HealthCap is a private equity firm that specializes in providing 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. Over the past 16 years, HealthCap and its predecessor entities have sponsored approximately $1.1 billion of direct healthcare sector investments. Learn More »

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

We target profitable small and lower middle-market healthcare related businesses seeking growth capital and a strategic partner.

Our typical investment target valuation ranges between $1 million to $50 million in enterprise value. HealthCap is comprised of an experienced team of investment professionals capable of utilizing their vast healthcare industry knowledge to identify entrepreneurs and management teams who are adept at developing market-leading healthcare companies.

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. As a result of the merger, HealthCap benefits from a diverse mix of investment professionals with experience in all facets of healthcare and real estate investing.

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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, UnInk, 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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Christina Cone

Vice President

As a Vice President, Mrs. Cone spearheads daily management of assets, facility operations, and maintains tenant/landlord relationships. She also assists the development and acquisi… Read More

As a Vice President, Mrs. Cone spearheads daily management of assets, facility operations, and maintains tenant/landlord relationships. She also assists the development and acquisition teams by reviewing plans for operating efficiency, performing lease reviews and property condition assessments of all medical facilities owned and managed by HealthCap.  In addition to these duties, Mrs. Cone oversees the day-to-day operations of facilities located in Texas, Colorado, Louisiana, Ohio, and Missouri, including the renovation and repositioning of facilities, new construction and leasing.  Mrs. Cone has over ten (10) years of experience in the commercial real estate industry; seven (7) of which have been focused on specializing in healthcare real estate operations. 
Previously to HealthCap, Mrs. Cone was the Senior Property Manager for The Cirrus Group.  Prior to The Cirrus Group, Mrs. Cone was with PM Realty Group.

Mrs. Cone holds her Texas Real Estate Salesperson License.

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Jasen Feist

Associate

As Associate, Mr. Feist’s primary focus is on evaluating investment opportunities, monitoring active operations through financial modeling, and conducting research for new and ex… Read More

As Associate, Mr. Feist’s primary focus is on evaluating investment opportunities, monitoring active operations through financial modeling, and conducting research for new and existing markets of interest.

Prior to HealthCap, Mr. Feist was a Senior Analyst at VMG Health, a leading healthcare valuation and transaction advisory firm located in Dallas, Texas. At VMG, Mr. Feist conducted over 125 Fair Market Value analyses for various healthcare companies across the United States, including physician practices, ambulatory surgery centers, imaging centers, urgent care centers, radiation therapy centers, and hospitals.

Mr. Feist holds a B.B.A. in Finance from the Cox School of Business and a B.S. in Economics with Financial Applications from Southern Methodist University.

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Christopher Godfrey

Senior Vice President

As Senior Vice President, Mr. Godfrey’s primary focus is on sourcing and evaluating investment opportunities in healthcare services companies, seniors housing, sub-acute long-ter… Read More

As Senior Vice President, Mr. Godfrey’s primary focus is on sourcing and evaluating investment opportunities in healthcare services companies, seniors housing, sub-acute long-term care providers, and the acute care hospital sectors. During his time at HealthCap and its predecessor entity, Mr. Godfrey has played a principal role in the underwriting, structuring and closing of numerous healthcare sector investments with an aggregate investment basis in excess of $500 million.

Previously, Mr. Godfrey served as Vice President and Director of Finance for The Cirrus Group, and Chairman of 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 sourcing, structuring and closing highly complex M&A and commercial real estate transactions.  His expertise includes debt and equity capital structuring, joint venture structuring and negotiation, investment management and repositioning, capital markets offerings and private placements, and real estate development.

Mr. Godfrey serves on the board of directors for Gulf Coast Medical Center, BloodSolutions and the Southern Methodist University (SMU) Lettermen’s Association.

Mr. Godfrey holds a B.B.A. in Finance & Real Estate from the Cox School of Business at Southern Methodist University and is currently attending Brown University as a graduate student in the Masters of Healthcare Leadership program.

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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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Leah Leonard

Vice President - Investor Relations

Ms. Leonard’s primary focus is keeping HealthCap’s investors well informed with respect to their investments by providing quarterly reporting packages, operations updates, cash… Read More

Ms. Leonard’s primary focus is keeping HealthCap’s investors well informed with respect to their investments by providing quarterly reporting packages, operations updates, cash flow distributions, and managing annual Partnership K-1 distribution.  She is the company liaison for all investors throughout the life of their investment. During her time at HealthCap and its predecessor entity, Ms. Leonard has played an integral role in maintaining open lines of communication with the investors and providing limited partnership financial reporting to lenders and capital partners.

Previously, Ms. Leonard served as Investor Relations and Senior Accountant for The Cirrus Group, LLC.  Prior to Cirrus, she held accounting positions with Harwood International Inc., L&B Realty Advisors LLC, and Braniff Inc.

Ms. Leonard holds a B.S.B.A. from the University of Texas at Dallas.

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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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Peter Phillips

Senior Vice President

Mr. Phillips’s primary focus is on the procurement, design, construction and delivery of assets in the seniors housing, long-term care and acute/sub-acute hospital sectors. Durin… Read More

Mr. Phillips’s primary focus is on the procurement, design, construction and delivery of assets in the seniors housing, long-term care and acute/sub-acute hospital sectors. During his time at HealthCap and its predecessor entity, Mr. Phillips has successfully managed the delivery of 22 healthcare developments consisting of over one million square feet and that collectively have had budgets in excess of $270 million.  These projects include general acute care hospitals, inpatient rehabilitation hospitals, skilled nursing facilities, long term acute care hospitals, ambulatory surgery centers, medical office buildings, and assisted living and memory care communities.

Previously, Mr. Phillips served as Vice President and Director of Construction Management at The Cirrus Group.  Prior to Cirrus, Mr. Phillips held positions with Baulderstone (Australia), Author Andersen and Booz Allen Hamilton.

Mr. Phillips holds a Master of Finance and a Bachelor of Engineering (Civil) from the University of New South Wales, Australia.

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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 investments are typically structured as recapitalizations, buyouts, or infusions of growth and/or developmental capital. We target entrepreneurial businesses that meet our investment criteria; such as possessing leading market share, the potential for rapid growth and increased profitability, and the prospect for complementary acquisitions. Once we have identified such businesses, we provide the management teams and entrepreneurs who have built them the opportunity to gain liquidity and maintain a meaningful equity position.

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 are merely intended to provide a general overview of HealthCap’s typical investments. Throughout the past 16 years, HealthCap and its predecessor entities have capitalized healthcare sector investments with an aggregate investment basis in excess of $1.1 billion and realized average equity returns in excess of 25%.

Restora Healthcare is an Atlanta-based operator of long-term acute care hospitals, providing specialized care to medically complex patients that require extended treatment after discharge from a traditional acute care hospital.  Restora is lead by industry veteran, Rod Laughlin, and currently operates 2 hospitals and 240 licensed beds in the greater Phoenix market.  HealthCap provided capital to Restora funding its initial platform acquisition. HealthCap also acquired the real estate associated with the Phoenix hospitals through a separate entity.

restorahealthcare.com

Gulf Coast Medical Center (GCMC) is a for-profit general acute care hospital serving a population of approximately 200,000 residents between Houston and Victoria, Texas. With more than 160 beds, they offer a full array of inpatient and outpatient services. HealthCap, in partnership with Southwest Healthcare Services, acquired GCMC from Signature Hospital Corporation and infused fresh working capital into the operations of the hospital. In addition to acquiring the operations of GCMC, HealthCap acquired the real estate and FF&E associated with the hospital through a separate entity.

gulfcoastmedical.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

Good Neighbor Care (GNC) has more than twenty years of experience operating senior living communities all across the country. The professionals at GNC are experts on the aging process and focus on delivering Class A living and long-term care environments in the Independent Living, Assisted Living, and Memory Care settings. HealthCap provided joint venture equity, off-balance-sheet debt solutions and development services for the delivery of three senior living communities offering assisted living and memory care services for the elderly.

goodneighbor.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

UnInk is a premier provider of tattoo removal procedures, dedicated exclusively to laser tattoo removal. With thousands of procedures performed annually by certified technicians, UnInk offers pain free, affordable treatments for every skin type.  By specializing exclusively in tattoo removal, UnInk technicians are trained and certified on every aspect of laser treatment.  HealthCap provided growth equity capital and debt financing for the company

uninktattooremoval.com

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

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

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.

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

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

HealthCap News

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…

Press Release

HealthCap Completes Follow-On Capitalization in Urgent Care for Kids

DALLAS (October 2, 2012) - HealthCap, a Dallas-based private equity company, has increased its investment in Urgent Care for Kids by approximately 160 percent.  This additional investment and vote of confidence by HealthCap illustrates that the Urgent Care for Kids model for delivering enhanced healthcare services to children in its selected…

Press Release

HealthCap Capitalizes Restora Healthcare to Acquire Trillium Specialty Hospitals

DALLAS (July 10, 2012) – HealthCap, a Dallas-based healthcare private equity firm, is pleased to announce the capitalization of Restora Healthcare Holdings to fund the acquisition of Trillium Specialty Hospitals located in Phoenix, AZ.  In a related transaction, an affiliate of HealthCap purchased the real estate underlying the Trillium ho…