Healthcare private equity firm
Linden Capital Partners
- HeadquartersChicago, IL S6
- Founded2004 S1
- Websitelinden.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $14B (as of Aug 2026) S6 |
|---|---|
| Latest fund | Linden Capital Partners VI, $5.4B (Apr 2025) S4 |
| Deal types | Platform, Add-on, Minority S3 |
| Sectors | Healthcare Services, Dental, Veterinary |
What Linden Capital Partners buys
Linden Capital Partners is a Chicago private equity firm founded in 2004 that invests only in healthcare. It calls itself the largest dedicated healthcare private equity manager, with about $14 billion of regulatory assets under management as of August 2026. It works in three areas: services (behavioral health, dental and physician groups, multi-site providers, pharmacy, payor and pharma services, post-acute care), products (contract manufacturing, devices, diagnostics, specialty drugs) and distribution. Each company gets help from a large bench of operating partners and a human capital program.
Linden invests from two pools. Its buyout fund, Linden Capital Partners VI, closed in April 2025 at $5.4 billion including the GP commitment and backs control deals in middle market companies. Linden Structured Capital Fund II, a $400 million fund closed the same month, makes non-control investments using securities with debt and equity features. Linden does not publish a size range, but its fund sizes point to larger companies. Smaller owners are more likely to meet Linden as an add-on to a platform such as Agape in hospice or ArtesRx in behavioral health pharmacy.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2026 | ArtesRxBehavioral health pharmacy group with 16 local pharmacies serving patients on complex medication regimens | Platform | Healthcare Services | Source |
| August 2026 | Relevate HealthCincinnati pharma commercialization and physician education firm | Platform | Source | |
| Jul 2026 | StatLab Medical ProductsAgreed sale to Leica Biosystems, part of Danaher, with co-owner Audax; StatLab made nine acquisitions under their ownership | Exit | Source | |
| Feb 2026 | Regenity BiosciencesCinven agreed to invest alongside Linden in the biomaterials maker | Investment | Source | |
| December 2025 | inReach HealthStructured capital investment in a provider of outsourced surgical, ophthalmology and rehab services to rural hospitals | Investment | Healthcare Services | Source |
| December 2025 | MetagenicsStructured capital investment in a maker of practitioner-recommended nutritional supplements | Investment | Source | |
| November 2025 | Klick HealthToronto-based life sciences commercialization firm covering brand strategy, media and medical communications | Platform | Source | |
| July 2025 | Agape Care GroupHospice and palliative care provider in the Southeast, based in Spartanburg, South Carolina | Platform | Healthcare Services | Source |
| Apr 2025 | Linden Capital Partners VI$5.2 billion of LP commitments plus a $200 million GP commitment, above its $4.5 billion target | Fund close | Source | |
| Apr 2025 | Linden Structured Capital Fund II$400 million for debt and equity-like investments in middle market healthcare companies | Fund close | Source |
Portfolio by sector
From the firm's portfolio page S3.
Private Equity
- Advarra
- Agape Care Group
- Alcresta Therapeutics
- Aptitude Health
- ArtesRx
- BioIVT
- Evolution Research Group (ERG)
- Formulated Solutions
- HOPCo
- Klick Health
- LifeStyles
- MeriCal
- Relevate Health
- Sage Dental
- Smile Doctors
- The HydraFacial Company
- Virtus Pharmaceuticals
- Vital Care
- Young Innovations
Private Equity and Structured Capital
- Aspirion
- Avalign Technologies
- IVX Health
- Pinnacle Treatment Centers
- Regenity Biosciences
- RQM+
- StatLab Medical Products Active (sale agreed July 2026)
Structured Capital
- Aspen Surgical
- BioTouch
- Blue River PetCare
- FinThrive
- GCX
- inReach Health
- Metagenics
- Penn Foster
- The IMA Group
- VetEvolve
Greymont’s take
How Linden Capital Partners fits a seller
Linden fits owners of sizable healthcare companies who want a buyer that knows their corner of the market and brings operating partners to help. Its newest platforms include Agape Care Group in hospice (July 2025) and ArtesRx in behavioral health pharmacy (August 2026), where CEO Dom Meffe stayed on and joined a board with Linden partners. Its structured capital fund is an option for owners or sponsors who want capital without selling control, since those investments are non-control.
Linden often works alongside other investors. It owned StatLab with Audax before agreeing to sell it to Leica Biosystems, and it brought Cinven into Regenity Biosciences in 2026. Owners should ask whether an offer comes from the buyout fund or the structured capital fund, since the two lead to very different levels of control, and how long Linden expects to hold before the next sale.
Questions owners ask
Does Linden invest outside healthcare?
No. Linden says it is focused only on the healthcare industry, across services, products and distribution, and every company on its current portfolio page is a healthcare or health-related business.
What is Linden Structured Capital?
It is Linden's second strategy, which invests in middle market healthcare companies through securities with both debt and equity features. Its second fund closed at $400 million in April 2025 and had made eight investments by then.
Does Linden back dental or veterinary businesses?
Yes. Its buyout funds own the dental service organizations Sage Dental and Smile Doctors, and its structured capital fund has invested in the veterinary platforms Blue River PetCare and VetEvolve.
How large is Linden?
Its August 2026 release cites about $14 billion of regulatory assets under management, and its sixth buyout fund closed in April 2025 at $5.4 billion, its largest fund to date.
Sources
- S1Linden Capital Partners: Our Firm Accessed October 20, 2026
- S2Linden Capital Partners: Industry Focus Accessed October 20, 2026
- S3Linden Capital Partners: Investments (Private Equity, Structured Capital, Past Investments) Accessed October 20, 2026
- S4Linden Completes Oversubscribed Fund VI Fundraise at $5.4 Billion (April 15, 2025) Accessed October 20, 2026
- S5Linden Capital Partners Announces Final Close of Structured Capital Fund II at $400 Million (April 1, 2025) Accessed October 20, 2026
- S6Linden Announces Partnership with ArtesRx (August 24, 2026) Accessed October 20, 2026
- S7Linden Capital Partners and Audax Private Equity Agree to Sell StatLab Medical Products to Leica Biosystems (July 14, 2026) Accessed October 20, 2026
- S8Regenity Biosciences Receives Strategic Investment from Cinven (February 12, 2026) Accessed October 20, 2026
- S9Linden Capital Partners: News 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 Linden Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction