Growth and buyout private equity firm
SkyKnight Capital
- HeadquartersBurlingame, CA S6
- Websiteskyknightcapital.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $4B (as of Sep 2025) S7 |
|---|---|
| Latest fund | SkyKnight Capital Fund V, $2B (Jul 2026) S5 |
| EBITDA range | $5M+ S2 |
| Check size | $25M to $250M S2 |
| Deal types | Platform, Minority, Growth S2 |
| Sectors | Healthcare Services, Veterinary, Dental, Insurance Brokerage, HVAC, Plumbing & Electrical, Environmental & Waste, Auto Services & Collision |
What SkyKnight Capital buys
SkyKnight Capital is a private equity firm with offices in Burlingame, California and New York. It invests in three areas it sees as steady, fast growing and not tied to the economic cycle: healthcare, financial services and tech-enabled services. In practice that has meant veterinary, dental and dermatology groups, insurance brokers and agencies, and essential service companies such as HVAC, plumbing and electrical repair, managed waste services and express car washes. It looks for companies with at least $5 million of EBITDA and writes equity checks of about $25 million to $250 million or more.
SkyKnight is flexible on ownership, taking anywhere from about a quarter to three quarters or more of a company, and it plans to stay six to ten years or longer. Many of its recent deals were growth investments rather than full buyouts. It closed Fund V at its $2 billion hard cap in July 2026. A company below its size floor is most likely to meet SkyKnight as an add-on to a platform such as FirstCall Group.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | KorzaTook part in the $20 million seed round (raised January 2026), alongside Clearlake, Permira and Silver Lake, for an AI services firm serving mid-sized companies | Investment | Source | |
| Jul 2026 | Apex InfusionAgreement to partner with the infusion services provider; management keeps a significant stake | Platform | Healthcare Services | Source |
| Jul 2026 | SkyKnight Capital Fund VClosed at its $2 billion hard cap | Fund close | Source | |
| Nov 2025 | Wasteology GroupGrowth investment in a Louisville, Kentucky managed waste and recycling services company | Growth | Environmental & Waste | Source |
| Oct 2025 | Force Electrical ServicesGrowth investment in an Oklahoma City contractor that maintains and repairs utility transmission, distribution and substation equipment | Growth | Construction Services | Source |
| Sep 2025 | Balavant Insurance GroupNew MGA holding company launched with Tangram Insurance Services, spun out of Heffernan Insurance Brokers, as its first business | Platform | Insurance Brokerage | Source |
Portfolio by sector
From the firm's portfolio page S4.
Financial Services
- Amwins Current
- Core Specialty Current
- Heffernan Insurance Brokers Current
- Simplicity Current
Healthcare
- AdaptHealth Current
- DOCS Dermatology Current
- GoodVets Current
- Pearl Street Dental Partners Current
Tech-Enabled Services
- Ampirical Current
- Balavant Insurance Group Current
- FirstCall Group Current
- Force Electrical Services Current
- Korza Current
- MacKay Current
- NearU Current
- Wasteology Group Current
- WhiteWater Express Current
Past investments: MedVet, IMA Financial Group, New Republic Partners, Patra, Symplr, Watco
Greymont’s take
How SkyKnight Capital fits a seller
SkyKnight suits founders who want a large check but are not ready to hand over the whole company. Because it will own anywhere from about 25 to 75 percent, an owner can sell either a minority or a majority stake. Its stake in Heffernan Insurance Brokers is a minority one, and when Heffernan spun out Tangram to form Balavant in 2025, Heffernan kept a meaningful equity interest. The firm plans to hold for six to ten years or more, and its newsroom notes it was named to Inc. lists of founder-friendly investors in 2024 and 2025.
The $5 million EBITDA floor rules out many small businesses as new platforms. A smaller commercial HVAC, refrigeration, plumbing or electrical contractor could fit as an add-on to FirstCall Group. Owners should ask how board seats and control work at their ownership level, and what a later recapitalization, like those at NearU and WhiteWater Express, would mean for the shares they keep.
Questions owners ask
What size company does SkyKnight Capital look for?
Its stated criteria call for EBITDA of $5 million or more and equity investments of roughly $25 million to $250 million or more, with partnerships that last six to ten years or longer.
Will SkyKnight Capital take a minority stake?
Yes. It says it will own anywhere from about 25 percent to 75 percent or more of a company. It describes its Heffernan Insurance Brokers holding as a minority investment, and several of its 2025 deals were growth investments rather than full buyouts.
Does SkyKnight Capital invest in waste or car wash businesses?
Yes. In November 2025 it made a growth investment in Wasteology Group, a Louisville managed waste and recycling services company. It also lists WhiteWater Express, a Houston express car wash operator it first backed in 2018, as a current holding.
How much capital does SkyKnight Capital have?
In July 2026 it closed Fund V at its $2 billion hard cap. Before that, a September 2025 release said the firm managed more than $4 billion of private equity capital for endowments, foundations, pensions and family offices.
Sources
- S1SkyKnight Capital home page Accessed October 20, 2026
- S2SkyKnight Capital: What We Seek (key investment criteria) Accessed October 20, 2026
- S3SkyKnight Capital: How We Engage Accessed October 20, 2026
- S4SkyKnight Capital: Investments Accessed October 20, 2026
- S5SkyKnight Capital: News (includes Fund V close, July 7, 2026) Accessed October 20, 2026
- S6SkyKnight Capital: Contact (Burlingame and New York offices) Accessed October 20, 2026
- S7Tangram Spins Out from Heffernan and Launches New SkyKnight-Backed MGA Platform, Balavant Insurance Group (September 16, 2025) Accessed October 20, 2026
- S8Korza emerges from stealth (September 29, 2026) Accessed October 20, 2026
- S9Wasteology Group home page 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 SkyKnight Capital. Figures are as reported on the dates shown and may have changed. Request a correction