Healthcare-focused middle market private equity firm
Amulet Capital Partners
- HeadquartersGreenwich, CT S7
- Founded2015 S2
- Websiteamuletcapital.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $3.8B (as of Jun 2026) S1 |
|---|---|
| Latest fund | Amulet Capital Fund III, $1.2B (Jul 2024) S8 |
| Check size | $75M to $150M S4 |
| Deal types | Platform, Add-on, Minority S4 |
| Sectors | Healthcare Services, Dental |
What Amulet Capital Partners buys
Amulet Capital Partners is a healthcare-only private equity firm based in Greenwich, Connecticut, with a second office in Walnut Creek, California. Founded in 2015, it reports about $3.8 billion of assets under management. It invests in two parts of healthcare. The first is provider and payor services, such as physician practice management, behavioral health, fertility and dental support organizations. The second is life sciences outsourcing: clinical research sites, drug development consulting and pharma communications.
Amulet is a middle market investor. It typically puts $75 million to $150 million of equity into each platform and holds more back for add-ons, taking either a majority or a significant minority stake. It works with founder and family owned companies as well as carve-outs and take-privates, and it is investing from Fund III, which closed in July 2024 at about $1.2 billion. A smaller healthcare business is most likely to meet Amulet as an add-on. The firm counts 42 add-on acquisitions across 15 platforms, including deals for US Fertility, Alliance Clinical Network and Assembled Intelligence.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | US FertilityRecapitalized through a new continuation vehicle with StepStone as lead investor | Investment | Healthcare Services | Source |
| Jun 2026 | Atlas Clinical ResearchMerged with Alliance Clinical Network to widen its clinical trial site network | Add-on | Source | |
| May 2026 | TFP Fertility GroupUK and Poland fertility clinic group bought from Benefit Street Partners; the CEO and team stay | Platform | Healthcare Services | Source |
| Nov 2025 | US FertilityL Catterton joined as co-lead investor and Amulet increased its stake; physician partners keep substantial ownership | Investment | Healthcare Services | Source |
| Oct 2025 | StrateviHealth economics and market access agency added as Minds + Assembly relaunched as Assembled Intelligence | Add-on | Source | |
| Sep 2025 | SSI StrategyDrug development consultancy sold to Clinigen after a 2020 investment | Exit | Source | |
| January 2025 | US Digestive HealthPennsylvania gastroenterology practice management company sold to a strategic buyer | Exit | Healthcare Services | Source |
| Dec 2024 | Theoria ManagementValue-based care management services organization serving senior living; the founder stays as CEO and a major shareholder | Platform | Healthcare Services | Source |
| Nov 2024 | BOLDSCIENCEMedical communications agency combined with Minds + Assembly | Add-on | Source |
Portfolio by sector
From the firm's portfolio page S5.
Life Sciences Outsourcing
- Alliance Clinical Network
- Assembled Intelligence
- HealthCentral
Provider & Payor Services
- Choice Healthcare Services
- Genetics & IVF Institute Active (now part of US Fertility)
- Lighthouse Behavioral Health Solutions
- TFP Fertility Group
- Theoria Medical
- United Vein & Vascular Centers
- Unlock Health
- US Fertility
Past investments: SSI Strategy, US Digestive Health, OPEN Health, Synteract
Greymont’s take
How Amulet Capital Partners fits a seller
Amulet fits owners of sizable healthcare businesses, especially in physician practice management, fertility, behavioral health and clinical research, who want a healthcare specialist rather than a generalist. Its equity checks point to companies that are already large, so a smaller practice or service business is more likely to join one of its platforms, as Atlas Clinical Research did with Alliance Clinical Network in 2026 and Stratevi did with Minds + Assembly in 2025.
Founders often stay on. Theoria's founder remained CEO and a major shareholder in 2024, and TFP kept its chief executive in 2026. Amulet also holds some companies for many years and brings in new investors instead of selling outright, as it did with US Fertility in 2025 and again in 2026. An owner rolling equity should ask how long the fund expects to hold, and whether a later recapitalization would let them sell part of their stake.
Questions owners ask
Does Amulet Capital invest outside healthcare?
No. The firm says it invests only in healthcare, split between provider and payor services and life sciences outsourcing businesses that serve drug and device makers.
How large are Amulet's investments?
Its criteria page puts the typical equity check at $75 million to $150 million per platform, with extra capital held back for add-on acquisitions. That points to larger, established companies.
Does Amulet invest in dental or physician practices?
It backs management services organizations that support practices. Current examples include Choice Healthcare Services, a pediatric dental support organization in the western US, United Vein & Vascular Centers and US Fertility.
What has Amulet sold recently?
It sold SSI Strategy to Clinigen in September 2025 and exited US Digestive Health to a strategic buyer in January 2025. In September 2026 it moved US Fertility into a continuation vehicle led by StepStone.
Sources
- S1Amulet Capital home page (AUM as of June 30, 2026) Accessed October 20, 2026
- S2Amulet Capital: About (timeline) Accessed October 20, 2026
- S3Amulet Capital: Healthcare Focus Accessed October 20, 2026
- S4Amulet Capital: Investment Criteria Accessed October 20, 2026
- S5Amulet Capital: Portfolio (with linked company pages) Accessed October 20, 2026
- S6Amulet Capital: News Accessed October 20, 2026
- S7Amulet Capital: Contact (office locations) Accessed October 20, 2026
- S8Amulet Capital Closes Third Fund Above Target at $1.2 Billion (July 29, 2024) Accessed October 20, 2026
- S9Amulet Capital Partners Announces Investment in TFP Fertility Group (May 7, 2026) Accessed October 20, 2026
- S10Amulet Capital: US Digestive Health company page Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Amulet Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction