Lower middle market private equity firm

5th Century Partners

  • HeadquartersChicago, IL S2
  • Founded2020 S7
  • Website5cpartners.com
  • Last verifiedOctober 27, 2026

At a glance

Assets under management$550M (as of May 2026) S7
Latest fund5CP Fund II, $276M (May 2026) S7
EBITDA range$2M to $20M S6
Check size$5M to $50M S6
Deal typesPlatform, Add-on S6
SectorsHealthcare Services, Construction Services, Consumer & Food

What 5th Century Partners buys

5th Century Partners (5CP) is a Chicago private equity firm, launched in 2020, that invests in founder-owned lower middle market companies in healthcare and business services. On the healthcare side it looks at behavioral health, home health and hospice, payor services, healthcare support services, healthcare IT and medical products. In business services it covers outsourcing, digital services, education, insurance services, maintenance and repair, and environmental services. It wants niche leaders with recurring demand, a record of steady growth and profit, and a capable management team, and it is often the first institutional investor a company takes on.

In May 2026 it closed Fund II at $276 million, nearly double its $144 million first fund, and it now manages more than $550 million. Fund I targeted companies with $2 million to $20 million of EBITDA and equity checks of $5 million to $50 million; the firm has not published a range for Fund II. Its platforms also buy smaller companies, as Radon Medical Imaging has done three times since 2022.

Recent deals

Announced in the 24 months before October 27, 2026.

DateCompanyTypeSectorSource
Sep 2026ION PT NetworkInvestment in a Tampa physical therapy network that manages care for workers' compensation payers; the founder stays on as CEOPlatformHealthcare ServicesSource
Jun 2026Capstone HospiceMajority investment in a metro Atlanta hospice and palliative care provider; the founder remains CEOPlatformHealthcare ServicesSource
May 20265CP Fund IIFinal close at $276 million, above target and nearly double Fund IFund closeSource
Sep 2025Southern Paving & MillingFort Myers, Florida milling, paving and concrete contractor working across Florida and Georgia; the founder's family keeps a stakePlatformConstruction ServicesSource
Dec 2024Winners Circle Group of TexasHouston behavioral health provider for children in foster care; the eighth and final Fund I investmentPlatformHealthcare ServicesSource
Nov 2024Alpha ImagingOhio medical imaging equipment and service company added to Radon Medical Imaging, its third add-on under 5CPAdd-onHealthcare ServicesSource

Portfolio by sector

From the firm's portfolio page S4.

Business Services

  • Southern Paving & Milling
  • UB Equipment

Consumer

  • Peace Out
  • Estyle

Healthcare

  • ION PT Network
  • Capstone Hospice
  • My Favorite Therapists
  • Winners Circle Group of Texas
  • Perspecta
  • Radon Medical Imaging
  • LSL Healthcare
  • Vital Care

Greymont’s take

How 5th Century Partners fits a seller

5CP suits founders of healthcare service or maintenance and repair businesses who want to stay involved and grow with outside help. In its recent deals the founder kept a central role: Capstone Hospice's founder remains CEO, ION PT Network's founder stays on as CEO, and the family behind My Favorite Therapists kept a significant stake. The firm has an in-house Portfolio Optimization Practice that works on finance systems, hiring and operations, which can matter to an owner whose back office has not kept up with growth.

Because 5CP is often the first institutional investor, expect a majority sale in which the founder rolls part of the equity, followed by a push to open locations or buy competitors. Ask what share 5CP wants to own, what it plans to change in finance and reporting, and when Fund II expects to sell.

Questions owners ask

What kinds of companies does 5th Century Partners invest in?

Founder-owned lower middle market companies in healthcare and business services. Current holdings include hospice, autism therapy, behavioral health and physical therapy network businesses, plus a Florida paving contractor and two consumer brands from its first fund.

How big is 5th Century Partners' latest fund?

It held a final close on Fund II at $276 million in May 2026, above target and nearly twice the $144 million raised for Fund I, bringing its total under management to more than $550 million.

Does the founder stay involved after 5CP invests?

Usually, yes. The founders of Capstone Hospice and ION PT Network both stayed on as CEO, and the founding family of Southern Paving & Milling kept an ownership stake after 5CP invested.

Sources

  1. S15th Century Partners home page Accessed October 27, 2026
  2. S25th Century Partners: About 5CP Accessed October 27, 2026
  3. S35th Century Partners: Our Approach Accessed October 27, 2026
  4. S45th Century Partners: Portfolio Accessed October 27, 2026
  5. S55th Century Partners: News Accessed October 27, 2026
  6. S65th Century Partners Announces Close of Oversubscribed Debut Fund (February 1, 2022) Accessed October 27, 2026
  7. S75th Century Partners Announces Final Close of Fund II Above Target at $276 Million (Business Wire, May 6, 2026) Accessed October 27, 2026
  8. S85th Century Partners Completes Strategic Investment in ION PT Network (September 24, 2026) Accessed October 27, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with 5th Century Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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