Middle market private equity firm
FFL Partners
- HeadquartersSan Francisco, CA S1
- Founded1997 S5
- Websitefflpartners.com
- Last verifiedOctober 26, 2026
At a glance
| Latest fund | FFL Capital Partners VI, $1.4B (Oct 2026) S11 |
|---|---|
| Check size | $50M to $200M S2 |
| Deal types | Platform, Add-on, Growth, Minority S4 |
| Geography | North America S2 |
| Sectors | Healthcare Services, Property Management & HOA, IT Services & MSP, Dental, Accounting & Professional Services |
What FFL Partners buys
FFL Partners is a San Francisco firm that has invested in middle market companies since 1997 and reports $7 billion of cumulative capital commitments. It works in just two areas, healthcare and tech-enabled services, and keeps about 20 narrow subsectors under study at any time, often for years before it buys. Recent picks include behavioral pharmacy, infusion therapy, medical equipment repair, IT managed services for regulated industries, outsourced CFO consulting and HOA property management.
FFL usually invests $50 million to $200 million of equity per deal, in control or significant minority positions, and always takes board seats. It wants growing North American companies with strong service reputations and managers who can scale. That size points to established businesses, so a smaller company is more likely to meet FFL as an add-on: an HOA manager joining Pioneer HOA, or an orthodontic or orthopedic practice joining one of its practice groups. Monarch Digital Partners, a vehicle FFL co-founded in 2025, backs founders of digital and IT services firms with $10 million to $50 million of revenue.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | FFL Capital Partners VISixth fund closed with more than $1.35 billion, about 50 percent larger than Fund V and above its $1 billion target; same healthcare and tech-enabled services focus and $50 million to $200 million equity checks | Fund close | Source | |
| Oct 2026 | Ally TechnicalNashville company that services and repairs medical equipment, renamed from Althea US at the time of the investment | Growth | Healthcare Services | Source |
| Sep 2026 | Waylin PartnersChicago finance and accounting consultancy for private equity-owned companies, founded in 2022; its co-founders remain managing partners | Investment | Accounting & Professional Services | Source |
| Jul 2026 | Apex InfusionAgreement to bring in SkyKnight Capital as the infusion provider's new partner; FFL keeps a minority stake | Exit | Healthcare Services | Source |
| Mar 2026 | Pioneer HOANew holding company for HOA management firms, launched by buying a full-service HOA manager in the Western US | Platform | Property Management & HOA | Source |
| Jan 2026 | AnovaRemote monitoring software and sensor company for industrial assets, sold to Aurora Capital Partners | Exit | Software & SaaS | Source |
| Oct 2025 | Janus RXBehavioral health pharmacy with more than 40 locations in 19 states; the founder stays on as CEO | Platform | Healthcare Services | Source |
| Jul 2025 | Monarch Digital PartnersCo-founded with Bill Petty to back founders of digital and IT services firms | Investment | IT Services & MSP | Source |
| Jul 2025 | Abacus and Medicus ITTwo FFL-owned IT managed service providers combined into one MSP for financial services and healthcare clients | Investment | IT Services & MSP | Source |
Portfolio by sector
From the firm's portfolio page S3.
Healthcare
- Ally Technical
- Apex Infusion
- Autism Learning Partners
- Community Medical Services
- Janus RX
- New Look Vision Group
- One Senior Care
- Orthodontic Partners
- Perlman Clinic
- Sequoia Clinical Research
- U.S. Orthopaedic Partners
- WellStreet Urgent Care
Tech-Enabled Services
- Abacus
- ALKU
- Optomi Professional Services
- Pebl
- Pioneer HOA
- Waylin Partners
Greymont’s take
How FFL Partners fits a seller
FFL suits owners of established healthcare services companies, IT managed service providers and HOA property management firms. In March 2026 it formed Pioneer HOA to buy HOA managers across the country, and Pioneer says firms that join keep their local brand and staff. In IT services it combined Abacus and Medicus IT in 2025 into one MSP for financial and healthcare clients, and its Monarch vehicle gives smaller digital services founders a separate route in. Founders often stay: Janus RX's founder remained CEO after FFL invested in 2025. When FFL brings in a new owner it sometimes keeps a minority stake, as it did with Apex Infusion in 2026. An owner should ask whether the business would be a new platform or an add-on, and how much of the local brand, team and day-to-day control would remain after the sale.
Questions owners ask
Does FFL Partners buy HOA management companies?
Yes. In March 2026 it formed Pioneer HOA, a holding company for HOA property management firms, by buying a full-service manager focused on the Western US. Pioneer said at launch that it is actively looking for more acquisitions.
How much does FFL typically invest?
FFL says it generally commits $50 million to $200 million of equity per transaction, with larger amounts in select cases. It always seeks board seats but is flexible on structure, including significant minority stakes.
Does FFL invest in IT managed service providers?
Yes. Abacus, an MSP for financial services and healthcare clients based in New York, is a current holding, and in July 2025 FFL merged it with Medicus IT, a healthcare-focused MSP it also owned. Its Monarch Digital Partners vehicle targets digital services firms with $10 million to $50 million of revenue.
Does FFL work with founders?
Often. Janus RX's founder stayed on as CEO after FFL's October 2025 investment, and Waylin Partners' two co-founders remain its managing partners after FFL invested in September 2026.
Sources
- S1FFL Partners home page Accessed October 19, 2026
- S2FFL Partners: The FFL Approach (investment parameters) Accessed October 19, 2026
- S3FFL Partners: Portfolio Accessed October 19, 2026
- S4FFL Partners Raises Over $900 Million for Fifth Fund (May 25, 2022) Accessed October 19, 2026
- S5FFL Partners 2025 Year in Review (February 25, 2026) Accessed October 19, 2026
- S6FFL Partners Forms Pioneer HOA (March 9, 2026) Accessed October 19, 2026
- S7Abacus and Medicus IT Merge (July 15, 2025) Accessed October 19, 2026
- S8Apex Infusion Partners with SkyKnight Capital (Business Wire, July 24, 2026) Accessed October 19, 2026
- S9Monarch Digital Partners home page Accessed October 19, 2026
- S10FFL Partners News Accessed October 19, 2026
- S11FFL Partners Closes Oversubscribed Fund VI with More than $1.35 Billion of Capital Commitments (October 21, 2026) Accessed October 26, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with FFL Partners. Figures are as reported on the dates shown and may have changed. Request a correction