Healthcare-focused lower middle market private equity firm

Regal Healthcare Capital Partners

  • HeadquartersNew York, NY S5
  • Founded2018 S6
  • Websiteregalhcp.com
  • Last verifiedOctober 20, 2026

At a glance

Latest fundRHCP IV, $610M (Jul 2026) S5
EBITDA range$2M to $10M S1
Revenue range$20M to $100M S1
Check size$30M to $70M S1
Deal typesPlatform, Add-on, Growth S2
SectorsHealthcare Services

What Regal Healthcare Capital Partners buys

Regal Healthcare Capital Partners is a New York private equity firm that invests only in healthcare services. Emergency physician and serial founder David Kim and former Jefferies healthcare banker Jon Santemma started it in 2018. Regal calls itself a control growth equity and buyout investor at the small end of the lower middle market. It looks for multi-site or provider-led businesses in fragmented fields with little reimbursement risk and strong demand. Its portfolio spans autism care, dental, dermatology, emergency room staffing, fertility, nurse staffing, home care, mental health, eyecare, kidney care and hospice.

Regal targets companies with $20 million to $100 million of revenue and $2 million to $10 million of EBITDA, and its typical equity investment is $30 million to $70 million. In July 2026 it closed its fourth fund at $610 million, above its $550 million target, for nearly $1.3 billion raised since 2018. A smaller practice is most likely to meet Regal as an add-on. InFocus Eyecare, the optometry group Regal formed in 2022, added eleven practices in the Southeast between September 2025 and July 2026.

Recent deals

Announced in the 24 months before October 20, 2026.

DateCompanyTypeSectorSource
Jul 2026Windermere OptiqueSuwanee, Georgia optometry practice joined InFocus EyecareAdd-onHealthcare ServicesSource
Jul 2026RHCP IVFourth fund closed at $610 million of commitments, above a $550 million targetFund closeSource
Apr 2026Leeds Family Eye CareAlabama practice became the 34th InFocus Eyecare location; the founding optometrist stays onAdd-onHealthcare ServicesSource
Mar 2026Smyrna Eye GroupAtlanta-area optometry practice joined InFocus EyecareAdd-onHealthcare ServicesSource
Jan 2026Performance VisionNorth Alabama optometry practice joined InFocus EyecareAdd-onHealthcare ServicesSource
Dec 2025Family Eyecare of RoswellFourth Georgia location for InFocus EyecareAdd-onHealthcare ServicesSource
Nov 2025Dunn Family Eye CareGreensboro practice, the third North Carolina location for InFocus EyecareAdd-onHealthcare ServicesSource
Oct 2025College Optical ExpressOrlando practice on the University of Central Florida campus joined InFocus EyecareAdd-onHealthcare ServicesSource
Oct 2025Eyes & Optics Winter ParkCentral Florida optometry practice joined InFocus EyecareAdd-onHealthcare ServicesSource
Sep 2025Lincoln County Vision CenterFayetteville, Tennessee practice acquired by InFocus EyecareAdd-onHealthcare ServicesSource
Sep 2025Family Eye Care of Marietta and For Your Eyes Only Eye CareInFocus Eyecare's first two Georgia acquisitions; patients keep the same providersAdd-onHealthcare ServicesSource

Portfolio by sector

From the firm's portfolio page S3.

Dental Services

  • Dental365 Minority stake retained

Eyecare Services

  • InFocus Eyecare

Fertility Services

  • Extend Fertility Active (unconfirmed)

In-Home Healthcare

  • Care2U Active (unconfirmed)

Mental Health Services

  • Thriveworks Active (unconfirmed)

Greymont’s take

How Regal Healthcare Capital Partners fits a seller

Regal suits owners of physician-led or multi-site healthcare services businesses who want a buyer that knows clinical work from the inside. Its co-founder is an emergency medicine physician who has been through a private equity sale three times himself, and the firm says clinical quality and provider alignment drive its decisions. For a platform deal a company needs real scale: $2 million of EBITDA is the floor and the typical equity check starts at $30 million. Smaller practices usually join an existing Regal platform. In the InFocus Eyecare deals, the selling optometrists kept seeing their own patients and gained shared support from a larger network.

Owners should ask whether Regal wants a majority stake or a growth investment, how much equity they can keep, and what the plan is for the next sale. Regal has sold before: when The Jordan Company bought Dental365 in 2021, Regal and its founders kept minority stakes.

Questions owners ask

What size company does Regal Healthcare look for?

Regal targets healthcare services companies with $20 million to $100 million of revenue and $2 million to $10 million of EBITDA. Its typical equity investment is $30 million to $70 million.

Does Regal invest outside healthcare?

No. Regal describes itself as a fund focused only on healthcare services, and it favors multi-site or provider-led businesses with low exposure to reimbursement risk and fragmented markets where it can help a company grow.

How much capital does Regal have to invest?

Regal closed its fourth fund, RHCP IV, in July 2026 at $610 million of commitments, above its $550 million target. It has raised nearly $1.3 billion across four funds since 2018.

Can a small optometry practice sell to a Regal company?

Yes, through InFocus Eyecare, the eyecare group Regal formed with CEO Ryan Williams in 2022. Between September 2025 and July 2026 InFocus announced eleven practice acquisitions and partnerships in Georgia, Florida, Tennessee, North Carolina and Alabama.

Sources

  1. S1Regal Healthcare Capital Partners home page (investment targets) Accessed October 20, 2026
  2. S2Regal Healthcare Capital Partners: About Accessed October 20, 2026
  3. S3Regal Healthcare Capital Partners: Portfolio Accessed October 20, 2026
  4. S4Regal Healthcare Capital Partners: News & Insights Accessed October 20, 2026
  5. S5Regal Healthcare Capital Partners Closes Fund IV Above Target at $610 Million (July 7, 2026) Accessed October 20, 2026
  6. S6Regal Healthcare Capital Partners Closes $415 Million Fund III at Hard Cap (November 18, 2021) Accessed October 20, 2026
  7. S7Regal Healthcare Capital Partners Announces Formation of InFocus Eyecare (June 9, 2022) Accessed October 20, 2026
  8. S8Dental365 To Be Acquired by The Jordan Company, L.P. (July 26, 2021) Accessed October 20, 2026
  9. S9Thriveworks Partners with Wellington Management (July 26, 2021) Accessed October 20, 2026
  10. S10Sena Health Secures Investment from Regal Healthcare Capital Partners (January 12, 2023) Accessed October 20, 2026
  11. S11Extend Fertility Announces $15M Series A Investment by Regal Healthcare Capital Partners (February 4, 2019) Accessed October 20, 2026
  12. S12InFocus Eyecare News Accessed October 20, 2026
  13. S13InFocus Eyecare press releases on PR Newswire 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 Regal Healthcare Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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