HealthCap is a private equity firm specializing in creative growth capital and real estate solutions for the strategic needs of the healthcare industry.

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 partners benefit from its diverse team of seasoned healthcare industry investment professionals.

HealthCap focuses on creating value for its investors, operating partners and clients through two primary platforms:

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

Operating Capital.  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

Partner

As Partner, Mr. Dodd is responsible for the Company’s healthcare operating company investments and is also a member of HealthCap’s Investment Committee.  He serves on the … Read More

As Partner, Mr. Dodd is responsible for the Company’s healthcare operating company investments and is also a member of HealthCap’s Investment Committee.  He serves on the boards of Bloodbuy 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 entity level joint venture transactions with some of the largest capital providers and REITs in the country.

Mr. Dodd was formerly Managing Partner of HealthCap following its 2012 merger with The Cirrus Group where he served as President since 2005 and a Partner since 2002.  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 and dental non-profit clinic serving uninsured patients in 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 and Bloodbuy.

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Chris S. Jackson

Managing Partner

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

As Managing Partner, Mr. Jackson is responsible for the corporate strategy and overall direction of HealthCap and is actively involved with the financing and capital structuring for all real estate investments.  He has spent the majority of his 17 year career specializing in healthcare real estate and has been involved in planning, financing, developing, and acquiring more than $500 million of healthcare real estate.  He has worked with a wide variety of healthcare companies ranging from national hospital systems and specialty care operators to local physician group practices, with notable client relationships including Children’s Hospital Colorado, Tenet Healthcare, HCA, University of Kansas Hospital, Christus Health and RehabCare Group.

Mr. Jackson previously served as Managing Director of HealthCap, as well as Senior Vice President and Development Manager of The Cirrus Group prior to its 2012 merger with HealthCap.  Before HealthCap, Mr. Jackson held regional leadership and development positions with several nationally recognized healthcare real estate companies including Lend Lease Group, Lauth Property Group and Hammes Company.  Prior to entering the healthcare real estate industry, Mr. Jackson held positions with a publicly-traded retail energy provider and several start-up e-commerce companies.

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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Christopher Godfrey

Senior Vice President

Mr. Godfrey is the founder and CEO of Bloodbuy.  Prior to founding Bloodbuy, Mr. Godfrey sourced and structured control investments on behalf of HealthCap in the following hea… Read More

Mr. Godfrey is the founder and CEO of Bloodbuy.  Prior to founding Bloodbuy, 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 $700 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, go-to-market strategy, 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 Bloodbuy and the Southern Methodist University (SMU) Lettermen’s Association.  He holds a Bachelor of Business Administration with concentrations in finance and real estate from the Edwin L. Cox School of Business at Southern Methodist University, and a Master’s degree in Healthcare Leadership from Brown University where he graduated with high distinction and was the recipient of the Brown University Graduate School Master’s Award for Professional Excellence.

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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 heads property management, oversees leasing activities, and is instrumental in real estate investments and dispositions.

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 had 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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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 on physician practices and ancillary services, acute care… Read More

Mr. Underwood specializes in healthcare investment opportunities located in the western United States with a primary focus on 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.

Investment Strategy

Investment Strategy

HealthCap operating capital 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 a technology platform 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.

caremeridian.com

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

Bon Secours Our Lady of Bellefonte Hospital (OLBH) is a faith-based nonprofit hospital system serving patients in northeastern Kentucky and portions of Ohio and West Virginia.  HealthCap acquired an off-campus primary care clinic located 25 miles southwest of OLBH’s main campus, on one of the main retail thoroughfares in a key rural feeder market for OLBH – Grayson, KY.  Post-acquisition, HealthCap facilitated the completion of a 7-room expansion that increased the busy clinic’s capacity by roughly 30%.   

kentucky.bonsecours.com

Baylor Health Care System needed a fast and effective way to extend the presence of its affiliated physician group practice, HealthTexas Provider Network (HTPN), in the rapidly growing and competitive Dallas-Fort Worth Metroplex.  In just over 2 years, HealthCap developed a network of 6 new low scale, attractive, and cost-effective HTPN-anchored outpatient facilities in targeted emerging suburban markets throughout the metro area.

healthtexas.com

HealthCap News

HealthCap News

Bloodbuy Makes Healthcare Global’s Top 10 Most Innovative Healthcare Startups to Watch in 2015

TOP 10: Most Innovative Health Care Startups to Watch in 2015 By Stephanie Ocano - January 7, 2015 Entrepreneurs will be the ones to lead the reinvention of health care. Below are ten of the most innovative health care startups that are changing the industry for the better.  10. Edamam Revolutionizing nutrition with data, Edamam organiz…

HealthCap News

Bloodbuy Receives Prestigious Award from Harvard Forum on Healthcare Innovation

BOSTON—The Forum on Health Care Innovation, a collaboration between Harvard Business School (HBS) and Harvard Medical School (HMS), announced today the four finalists in its Health Acceleration Challenge, which focuses on taking compelling, already-implemented health care solutions and helping them to grow and increase their impact through powe…

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. …