HG Capital Management, LLC
We partner with innovative companies that are building solutions to address healthcare’s greatest challenges.
- Regulatory AUM
- $1.2B
- PE fund assets
- $1.2B
- PE funds
- 6
- Investments held
- 43 of 43
- Deals, last 12 months
- 1
12 additional team members, 46 additional funds, deals and LP commitments, 6 events
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Nothing material in the last 180 days. Last change: 23 Dec 2022, Filed a Form D on 23 Dec 2022, the first public sign that a vehicle is taking commitments.
People to know
View all people- Co-FounderWhy: Founder of the firmProfile
- Co-FounderWhy: Founder of the firmProfile
- PartnerWhy: Partner: part of the investment decisionProfile
Capital path
who backs this record, through what, into what; each name opens its own path- Heritage Healthcare Innovation Fund III, LPvintage 2019
- Heritage Healthcare Innovation Fund II, LPvintage 2015
- Heritage Healthcare Innovation Fund IV, LP
- Synergy Advisors, LLCfinancial adviser, 1 shared
- Lazard Freres & Co. LLCplacement agent, 1 shared
Relationship network
66 connected entities2 observed dealsdeals 2025 to 2026
From announced deals and their parties, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the private equity graph. Dollar figures appear only where a source disclosed one.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the deals and sources behind it. Line weight is deals together; dashed lines are inferred.
- Company
- Service provider
- Fund or vehicle
- Person
›How strength and recency are read
Strength is read from the deals: three or more is a strong observed relationship, two a repeat counterparty, one a single interaction. People and vehicles are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
Classification, Form ADV and stated criteria
Classification, Form ADV and stated criteria
How this organization is classified, and on what basisBuyout firm · 4 in historyShowHide
- Class
- Buyout firmconfirmed, confidence 85%
- Basis
- 6 of 6 distinct vehicles are sworn Private Equity Funds; 6 reported gross assets on a filing in 2022 or later
- Size band
- Middle marketdefined by: proxy: $1.21bn Private Equity Fund GAV on the Form ADV filed 2026-03-25
Classification history (4)
- Sep 23, 2026Buyout firm (confirmed, 85%)6 of 6 distinct vehicles are sworn Private Equity Funds; 6 reported gross assets on a filing in 2022 or later
- Sep 23, 2026Venture firm with private equity activity (probable, 70%)The venture graph classifies the same adviser INSTITUTIONAL_VC
- Sep 14, 2026Venture firm with private equity activity (probable, 70%)The venture graph classifies the same adviser INSTITUTIONAL_VC
- Sep 14, 2026Hybrid manager (probable, 65%)Private Equity Funds are 0 of 1 distinct vehicles; hedge, securitized or liquidity vehicles 0
Regulatory footprint (Form ADV)RAUM $1.2B · 6 PE funds · filed Mar 25, 2026ShowHide
- Adviser type
- Registered investment adviser
- Form ADV filings
- Mar 30, 2012 to Mar 25, 2026
- RAUM
- $1.2Bregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 6
- PE fund GAV, latest filing
- $1.2Breported gross assets (Form ADV), not fund size
- All private fund GAV
- $1.2Bevery private fund type, latest filing
- 2024 PE fund GAV
- $1.2Bsum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 100%
- Fund type mix
- Private equity fund: 6 funds, $1.2B reported gross assets
- Employees
- unknown
Stated criteria beside observed behaviour2 of 8 criteria stated · 42 observed dealsShowHide
- Sectors
- Healthcare
- Geography
- not stated or not yet read
- Revenue
- not stated or not yet read
- EBITDA
- not stated or not yet read
- Enterprise value
- not stated or not yet read
- Equity check
- not stated or not yet read
- Control
- not stated or not yet read
- Thesis
- We partner with innovative companies that are building solutions to address healthcare’s greatest challenges.
- On record
- 42 companies, 43 holdings, 2 transactions
- Period
- 2013 to 2026 (9 dated observations, 36 holdings undated)
- Most deals
- Healthcare services (2 of 42, e.g. Radiology Partners and Workpath), business services (1 of 42), software (1 of 42)
- Subsectors
- Medical diagnostic labs (1 of 42), staffing (1 of 42), home health (1 of 42), software (1 of 42)
- Deal roles
- 2 platforms, 2 add-ons, 39 with role not stated
- Control
- 2 control, 41 not stated
- Where
- Tx (1 of 42), il (1 of 42), oh (1 of 42), ny (1 of 42), ut (1 of 42)
- By year
- 2025: 1 add-on; 2026: 1 add-on
42 companies on the graph (2 transactions); most in healthcare services (2); 2 platforms and 2 add-ons; observed 2013 to 2026
Funds
How vehicles are groupedFeeders, parallels, executive funds, alternative investment vehicles and lettered sleeves are folded under the fund they belong to, read from the vehicle names. Deal-by-deal co-investment vehicles are pooled. Current funds come first: families are ordered by vintage, newest first, among those holding at least a twentieth of the largest family’s assets, then by size. The figure is the sum of each vehicle’s latest reported gross assets on Form ADV, not a fund size.Heritage Healthcare Innovation Fund III · 1 vehicle · vintage 2019$490M
- Heritage Healthcare Innovation Fund III buyout or unlabelled · 2019$490M
Heritage Healthcare Innovation Fund II · 1 vehicle · vintage 2015$288M
- Heritage Healthcare Innovation Fund II buyout or unlabelled · 2015$288M
Heritage Healthcare Innovation Fund IV · 1 vehicle$382M
- Heritage Healthcare Innovation Fund IV buyout or unlabelled$382M
Decision makers
- David McClellan · Co-FounderWhy this person: Founder of the firm; Named with investment responsibility; Confirmed current on the firm's own site 2026-09-30LinkedIn or profile link on file (firm website), confirmed 2026-09-17, confidence 90%
- Rock Morphis · Co-FounderWhy this person: Founder of the firm; Named with investment responsibility; Confirmed current on the firm's own site 2026-09-30LinkedIn or profile link on file (firm website), confirmed 2026-09-17, confidence 90%
- Bryan Bui · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility; Confirmed current on the firm's own site 2026-09-30LinkedIn or profile link on file (firm website), confirmed 2026-09-17, confidence 90%
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. 3 with a route on file. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Team
Where the team comes fromEach row names its source in short; hover the source for its full description. Sources on this list: Investment organization websites (team, portfolio, strategy, criteria, news). A person named by two sources under two spellings is shown once, with both sources.- Co-Founder
- Co-Founder
- Partner
Deals
How deals are mergedOne row per deal. A portfolio relationship and a transaction that describe the same deal (the same transaction, or the same company on the same date) are printed once, with the columns of both. 43 portfolio relationships and 2 transactions are on this record.| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Apr 16, 2026 | Dynamic Healthcare Services add-on to Nationwide Medical | Add-on acquisition | Sponsor (derived) | active held 6 months | unknown | nationwidemedical.com |
| Mar 4, 2025 | CVS Health's MSSP Business add-on to Wellvana | Add-on acquisition | Sponsor (derived) | active held 1.6 years | unknown | wellvana.com |
| Jan 4, 2019 form d related person first sale | Lumere | Portfolio relationship | Role unknown | active held 7.7 years | unknown | Fact Firm website |
Portfolio credit
Where these figures come fromPortfolio companies matched to a BDC borrower by an identity-graded bridge, read from each BDC’s own schedule of investments: the lenders’ marks, their accrual footnotes, PIK and maturities. Observed, never forecast. Firms whose own BDC lends to the company are left out.- Principal held
- $160M
- 4 lenders
- Weighted mark
- 100.4
- unchanged on the quarter, same 1
- Non-accrual now
- 0
- 0 placed at Jun 30, 2026
- Marked down
- 0
- 2 pts or more on the quarter
- Maturing in 12 months
- 0
- none stated
- 3 portfolio companies on a BDC schedule at Jun 30, 2026: 0 with ownership stated current, 3 listed on a portfolio page with no date or status.
- Lenders mark them at 100.4 on cost, weighted by principal (1 borrower with a mark inside the plausible band).
- On the 1 borrower marked at both Mar 31, 2026 and Jun 30, 2026, the weighted mark moved 0 points; 0 fell 2 points or more and 0 rose 2 points or more.
Show the credit outlook: 3 borrowers, 4 lenders, 8 quartersas of Jun 30, 2026
3 borrowers are in every figure above and named with Private Credit Intelligence.
4 lenders are counted here and named with Private Credit Intelligence.
| Quarter end | Held | Principal | Mark | Non-accrual placed | PIK added or up |
|---|---|---|---|---|---|
| Sep 30, 2024 | 1 | $154M | 98.1 | 0 | 0 |
| Dec 31, 2024 | 3 | $179M | 100.1 | 0 | 0 |
| Mar 31, 2025 | 1 | $161M | 100.1 | 0 | 0 |
| Jun 30, 2025 | 2 | $161M | 100.0 | 0 | 0 |
| Sep 30, 2025 | 3 | $162M | 100.1 | 0 | 0 |
| Dec 31, 2025 | 3 | $161M | 100.4 | 0 | 0 |
| Mar 31, 2026 | 1 | $160M | 100.4 | 0 | 0 |
| Jun 30, 2026 | 1 | $160M | 100.4 | 0 | 0 |
A look back at today’s portfolio companies, not a record of what the sponsor owned then. Mark is fair value over cost across every position inside the plausible band.
- A mark is the lender's own fair value over cost for the quarter. Below 90 means the lender carries the loan at a discount of 10 or more on the dollar; it is that lender's valuation, not DFX's.
- Two lenders on the same facility 10 points apart are valuing the same loan differently; which one is right is not something a schedule of investments says.
- Non-accrual is read from the BDC's own footnote, never inferred from a mark. PIK is interest the borrower pays in more debt rather than cash.
- No forecast is made here. DFX does not publish a default or distress prediction for a sponsor.
Population: portfolio companies matched to a BDC borrower by an identity-graded bridge, on a BDC schedule of investments at Jun 30, 2026, ownership not recorded as exited. Firms whose own BDC lends to the company, and private credit managers, are left out: that is lending, not ownership. Marks, principal and accrual status are the BDCs' own filed figures; the quarter before is Mar 31, 2026.
Placement agents, lenders, advisers and co-investors
- Lazard Freres & Co. LLC 1 shared · one time
- Synergy Advisors, LLC 1 shared · one time · last Apr 16, 2026
Placement agents by fund generation
| Agent | Funds | Years | Strategies | Latest generation |
|---|---|---|---|---|
| Lazard Freres & Co. LLC | 1 | vintage 2019 | not stated | not on the vintage 2022 generation |
From Form ADV Schedule D, which names the placement agents on each private fund an adviser reports, year by year.
LP commitments
How LPs are totalledOne line per LP, largest disclosed total first. A commitment that the same LP reports again in a later document is counted once in its total; both documents stay in the full list. Rows repeated line for line from one document are shown once.Events
- Apr 27, 2026Nationwide Medical Announces Strategic Acquisition of Dynamic Healthcare Services (DHS) to Expand Home Respiratory and Medical Equipment Care
- Jul 24, 2025Heritage Group Closes on $370 Million Fourth Fund
- Jun 4, 2025Valera Health Expands Access to Evidence-Based Mental Health Care, Including Suicide Prevention Services, with Acquisition of Vita Health
- May 21, 2025Equum Medical Acquires VeeOne Health's Clinical Services Portfolio, Expanding Telehealth Leadership
- Mar 4, 2025Wellvana Acquires CVS Health's MSSP Business
HG Capital Management, LLC is the same institution as 5 records in Allocators, Venture Capital, Independent Sponsors, RIA and Wealth and Private Credit.
DFX found 5 relationships across 5 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
HG Capital Management, LLC sits on 1 traced path of capital across the graphs.
DFX traced 1 path of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Record history
- Firm news2026-04-27source on record
- Firm news2025-07-24source on record
- Firm news2025-06-04source on record
+8 more changes on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.