HCAP Partners IV, L.P. Overview
Data as of 12/31/2025
Capital Deployed
“Arosa made a great choice in 2018 in finding a supportive, mission-oriented capital partner in HCAP. Our mission, ‘to attract, train, retain, and treasure the best care professionals,’ remains unchanged as we go forward.”
HCAP IV ACTIVE PORTFOLIO COMPANES
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BetterNight is a leading provider of sleep services for 28 years, serving approximately 67,000 patients annually. BetterNight is the nation’s only comprehensive virtual care sleep solution, combining a clinically validated sleep assessment with a CBTi solution and a telehealth-based sleep apnea platform.
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DYPER launched the first subscription-based, eco-friendly diaper delivery service. Diapers are made with responsibly-sourced materials and are free of harmful chemicals, prints, scents, chlorine, and more. They can be safely composted, reducing the environmental impact from manufacturing to disposal.
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Lone Star Analysis provides decision analysis and advanced analytics software/solutions for clients in industries such as transportation and logistics, aerospace and defense, and industrial. Lone Star enables customers to make smarter decisions by quickly leveraging data to provide foresight and decision making solutions.
HCAP IV EXITED PORTFOLIO COMPANIES
HCAP Partners IV, L.P. Impact Metrics
As of Q4 2025, HCAP IV has invested in seventeen companies, with 72% of capital directed to traditionally underserved businesses, i.e. businesses that are either located in a low- to moderate-income census tract or employ a majority low- to moderate-income workforce. The impact metrics on this page and the next illustrate the composition of the portfolio and 2025 job quality results.
JOBS BY INDUSTRY
JOBS BY INDUSTRY
AVERAGE HOURLY WAGE
PORTFOLIO-WIDE EMPLOYMENT STATISTICS¹
4,257
476
1.4%
2.2
years
Average Monthly Employee Turnover Rate²
Employee Median Tenure
Total Jobs Created Since Investment
Total
Jobs
2025 QUALITY JOBS STATISTICS³
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3,158
Number of Quality Jobs Across Portfolio
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74%
Percentage of Quality Jobs Across Portfolio
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49%
Increase in Quality Jobs Since Investment
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94%
of 2025 Gainful Jobs Approach™ Goals Completed⁴
EMPLOYEES BY NUMBER OF QUALITY JOB ATTRIBUTES
HCAP IV portfolio company employees have a quality job if three or more of the six key attributes of the Gainful Jobs Approach™ are present. See Appendix A for more details.
WORKPLACE PRACTICES AND BENEFITS
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93%
Eligible for a 401k Plan, Bonus, or Stock Options
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98%
Eligible for Workforce Skills Training
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43%
Earning a Living Wage for One Adult
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99%
Eligible for Paid Time Off
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68%
Eligible for Wellness Benefits⁵
¹ Total jobs and jobs created reflects data for active companies as of 12/31/25 and exited companies as of the last period of data collection prior to exit. Average employee turnover rate and employee median tenure reflects data only for active companies as of 12/31/25.
² 2025 average portfolio-wide turnover rate among active companies. In comparison, the average monthly U.S. turnover rate in 2025 was 3.3%. See: https://data.bls.gov/timeseries/JTS000000000000000TSR.
³ Quality Jobs Statistics reflect data for active companies as of 12/31/25 and exited companies as of the last period of data collection prior to exit.
⁴ Reflects data from active companies as of 12/31/25.
⁵ Data on health insurance is not available for exited companies prior to H2 2023. However, for companies reporting data from H2 2023 on, 40% of employees were eligible for health insurance.