Healthcare-focused private equity firm

Heritage Group

At a glance

Assets under management$1B (as of Oct 2026) S3
Latest fundHeritage Healthcare Innovation Fund IV, $370M (Jul 2025) S5
Deal typesPlatform, Minority, Growth S7
SectorsHealthcare Services, Software & SaaS

What Heritage Group buys

Heritage Group is a Nashville private equity firm that invests only in healthcare. Healthcare entrepreneurs started it in 1986, and it now manages about $1 billion across four funds, the newest a $370 million fund closed in July 2025. Its investors are large hospital systems, insurers and healthcare service companies, and they help Heritage spot problems worth solving and then work with its portfolio companies. Current holdings include value-based primary care, in-home care for complex patients, behavioral health and addiction treatment, hospital telemedicine, home medical equipment, infusion services, anesthesia and radiology practices, and software for providers and payers.

Heritage takes both majority and minority stakes in fast-growing healthcare services and technology companies. It often invests next to another sponsor, as it did when it joined GTCR in Equiti. It does not publish revenue or EBITDA ranges. Smaller companies most often meet Heritage through its holdings, several of which keep buying: Nationwide Medical, Wellvana, Equum Medical and Valera Health all made acquisitions in 2025 or 2026.

Recent deals

Announced in the 24 months before October 20, 2026.

DateCompanyTypeSectorSource
Apr 2026Dynamic Healthcare ServicesHome respiratory supplies, medical equipment and oxygen provider in Pennsylvania and New Jersey added to Nationwide MedicalAdd-onHealthcare ServicesSource
Jul 2025Heritage Healthcare Innovation Fund IVFourth fund closed at over $370 millionFund closeSource
Jun 2025Vita HealthVirtual suicide risk reduction provider added to Valera Health, a virtual mental health platform Heritage backsAdd-onHealthcare ServicesSource
May 2025VeeOne Health clinical services portfolioTelehealth clinical services added to Equum MedicalAdd-onHealthcare ServicesSource
Mar 2025CVS Accountable Care MSSP businessWellvana bought CVS Health's Medicare Shared Savings Program business in an all-stock deal that gave CVS a minority stake in WellvanaAdd-onHealthcare ServicesSource
Dec 2024Nationwide MedicalPartnership with a home medical equipment and sleep and respiratory care provider serving patients in 49 statesInvestmentHealthcare ServicesSource

Portfolio by sector

From the firm's portfolio page S3.

Current Investments

  • AvaSure
  • Connections Health Solutions
  • Conversio Health
  • Curana Health
  • Enlace Health
  • Equiti
  • Equum Medical
  • Frontier Direct
  • Medical Solutions
  • Mindoula
  • Monogram Health
  • Nationwide Medical
  • Radiology Partners
  • Relode
  • Reputation
  • Shearwater Health
  • SperoHealth
  • TwelveStone Health Partners
  • U.S. Anesthesia Partners
  • Upward Health
  • Wellvana

Greymont’s take

How Heritage Group fits a seller

Heritage suits founders of healthcare services or healthcare technology businesses who want growth capital and a path to large customers. Its investors include major hospital systems, payers and service companies, and those relationships are the main thing Heritage brings beyond money. Because it takes minority as well as majority stakes, an owner may be able to sell part of the company, keep running it, and share the cap table with another investor.

Heritage aims at high-growth companies and often invests next to other funds, as at Valera Health and Equiti, so it is a less obvious buyer for an owner who wants to sell the whole business and step away. Owners of smaller firms in areas like home medical equipment may find a better route as an add-on to a holding such as Nationwide Medical. An owner should ask whether Heritage would lead the deal or join another sponsor, and which of its strategic investors could become customers.

Questions owners ask

Does Heritage Group only invest in healthcare?

Yes. It calls itself a healthcare-focused private equity firm and targets high-growth healthcare services and healthcare technology businesses that address problems in the U.S. healthcare system.

Who are Heritage's investors?

Its limited partners are large healthcare organizations, including hospital systems, payers and service providers. Its 2024 Equiti announcement said they operate more than 800 hospitals and insure over 75 million lives.

Does Heritage take minority stakes?

Yes. It makes both majority and minority investments. In September 2024 it joined GTCR as an investor in Equiti, a healthcare language interpretation company that GTCR had backed earlier that year.

How large is Heritage's latest fund?

Heritage closed its fourth fund in July 2025 at over $370 million. Its portfolio page says the firm manages about $1 billion across its four funds.

Sources

  1. S1Heritage Group home page Accessed October 20, 2026
  2. S2Heritage Group: Our Model Accessed October 20, 2026
  3. S3Heritage Group: Portfolio (current and realized investments) Accessed October 20, 2026
  4. S4Heritage Group: News Accessed October 20, 2026
  5. S5Heritage Group Closes on $370 Million Fourth Fund (Heritage news post, July 24, 2025) Accessed October 20, 2026
  6. S6Heritage Group Closes on $370 Million Fourth Fund (Business Wire, July 24, 2025; not opened, site refused our user agent) Accessed October 20, 2026
  7. S7Heritage Group Joins GTCR as Investor in Equiti (PR Newswire, September 10, 2024) Accessed October 20, 2026
  8. S8Nationwide Medical Announces Partnership with Heritage Group (Heritage news post, December 12, 2024) Accessed October 20, 2026
  9. S9Nationwide Medical Announces Strategic Acquisition of Dynamic Healthcare Services (April 16, 2026) Accessed October 20, 2026
  10. S10Wellvana Acquires CVS Health's MSSP Business (March 4, 2025) Accessed October 20, 2026
  11. S11Valera Health Acquires Vita Health (June 4, 2025) Accessed October 20, 2026
  12. S12Equum Medical Acquires VeeOne Health's Clinical Services Portfolio (Heritage news post, May 21, 2025) 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 Heritage Group. Figures are as reported on the dates shown and may have changed. Request a correction

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