Healthcare investment firm
Rubicon Founders
- HeadquartersNashville, TN S5
- Founded2021 S4
- Websiterubiconfounders.com
- Last verifiedOctober 20, 2026
At a glance
| Latest fund | Rubicon Founders Fund II, $1.2B S6 |
|---|---|
| Deal types | Platform, Growth S2 |
| Sectors | Healthcare Services |
What Rubicon Founders buys
Rubicon Founders is a Nashville healthcare investor that Adam Boehler launched in April 2021, after founding Landmark Health and leading the Medicare and Medicaid innovation center in Washington. It works on two tracks. One builds new companies from the ground up around a care model the Rubicon team designs, as it did with Evergreen Nephrology, Indigo and Atlas Oncology Partners. The other puts money into established healthcare businesses, and that includes control deals: it took a majority stake in Horizon Infusions, an Ohio infusion center network, in February 2025, a month after a $165 million growth investment in the research company Caidya.
Its sweet spot is care delivery that gets paid for outcomes rather than volume: physician practice management, specialty and primary care support, home-based care, hospice, behavioral health and infusion services. Rubicon does not publish revenue or EBITDA ranges, and its second fund closed at nearly $1.18 billion. A smaller practice is most likely to meet Rubicon through one of its practice management platforms, such as US Heart & Vascular in cardiology or Pediatric Associates in pediatrics.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Feb 2026 | Atlas Oncology PartnersRubicon incubated this value-based cancer care company and joined its $28 million Series A, which Flare Capital Partners led | Investment | Healthcare Services | Source |
| Jan 2026 | IndigoLed a $50 million Series B for the medical malpractice insurer it backed at launch | Investment | Source | |
| Feb 2025 | Horizon InfusionsMajority investment in an Ohio network of ambulatory infusion centers to fund its expansion | Platform | Healthcare Services | Source |
| Jan 2025 | Caidya$165 million growth investment in a mid-sized global clinical research organization, with a Rubicon partner joining the board | Growth | Source | |
| Jan 2025 | Evergreen NephrologyCo-led a $130 million raise for the kidney care company Rubicon launched in 2021 | Investment | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
AI-enabled professional liability underwriter
- Indigo
Ambulatory infusion services platform
- Horizon Infusions
Behavioral health
- ComoCare
Cardiology physician practice management platform
- US Heart & Vascular
Clinical research organization
- Caidya
Embedded clinical trial site network
- Profound Research
Home health managed care platform
- HarmonyCares
Pediatric physician practice management platform
- Pediatric Associates
Physician enablement platform
- Privia Health
Provider of network management solutions
- Quest Analytics
Value-based nephrology physician enablement
- Evergreen Nephrology
Value-based oncology care
- Atlas Oncology Partners
Value-based primary care physician enablement
- Honest Health
Value-oriented hospice provider
- Cadre Hospice
Virtual-first value-based care pediatrics
- Imagine Pediatrics
Greymont’s take
How Rubicon Founders fits a seller
Rubicon is a fit for owners of physician practices and care-delivery businesses who want a buyer that knows Medicare, payers and value-based contracts from the inside. Its founder built Landmark Health, which treats chronically ill patients at home, and ran the federal office that designs Medicare payment pilots, and that shapes what it looks for: businesses that can take on more financial risk for patient outcomes.
A sale can mean a majority investment where the company keeps its name and grows with fresh capital, as Horizon Infusions did in 2025, or joining one of Rubicon's practice management platforms. Because the firm also builds companies from scratch, an owner should ask early whether Rubicon sees the business as a standalone platform or as part of an existing company, and how a move toward value-based payment would change how the practice gets paid and who decides on staffing.
Questions owners ask
Does Rubicon Founders only start new companies, or does it also invest in existing ones?
Both. Its firm page describes a ground-up track for building new companies and a platform and special opportunities track for partnering with established ones. In early 2025 it took a majority stake in Horizon Infusions and made a $165 million growth investment in Caidya.
What kinds of healthcare companies does Rubicon back?
Mostly care-delivery businesses tied to value-based payment: cardiology and pediatric practice management, kidney, cancer and primary care support, hospice, home-based care, behavioral health and infusion centers. It also holds a clinical research organization, a malpractice insurer and a provider network software company.
How large is Rubicon's latest fund?
Rubicon's own news page reports that its second healthcare fund closed at nearly $1.18 billion, at the fund's upper limit, after less than seven months of fundraising. The firm does not publish a total for assets under management.
Sources
- S1Rubicon Founders home page Accessed October 20, 2026
- S2Rubicon Founders: Our Firm Accessed October 20, 2026
- S3Rubicon Founders: Portfolio Accessed October 20, 2026
- S4Adam Boehler Announces Launch of Rubicon Founders (April 8, 2021) Accessed October 20, 2026
- S5Rubicon Founders Headquartered in Nashville (April 21, 2021) Accessed October 20, 2026
- S6Rubicon Founders news: nearly $1.18 billion for second healthcare fund (undated) Accessed October 20, 2026
- S7Rubicon Founders Announces Investment in Horizon Infusions to Support Expansion (February 4, 2025) Accessed October 20, 2026
- S8Caidya Announces $165 Million Strategic Growth Investment from Rubicon Founders (January 13, 2025) Accessed October 20, 2026
- S9Evergreen Nephrology Raises $130 Million (January 7, 2025) Accessed October 20, 2026
- S10Indigo Raises $50 Million Series B (January 29, 2026) Accessed October 20, 2026
- S11Atlas Oncology Partners Raises $28M Series A (February 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 Rubicon Founders. Figures are as reported on the dates shown and may have changed. Request a correction