HCAP V: Investing in Healthcare

HCAP continues to invest in healthcare services and technology companies that advance its healthcare impact thesis—expanding access to care, improving quality, and reducing costs

Healthcare companies provide an important opportunity to advance health and well-being in the U.S., and HCAP’s Gainful Jobs Approach™ helps create work environments where healthcare professionals are supported and positioned for success.

As of year-end 2025, healthcare companies represent a majority of HCAP V investments (54%) and capital deployed, reflecting the firm’s continued focus on supporting a more effective healthcare system and driving better health outcomes for patients.

HCAP V HEALTHCARE SNAPSHOT

10

Healthcare Companies¹

159M+

Invested in Healthcare

436,997

Patients Treated²

HCAP V Active Healthcare Portfolio Companies
Expand Access
Improve Quality
Reduce Cost
Aarista provides a post-acute care digital health platform that integrates real-time data from 200+ sources. Using AI and machine learning, the platform delivers actionable insights that help healthcare providers improve patient outcomes, enhance clinical efficiency, and reduce hospital readmissions.
Apprio provides healthcare technology solutions to hospitals and health systems. Services include eligibility and enrollment of uninsured patients, robotic process automation (RPA) to streamline workflows, and physician recruiting, staffing, and credentialing. Apprio helps reduce administration, improve financial performance, and maximize staffing.
Integrated Diagnostic Services is a mobile diagnostics, radiology, and laboratory provider platform serving the Western U.S. The company works with skilled nursing facilities (SNFs), long-term care facilities, home health & hospice agencies, and board and care facilities to provide a more cost effective and convenient alternative to hospital/clinics—providing care directly at the point of need.
IronRod Health provides remote cardiac monitoring and services to support cardiology practices and their patients. Their team of technicians monitor cardiac devices 24 hours a day and provide same-day turnaround on cardiac reports and instant notifications on critical data to support physicians in addressing patient arrhythmias.
New Promise Neuropathy is a neuropathy treatment company that utilizes combination therapy to heal or reverse neuropathy that can commonly result from diabetes, impact injuries, medication, and damage to the peripheral nerves.
PAX Health provides an integrated behavioral health platform to deliver faster access, coordinated care, and measurable outcomes for individuals, injured workers, employer groups, provider partners, and health systems.
Puzzle Healthcare is a post-acute care management platform that provides physiatry—physical therapy, rehabilitation—for people with physical impairments or pain following a hospital stay or serious injury or illness. Puzzle’s care management platform treats patients in SNFs and provides support to patients for 90 days after they are discharged home.
Real Diagnostics is a clinical laboratory specializing in rapid, accurate testing across key areas including UTIs, STIs, toxicology, respiratory conditions, and women’s health. The company serves physician offices, specialty clinics, and SNFs across 17 states and delivers test results within 24 hours, offering physicians direct access to lab staff helping improve diagnostic accuracy.
Xevant is a pharmacy data software and analytics platform designed to optimize and manage pharmacy benefits plan performance in ways that reduce operating and drug costs, enhance treatment planning, and improve patient outcomes. Xevant provides a suite of business analytics, data aggregation and warehousing tools for pharmacy benefit organizations.

¹HCAP V has 9 active healthcare portfolio companies and 1 exited healthcare company as of 12/31/2025.

²Number of patients who received treatment or services in 2025. Based on data as of 12/31/2025 from 8 active HCAP V portfolio companies.