Healthcare-focused private equity firm
Martis Capital
Formerly Capricorn Healthcare
- HeadquartersWashington, DC S6
- Founded2011 S5
- Websitemartiscapital.com
- Last verifiedOctober 20, 2026
At a glance
| Latest fund | Martis Partners IV, $779M (Jun 2023) S4 |
|---|---|
| Check size | $25M to $100M S2 |
| Deal types | Platform, Growth, Add-on S2 |
| Geography | North America S2 |
| Sectors | Healthcare Services, Dental, Software & SaaS |
What Martis Capital buys
Martis Capital is a private equity firm that invests only in healthcare. It has offices in Washington, DC, San Francisco and Miami, and says it has raised more than $2.2 billion since 2011. Its fourth fund, Martis Partners IV, closed in June 2023 with $779 million, above its $700 million target. Martis makes buyout and growth equity investments in middle-market North American healthcare companies in four areas: services and outsourcing, healthcare IT, consumer and wellness, and products and diagnostics.
The firm says it usually puts $25 million to $100 million or more of equity into each company. Its current holdings lean toward provider and outsourced services, such as home care, post-acute physician groups, primary care clinics, clinical research sites and a dental partnership in the Northeast. Several of its platforms, including WellHaven Pet Health and Alcanza Clinical Research, started with one business and grew through a long run of acquisitions, so a smaller healthcare company is most likely to meet Martis as an add-on to a company it already owns.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | WellHaven Pet HealthNetwork of more than 40 veterinary hospitals that Martis founded from a single Portland clinic, sold to GoodVets | Exit | Veterinary | Source |
| Jun 2026 | Deerfield GroupMajority stake in a Philadelphia-area marketing, media and communications agency for pharma and biotech clients; founders and managers kept a significant stake | Platform | Source | |
| November 2024 | MedCap HealthPhysician-led primary care for patients in long-term care facilities, in partnership with its founder and CEO | Platform | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
Facility-Based Services
- ShareMD Current
Healthcare Technology
- Qualifacts Current
Products & Diagnostics
- DCN Dx Current
Services & Outsourcing
- Alcanza Clinical Research Current
- Amivie Current
- Archway Dental Partners Current
- Deerfield Group Current
- Healthy Living Network Current
- Lighthouse Lab Services Current
- MedCap Health Current
- Primor Health Current
Past investments: WellHaven PetHealth, HeartFlow, Breg, CPF Senior Living, Care Hospice, Centria Healthcare, CitizensRx, U.S. Medical Management, HealthPlan Services, AAI Pharma, Altruista Health, HHA eXchange, Epic Systems, Frequentz, Metabiota, Performance Health, Banyan Finance
Greymont’s take
How Martis Capital fits a seller
Martis suits founders of healthcare businesses who want a buyer that works only in healthcare and who plan to stay involved after the deal. Its June 2026 Deerfield Group investment shows a common shape: Martis took a majority stake while the founders and managers kept a significant share. The firm also likes to build platforms from a single starting company and grow them through acquisitions, as it did with WellHaven, which went from one veterinary hospital to more than 40 before its sale to GoodVets in September 2026.
Because its equity check usually starts around $25 million, a smaller practice or service company is more likely to join an existing Martis company than to become a new platform. An owner should ask which current platform their business would fit into, and what role the founder and the rolled equity played when Martis sold past companies.
Questions owners ask
Does Martis Capital invest outside healthcare?
No. Martis invests only in healthcare. Its criteria cover services and outsourcing, healthcare IT, consumer and wellness, and products and diagnostics companies in North America.
How large an investment does Martis make?
Its criteria page lists an equity need of $25 million to $100 million or more per company. Its latest fund, Martis Partners IV, closed in June 2023 at $779 million.
Do founders keep a stake after Martis invests?
Often, yes. In the June 2026 Deerfield Group deal, Martis bought a majority stake and the founders and members of the management team kept a significant ownership interest.
Does Martis grow its companies through add-ons?
Yes. Alcanza Clinical Research, which Martis started in 2021, bought Innovation Medical Research Center in Florida in April 2024, its ninth acquisition since launch. WellHaven also grew through acquisitions before its 2026 sale.
Sources
- S1Martis Capital home page Accessed October 20, 2026
- S2Martis Capital: The Martis Way (investment criteria) Accessed October 20, 2026
- S3Martis Capital: Our Companies Accessed October 20, 2026
- S4Martis Capital Closes Oversubscribed Fourth Fund at $779 Million (June 7, 2023) Accessed October 20, 2026
- S5Martis Capital Acquires Majority Stake in Deerfield Group (June 30, 2026) Accessed October 20, 2026
- S6PR Newswire: Martis Capital Acquires Majority Stake in Deerfield Group (June 30, 2026) Accessed October 20, 2026
- S7GoodVets Acquires WellHaven Pet Health (September 24, 2026) Accessed October 20, 2026
- S8Martis Capital portfolio: MedCap Health (investment date November 2024) Accessed October 20, 2026
- S9Capricorn Healthcare rebrands as Martis Capital (August 23, 2018) Accessed October 20, 2026
- S10Alcanza Clinical Research Acquires Innovation Medical Research Center (April 2024) Accessed October 20, 2026
- S11Martis Capital 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 Martis Capital. Figures are as reported on the dates shown and may have changed. Request a correction