Health care private equity and growth investment firm

Patient Square Capital

At a glance

Assets under management$19B (as of Oct 2026) S1
Latest fundPatient Square Equity Partners, $3.9B (Feb 2023) S8
Deal typesPlatform, Add-on, Growth S2
SectorsHealthcare Services, Distribution

What Patient Square Capital buys

Patient Square Capital is a health care investment firm founded in 2020 by Jim Momtazee, who earlier led KKR's health care group. It has offices in Menlo Park and New York and manages about $19 billion. It invests only in health care and works across the whole field: providers, tech-enabled services, distribution, medical devices and diagnostics, commercial-stage drugs and early-stage drug development.

Its control deals are large. In 2025 it took private Patterson Companies, a dental and animal health distributor, and Premier, a hospital purchasing and technology company valued at $2.6 billion. In 2026 it agreed to buy Paradigm, a workers' compensation care management company. It also leads big growth rounds, such as a $190 million Series B for Osanni Bio. Patient Square does not publish size criteria. A smaller provider is most likely to meet it as an add-on to a platform such as Hanger, which runs about 925 orthotics and prosthetics clinics and agreed in 2026 to buy Numotion.

Recent deals

Announced in the 24 months before October 22, 2026.

DateCompanyTypeSectorSource
Sep 2026NumotionHanger agreed to buy the mobility and rehab technology provider from AEA Investors, forming Hanger Numotion under Patient Square's controlAdd-onHealthcare ServicesSource
Jun 2026Osanni BioLed a $190 million Series B for the development-stage drug companyGrowthSource
Feb 2026ParadigmAgreement to buy the Walnut Creek, California care management company from OMERS Private EquityPlatformHealthcare ServicesSource
Jan 2026Radius HealthB-FLEXION Life Sciences agreed to buy the shares held by Patient Square affiliates in the bone health drug companyExitSource
Nov 2025PremierCompleted the $2.6 billion take-private of the hospital purchasing and performance improvement companyPlatformHealthcare ServicesSource
May 2025ChenMedInvestment in the Medicare Advantage primary care provider, dated on Patient Square's portfolio pageInvestmentHealthcare ServicesSource
Apr 2025Patterson CompaniesCompleted take-private of the dental and animal health distributor, which closed April 17, 2025PlatformDistributionSource
Mar 2025LXE HearingEargo and hearX merged into LXE Hearing with $100 million of funding from Patient SquareInvestmentSource
Oct 2024CorroHealthStrategic investment in the revenue cycle management company, with joint control shared with CarlylePlatformHealthcare ServicesSource

Portfolio by sector

From the firm's portfolio page S4.

Development-Stage Therapeutics

  • Apollo Therapeutics
  • Enavate Sciences
  • GondolaBio
  • Kriya Therapeutics
  • Osanni Bio

Health Care Providers

  • ChenMed
  • Hanger
  • Summit BHC

Medical Devices, Diagnostics, & Life Science Tools

  • Elevage Medical Technologies

Tech-Enabled & Other Services

  • Access Telecare
  • CorroHealth
  • Paradigm
  • Patterson
  • Premier
  • Syneos Health

Past investments: LXE Hearing, Radius Health, Resolve Biosciences

Greymont’s take

How Patient Square Capital fits a seller

Patient Square suits owners of large health care service, provider and distribution businesses who want a buyer that knows the sector well and can write a very large check. Most of its control deals so far have been take-privates of public companies, such as Hanger, Patterson and Premier, or purchases from other investment firms, such as Paradigm from OMERS Private Equity. At CorroHealth it shares control with Carlyle, so it is open to partnering with an existing owner.

Owners of smaller clinics and practices are more likely to deal with one of its platforms; Hanger, Summit BHC and ChenMed are the clearest fits for providers. Before agreeing to a sale, an owner should ask whether the platform plans to keep the existing brand and clinical operations, as Hanger and Numotion said they would after combining, and how long Patient Square expects to hold the business.

Questions owners ask

What does Patient Square Capital invest in?

Only health care. Its stated target areas are development-stage therapeutics, commercial-stage pharmaceuticals, medical devices, diagnostics and life science tools, health care providers, and tech-enabled and other services.

How large are Patient Square's deals?

Large. It completed the $2.6 billion take-private of Premier in November 2025 and the take-private of Patterson Companies in April 2025, and it led a $190 million Series B for Osanni Bio in June 2026. It does not publish size criteria.

Does Patient Square buy health care providers?

Yes. Its current provider holdings include Hanger, which runs about 925 orthotics and prosthetics clinics in the US, the behavioral health company Summit BHC, and ChenMed, a Medicare Advantage primary care provider it invested in during May 2025.

Has Patient Square sold any companies?

In January 2026, B-FLEXION Life Sciences agreed to buy the Radius Health shares held by Patient Square affiliates, about three and a half years after the two firms took Radius private in August 2022.

Sources

  1. S1Patient Square Capital home page Accessed October 22, 2026
  2. S2Patient Square Capital: About Accessed October 22, 2026
  3. S3Patient Square Capital: Approach (target subsectors) Accessed October 22, 2026
  4. S4Patient Square Capital: Portfolio (with company pages giving investment date, subsector and status) Accessed October 22, 2026
  5. S5Patient Square Capital: News Accessed October 22, 2026
  6. S6Patient Square Capital: Contact (office list) Accessed October 22, 2026
  7. S7Patient Square Capital Formed To Become The Premier, Dedicated Health Care Investment Firm (August 17, 2020) Accessed October 22, 2026
  8. S8Patient Square Capital Announces Record $3.9 Billion Inaugural Fund (February 1, 2023) Accessed October 22, 2026
  9. S9Hanger and Numotion to Combine, Creating a Leader in Mobility and Patient Care (September 10, 2026) Accessed October 22, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Patient Square Capital. Figures are as reported on the dates shown and may have changed. Request a correction

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