Healthcare-focused private equity firm
Pharos Capital Group
- HeadquartersDallas, TX S1
- Founded1998 S1
- Websitepharosfunds.com
- Last verifiedOctober 20, 2026
At a glance
| EBITDA range | $2M+ S2 |
|---|---|
| Revenue range | $10M+ S2 |
| Check size | $25M to $50M S2 |
| Deal types | Platform, Add-on S3 |
| Geography | United States S3 |
| Sectors | Healthcare Services |
What Pharos Capital Group buys
Pharos is a Dallas firm, with a second office near Nashville, that was started in 1998 by an emergency room doctor and a business partner and has invested only in healthcare since 2013. It buys control of established U.S. healthcare companies whose growth widens access to care for rural towns, low-income city neighborhoods and tribal lands. Its target areas include behavioral health, chronic disease and kidney care, home health and hospice, telehealth, diagnostics and medical devices for chronic conditions. It does not back pre-revenue life sciences, drug or biotech companies.
The firm puts $25 million to $50 million into each platform and looks for at least $10 million of revenue, $2 million of EBITDA and growth of 20% or more. There is no minimum for add-ons, so a smaller provider is most likely to meet Pharos as a tuck-in for a current company such as THEMA Health Services in Arizona, Sanderling Renal Services or The Family Treatment Network.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| May 2025 | Seaside Healthcare community services divisionHome and community-based behavioral health agencies of former Pharos company Seaside Healthcare sold to SUN Behavioral Health; Seaside's inpatient hospitals were not part of the sale | Exit | Healthcare Services | Source |
| 2025 | Tribal HealthClinical staffing, practice management and consulting for Tribal nations, rural hospitals and Indian Health Service sites, held in Pharos IV | Platform | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
Behavioral Health / Autism and Adolescent
- The Family Treatment Network
Behavioral Health / Telehealth
- FasPsych
Developmental Disability Services
- Baroco Corporation
Dialysis / Renal Services / Telehealth
- Sanderling Renal Services
Healthcare Staffing
- Tribal Health
Home Health / Hospice / Palliative Care
- THEMA Health Services
Medical Devices / Remote Patient Monitoring
- RhythMedix
Nephrology / Chronic Care Management
- Renal Care 360
Primary Care / Value-Based Care
- Complete Health
Surgical Services / Ophthalmology
- Vantage Surgical Solutions
Past investments: Atherotech, Aurora Imaging Technology, Beacon Specialized Living Services, EBS, MedFinders, MOTION PT Group, Pioneer Surgical Technology, Seaside Healthcare, TechLab, Windsor Health Group
Greymont’s take
How Pharos Capital Group fits a seller
Pharos fits owners of healthcare service businesses that care for patients other investors tend to skip: rural communities, Medicaid and Medicare populations, people with serious mental illness or developmental disabilities, and tribal lands. Its criteria say it mostly works with founder-owned companies, in situations that range from an owner's retirement to a recapitalization where the seller keeps a meaningful stake. It often adds seasoned healthcare executives next to the current leaders, which suits physician owners who cannot run growth full time. In the 2024 RhythMedix deal, the founders reinvested and kept their roles.
Because the mission is part of the investment test, an owner should be ready to show how the business improves access or outcomes. Good questions to ask: how much equity Pharos expects the owner to roll over, and how far its current fund is into its life, since that shapes how long Pharos plans to hold the company.
Questions owners ask
How big does a company need to be for Pharos?
Its approach page asks for at least $10 million of revenue and $2 million of EBITDA, with a growth target of 20% or more. It invests $25 million to $50 million per platform and sets no minimum for add-on acquisitions.
Does Pharos invest outside healthcare?
No. The firm says it has invested only in healthcare since 2013, and it does not back pre-revenue life sciences, pharmaceutical or biotech companies. It wants businesses that deliver or enable patient care.
Do founders stay involved after Pharos invests?
Often, yes. Pharos says it works mainly with founder-owned businesses, including recapitalizations with significant rollover, and it places experienced operators beside existing leaders. When it bought a majority of RhythMedix in January 2024, the founders reinvested and stayed in their roles.
What does Pharos mean by underserved communities?
It uses a broad definition: rural and remote areas, places with few providers, patients who rely on Medicaid or Medicare, and Native American tribal lands. The firm says its portfolio companies serve patients in all 50 states.
Sources
- S1Pharos Capital Group home page Accessed October 20, 2026
- S2Pharos: Our Approach (investment criteria) Accessed October 20, 2026
- S3Pharos: Healthcare Investment Portfolio and investment criteria Accessed October 20, 2026
- S4Pharos News and Press Releases Accessed October 20, 2026
- S5Pharos Capital Makes Majority Investment in RhythMedix Cardiac Monitoring Platform (January 14, 2024) Accessed October 20, 2026
- S6Pharos portfolio: Tribal Health Accessed October 20, 2026
- S7SUN Behavioral Health Acquires Seaside's Community Agencies (May 2, 2025) Accessed October 20, 2026
- S8Tribal Health Announces Telepsychiatry Services (May 21, 2026) 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 Pharos Capital Group. Figures are as reported on the dates shown and may have changed. Request a correction