At a glance
| Assets under management | $670M (as of Dec 2025) S2 |
|---|---|
| Latest fund | HCAP Partners V, L.P., $353M (Sep 2022) S6 |
| EBITDA range | $2M+ S3 |
| Revenue range | $10M to $100M S3 |
| Check size | $5M to $35M S3 |
| Deal types | Platform, Add-on, Minority, Growth S3 |
| Geography | United States S2 |
| Sectors | Healthcare Services, Software & SaaS, IT Services & MSP, Environmental & Waste, Industrial & Manufacturing |
What HCAP Partners buys
HCAP Partners is a San Diego investor that provides mezzanine debt and equity to lower middle market companies across the United States, with an emphasis on the West. It targets established businesses with $10 million to $100 million of annual sales and at least $2 million of EBITDA, and puts in $5 million to $35 million per deal. Its main sectors are healthcare, technology, services and manufacturing. It does not fund start-ups.
HCAP can lend subordinated debt with equity features, buy preferred stock, take a minority growth stake or buy control. It says it is usually a minority shareholder, but in 2025 it formed Integrated Diagnostic Services as its own platform and has since added three mobile diagnostics companies to it. It also invests alongside buyout firms, as it did with Salt Creek Capital at Real Diagnostics. HCAP has managed more than $670 million across four funds and works with each company on pay, benefits and job quality through what it calls the Gainful Jobs Approach.
Recent deals
Announced in the 24 months before October 28, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | ApprioDebt investment exited as CanAide was sold to Med-Metrix and the federal technology business went to Travers Strategic Holdings | Exit | IT Services & MSP | Source |
| Jan 2026 | Core Analytics Lab & RadiologyCalifornia mobile radiology and lab provider added to Integrated Diagnostic Services; its leaders stay involved | Add-on | Healthcare Services | Source |
| Dec 2025 | Puzzle HealthcareGrowth investment in a Detroit post-acute care coordination company working in skilled nursing facilities | Investment | Healthcare Services | Source |
| Nov 2025 | IND, Inc.Capital for management to buy out the majority shareholder of a semiconductor cleaning and coating services firm; the founder stays CEO | Investment | Industrial & Manufacturing | Source |
| Nov 2025 | Federal ECCapital supporting Crescent Peak and FVLCRUM's purchase of a Georgia trenchless pipe rehabilitation contractor | Investment | Construction Services | Source |
| Sep 2025 | Real DiagnosticsCapital supporting Salt Creek Capital's purchase of the clinical lab, which serves physician offices in 17 states | Investment | Healthcare Services | Source |
| Aug 2025 | SaphyreEquity stake exited as FTV Capital led a $70 million growth round | Exit | Software & SaaS | Source |
| Jul 2025 | Community of Nevada DiagnosticsLas Vegas and Reno mobile imaging provider added to Integrated Diagnostic Services | Add-on | Healthcare Services | Source |
| May 2025 | ArosaExit from the national in-home senior care provider; terms not disclosed | Exit | Healthcare Services | Source |
| Apr 2025 | First Choice Mobile RadiologySouthern California mobile imaging provider, the first add-on for Integrated Diagnostic Services | Add-on | Healthcare Services | Source |
| Mar 2025 | Integrated Diagnostic ServicesNew mobile diagnostics platform for senior care facilities, formed with two industry veterans | Platform | Healthcare Services | Source |
| Feb 2025 | Chordline HealthCare management software company sold to a strategic buyer | Exit | Software & SaaS | Source |
Portfolio by sector
From the firm's portfolio page S4.
Fund IV: Healthcare / Services / Technology
- BetterNight
Fund IV: Services
- Dyper
Fund IV: Technology / Services
- Lone Star Analysis
Fund V: Healthcare
- New Promise Neuropathy
- Puzzle Healthcare
Fund V: Healthcare / Technology
- Cubex
Fund V: Healthcare / Technology / Software
- Xevant
Fund V: Services
- Federal EC
- Gondola Skate
- PACIV
- Simplified E-Solutions
Fund V: Services / Healthcare
- Integrated Diagnostic Services
- PAX Health
- Real Diagnostics
Fund V: Services / Software / Technology
- Flume
- Lumifi
Fund V: Services / Technology
- IND, Inc.
- Pacific Coast Entertainment (PCE)
Past investments: Apprio
Greymont’s take
How HCAP Partners fits a seller
HCAP fits an owner who wants growth or acquisition capital without handing over control, or who needs money to buy out a partner or majority holder. In the November 2025 IND deal, HCAP's capital let management buy out the majority shareholder, and the founder stayed on as CEO. Because much of its money comes as mezzanine debt, owners should expect regular interest payments and some loan covenants, though HCAP says its covenants are looser than a bank's.
The firm pairs its capital with board seats and a hands-on push to improve pay, benefits and career paths for employees. An owner should ask exactly how HCAP's return is structured (interest, warrants, royalties or equity) and what exit plan it expects, since HCAP says it agrees on an exit approach with the owner before it commits equity.
Questions owners ask
Does HCAP take control of companies?
Sometimes. Its structures include majority control acquisitions, and in 2025 it formed and built Integrated Diagnostic Services as its own platform. More often it says it is a minority shareholder, which means it cannot force a sale of the company.
What size company does HCAP invest in?
It looks for established US companies with $10 million to $100 million of annual sales and $2 million or more of EBITDA, and invests $5 million to $35 million per deal. It does not finance start-ups.
Does HCAP invest alongside private equity firms?
Yes. In 2025 it put money behind Salt Creek Capital's purchase of Real Diagnostics and behind Crescent Peak and FVLCRUM's purchase of Federal EC. Its fact sheet says its structures appeal to both closely held companies and private equity firms.
What is HCAP's Gainful Jobs Approach?
It is HCAP's framework for measuring and improving job quality at the companies it backs. At Chordline Health it led to new pay bands, a 401(k) match, a bonus plan and career development programs.
Sources
- S1HCAP Partners home page Accessed October 28, 2026
- S2HCAP Partners: About the Firm and Our Funds (as of 12/31/2025) Accessed October 28, 2026
- S3HCAP Partners: Our Approach and Investment Criteria Accessed October 28, 2026
- S4HCAP Partners: Portfolio Companies Accessed October 28, 2026
- S5HCAP Partners Fact Sheet (Rev 0926B) Accessed October 28, 2026
- S6HCAP Partners Announces Final Close of New $353 Million SBIC Fund (September 15, 2022) Accessed October 28, 2026
- S7HCAP Partners Announces Investment in IND, Inc. (November 20, 2025) Accessed October 28, 2026
- S8HCAP Partners Announces Exit of Chordline Health (February 26, 2025) Accessed October 28, 2026
- S9HCAP Partners: Simplified E-Solutions Accessed October 28, 2026
- S10HCAP Partners News Accessed October 28, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with HCAP Partners. Figures are as reported on the dates shown and may have changed. Request a correction