics, and other complex medical facilities. Included in this list are notable projects Park Cities Medical Plaza in University Park, Texas; Trophy Club Medical Plaza in Trophy Club, Texas; North Texas Medical Center in Denton, Texas; North Central Medical Plaza in Dallas, Texas; and several hospital and MOB projects in Southern California.

Mr. Hutchison earned a BBA from The University of Texas in Austin and an MBA from Southern Methodist University.

Additionally, Mr. Hutchison currently serves on the board of directors for Urgent Care for Kids.

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Christopher Godfrey

Senior Vice President

Mr. Godfrey is the founder and CEO of BloodSolutions, a portfolio company of HealthCap Partners, and developer of the Bloodbuy technology platform.  Prior to founding BloodSol… Read More

Mr. Godfrey is the founder and CEO of BloodSolutions, a portfolio company of HealthCap Partners, and developer of the Bloodbuy technology platform.  Prior to founding BloodSolutions, Mr. Godfrey sourced and structured control investments on behalf of HealthCap in the following healthcare verticals: outpatient services, mission critical real estate, acute and post-acute hospitals, seniors housing, long-term care, and physician-partnered surgical platforms. During his time at HealthCap and its predecessor entity, The Cirrus Group, Mr. Godfrey has played a principal role in the underwriting, structuring and closing of numerous healthcare sector principal transactions with an aggregate investment basis in excess of $600 million USD.

Previously, Mr. Godfrey served as Vice President and Director of Finance for The Cirrus Group, and chaired its Investment Committee.  Prior to Cirrus, Mr. Godfrey held positions with Hillwood Capital, Macfarlan Capital Partners, Lincoln Property Company and J.P. Morgan.

Mr. Godfrey is adept at all aspects of healthcare investing, commercial real estate development and venture startup.  His expertise includes deal team leadership, debt and equity capital structuring, joint venture structuring and negotiation, asset and stock purchases, off-balance-sheet financing, investment management and repositioning, capital markets offerings, and private placements.

Mr. Godfrey currently serves on the board of directors for BloodSolutions and the Southern Methodist University (SMU) Lettermen’s Association.  He holds a BBA with concentrations in finance and real estate from the Edwin L. Cox School of Business at SMU, and is currently attending Brown University as a graduate student in the Master of Healthcare Leadership program.

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Nikki C. Matthews

Senior Vice President

Ms. Matthews’ primary focus is on targeting properties for purchase, negotiating purchase and sale agreements, performing due diligence, overseeing capitalization efforts, and st… Read More

Ms. Matthews’ primary focus is on targeting properties for purchase, negotiating purchase and sale agreements, performing due diligence, overseeing capitalization efforts, and steering the closing process. Ms. Matthews also serves as head of the property management and engineering department and oversees all leasing activities. Ms. Matthews is also instrumental in investment, disposition and new real estate development efforts.

Ms. Matthews has been with HealthCap and its predecessor entity since 2000 and has been integral in all assets since that time. Ms. Matthews brings a diverse real estate background from Jones Lang LaSalle and Cushman & Wakefield of Texas where she has management, leasing, and construction experience working on several large multi-use office projects.

Ms. Matthews attended the University of North Texas and holds a Texas Salesperson License. She is also a member of CREW serving on the CREW Careers Committee.

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Chris Jackson

Managing Director

Mr. Jackson oversees HealthCap’s real estate investment strategy which consists of working with healthcare systems, specialty providers and brokers to identify and structure new … Read More

Mr. Jackson oversees HealthCap’s real estate investment strategy which consists of working with healthcare systems, specialty providers and brokers to identify and structure new real estate developments and acquisitions as well as establishing and maintaining relationships with external capital partners.

Mr. Jackson’s clients have encompassed all types of hospital systems ranging from national and regional health systems, freestanding community hospitals, not-for-profits, for-profits, academic medical centers, and pediatric hospitals.  His involvement in more than $400 million of transactions has spanned on-campus and off-campus medical office buildings, surgery centers, medically-anchored mixed-use campuses, acute care hospitals and post-acute facilities.  Prior to his time with HealthCap and its predecessor The Cirrus Group, Mr. Jackson held positions with several national healthcare real estate companies including most recently, Lend Lease Group, where he was responsible for the Central Region of the company’s U.S. healthcare development division.

Mr. Jackson holds an M.B.A. from Southern Methodist University and a B.A. from The University of Texas at Austin. He is also a Texas-licensed real estate broker.

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Stephanie Toliver

Chief Financial Officer

As the Chief Financial Officer for HealthCap, Mrs. Toliver oversees the financial reporting for all special purpose and corporate entities, treasury management functions, partnersh… Read More

As the Chief Financial Officer for HealthCap, Mrs. Toliver oversees the financial reporting for all special purpose and corporate entities, treasury management functions, partnership maintenance and oversight, loan procurement and compliance, human resources and asset purchase/disposition closing responsibilities. 

Mrs. Toliver joined HealthCap’s predecessor, The Cirrus Group, in 2004.  Prior to joining The Cirrus Group, Mrs. Toliver spent several years in the Audit and Assurance practice at KPMG, LLP.

Mrs. Toliver graduated with a B.B.A. in Accounting and Marketing from Abilene Christian University and holds a CPA license in the state of Texas.

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Keith Underwood

Senior Vice President

Mr. Underwood specializes in healthcare investment opportunities located in the western United States with a primary focus physician practices and ancillary services, acute care ho… Read More

Mr. Underwood specializes in healthcare investment opportunities located in the western United States with a primary focus physician practices and ancillary services, acute care hospitals and post-acute care sectors. During his time at HealthCap and The Cirrus Group, Mr. Underwood has played an integral role in the development and disposition of healthcare investments valued in excess of $400 million.

Previously, Mr. Underwood served as Vice President of Real Estate Services for The Cirrus Group.  Prior to joining Cirrus, Mr. Underwood benefited from 10 years of experience in the Phoenix real estate market focusing on asset management, leasing, and construction of residential and commercial real estate properties.

Mr. Underwood holds a B.S. in Economics from the University of Redlands.  Additionally, Mr. Underwood received his Arizona Real Estate Broker License in 2000.

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Kip Weatherwax

Managing Director

Mr. Weatherwax is an experienced healthcare investor with over 15 years of healthcare management and acquisition experience.  During his career, He has led the acquisition of … Read More

Mr. Weatherwax is an experienced healthcare investor with over 15 years of healthcare management and acquisition experience.  During his career, He has led the acquisition of over 30 healthcare companies representing more than $400 million in acquired revenues as a strategic buyer helping to build national platforms.

Immediately, prior to forming Healthcap, Mr. Weatherwax spent over four years in ASC/Hospital development and management as a senior finance executive focusing on acquisitions, divestitures and new facility development.  He has also held executive finance positions over seven years with InteliStaf Healthcare, one of the nation’s largest healthcare staffing companies.  Among his accomplishments at InteliStaf was leading its leverage buy-out by the Carlyle Group and transforming it to a national platform through a series of key strategic acquisitions. 

Mr. Weatherwax also led the acquisition program at HealthCorHoldings, a leading home health provider during the mid-1990s.  He began his career as an investment banking analyst with Rauscher Pierce Refsnes.

Mr. Weatherwax holds a B.B.A. in Finance from the Cox School of Business at Southern Methodist University.  Additionally, Mr. Weatherwax currently serves on the board of Medermis Laser Clinics and Restora Healthcare, and previously served on the board of InteliStaf Healthcare.

Investment Strategy

Investment Strategy

HealthCap private equity investments are typically structured as recapitalizations, buyouts, or infusions of growth capital. We target entrepreneurial businesses that possess leading market share, the potential for rapid growth and increased profitability, and/or the prospect for complementary acquisitions. 

Our real estate investments generally involve a complete financing solution for both the development of new facilities and the acquisition of existing buildings.  We invest in on- and off-campus buildings affiliated with hospital systems, specialty care providers and established multi-site physician groups.

Criteria for Investment:

  • Long-standing trend of organic growth and profits
  • Unique niche with opportunities for growth and consolidation
  • Leadership team that will stay in-place and retain significant equity
  • Stable environment with predictable reimbursement

Targeted Industry Segments:

  • Healthcare Services
  • Acute & Subacute Hospitals
  • Ambulatory Services
  • Seniors Housing & Long-Term Care
  • Behavioral Health

Investments

Listed below are select representative investments made and managed by HealthCap. These investments do not represent the full scope of HealthCap’s current or prior portfolio, but instead are intended to provide examples of HealthCap’s typical investments. Over the past 18 years, HealthCap and its predecessor entities have capitalized healthcare sector investments with an aggregate investment basis of more than $1 billion and realized average equity returns exceeding 25%.

Alta Home Care is a leading provider of non-medical, private duty home care and personnel services in Southern California. From its three offices in Southern California, Alta Home Care provides services to Riverside, Orange and Los Angeles counties. HealthCap co-invested with Transitional Capital Partners who acquired a controlling interest in the company from its founder.

altahomecare.com

BloodSolutions is the developer and operator of the Bloodbuy technology platform. Bloodbuy is an application that connects hospitals and blood centers nationwide, to ensure the efficient flow of lifesaving blood products to patients in need.  Learn more at Bloodbuy.com

In addition to operating Bloodbuy, BloodSolutions serves as a strategic advisory firm that specializes in working with hospitals and blood centers to reduce the costs associated with the procurement and management of blood and blood products.  Learn more at BloodSolutions.org

CareMeridian is a for-profit operator of sub-acute rehab and skilled nursing facilities specializing in care for patients suffering from traumatic brain injury, spinal cord injury, or other medically complex injuries, such as neuromuscular or congenital anomalies. CareMeridian’s facilities offer comprehensive rehabilitation options, cutting-edge services and a 1:4 staff-to-patient ratio. HealthCap provided off-balance-sheet financing and development services for the delivery of three CareMeridian facilities and participated in the acquisition one additional facility.

Carson Tahoe Regional Healthcare (CTRH) is a market-dominant, non-profit health system that provides the full spectrum of healthcare services to the residents of northern Nevada. Upon the completion of CTRH’s new regional medical center campus, HealthCap was engaged to retire hospital bonds through the monetization of CTRH’s Specialty Medical Center. The Specialty Medical Center is made up of the Carson Tahoe Continuing Care Hospital, various outpatient services such as imaging and lab, a wound care clinic, and CTRH’s geriatric psych program.

carsontahoe.com

GlobalRehab is a for-profit operator of acute inpatient rehabilitation hospitals across the southwest.  GlobalRehab is a best-in-class operator in the post-acute sector delivering above-average patient outcomes on a consistent basis. HealthCap provided off-balance-sheet financing and real estate development services for the delivery of three de novo inpatient rehab hospitals for GlobalRehab when the company was in early stage development of its operating platform.


globalrehabhospitals.com

Reliant Hospital Partners is a for-profit operator of inpatient rehabilitation hospitals all over the country. Reliant provides the highest level of medical care to its patients and produces patient outcomes that are consistently well above average. HealthCap provided off-balance-sheet financing and real estate development services for the delivery of two de novo inpatient rehab hospitals for Reliant when it was still in the early stages of development.

relianthcp.com

Taos Retirement Village is a retirement community located in picturesque Taos, New Mexico. The senior living community offers independent living apartments and casitas, rehab/skilled nursing care, assisted living and home health services, affording residents and citizens of Taos and the surrounding region the ability to age in-place. HealthCap acquired the community through Chapter 7 bankruptcy proceedings and immediately infused much needed working capital and commenced capital improvement projects that significantly improved the grounds and amenities of the community.

taosretirementvillage.com

Urgent Care for Kids is a Texas-based, early stage healthcare company capitalizing on a large and opportunistic niche in the healthcare market. With strategic locations in Texas, Urgent Care for Kids provides after-hours urgent health services for children 18 years and under. They plan to continue growth in Texas and potentially to other underserved markets all across the United States. HealthCap provided start-up capital and second round expansion capital funding for the company.

urgentcarekids.com

HealthCap News

HealthCap News

Bloodbuy Advances as Semi-Finalist in Harvard Health Acceleration Challenge

DALLAS (October 28, 2014) – BloodSolutions, LLC, a portfolio company of Dallas-based private equity firm HealthCap Partners, LLC, recently developed and deployed it’s Bloodbuy technology platform, an innovative cloud-based platform designed to address the uneven geographic distribution of available blood supply in the U.S., in real-time. …

HealthCap News

BloodSolutions Launches Bloodbuy Platform

DALLAS (May 13, 2014) – BloodSolutions, LLC, a portfolio company of Dallas-based private equity firm HealthCap Partners, LLC, was a featured presenter at the 2014 Healthcare Dealmakers Conference held at the Ritz-Carlton in Dallas, Texas.  At the core of the company’s presentation, during the conference’s disruptive innovation …

HealthCap News

Boutique Private Equity Firm HealthCap Thrives on Niche Players, Sector’s Uncertainty

In May, Dallas-based HealthCap, a boutique private equity firm specializing in healthcare, merged with The Cirrus Group, also based in Dallas, and one of the nation’s biggest medical building developers. In June, HealthCap provided the funding to create Atlanta-based Restora Healthcare Holdings to purchase Trillium Specialty Hospitals of Phoen…