DFX Intelligence

Heritage Healthcare Innovation Fund III, LP

buyout or unlabelledmanaged by HG Capital Management, LLCUNKNOWNADV Private Equity Fund· Delaware

Number 3 in the main family, organised in Delaware.

As of 2026-03-25 · the latest filing on this vehicle; each amount below carries its own basis

Reported assets: $490M
Vintage: 2019
Sold to date: $307M of $315M
Investors: 54

Open the manager Reported assets by year

As of 2026-03-25 · the latest filing on this vehicle; each amount below carries its own basis

Why this matters

0 limited partners and 1 placement agents are on the record for this vehicle.
Placement agents 1
Reported $490M of gross assets as of Mar 25, 2026. That is what the fund held on the reporting date, not what it raised.
2026-03-25
Gross assets $490MReporting years 1

Amounts, each with its basis

Vintage: 2019basis: Form D first sale
Target: unknownnot announced
First close: unknownnever inferred from a Form D
Final close: unknownonly from an announcement or an LP disclosure
Announced size: unknown
Form D offering: $315Mwhat may be sold, not what was raised
Form D sold: $307Mas of the filing of Dec 14, 2020, 54 investors
First sale: May 31, 2019
Reported gross assets: $490MForm ADV, as of Mar 25, 2026; not fund size, not dry powder
Peak reported gross assets: $490Mhighest year on the reporting tape
Owners (ADV): 71
Reported on ADV: Mar 27, 2020 to Mar 25, 2026
Structure: standalone
Fund of funds (ADV): no

Lifecycle

Unknown

model: lc-pe-1missing: fewer than two reported years of gross asset valuegav path: 2026,490217216as of year: 2026reported years: 1first reported year: 2020

Reported gross assets by year

1 annual rows

Year	Filed	Type	Gross assets		Owners	Min. investment	Non-US owned	Source
2026	Mar 25, 2026	Private Equity Fund	$490M		71	$1.0M	17%	reports.adviserinfo.sec.gov

Placement agents and principals

1 placement agents, 3 principals

Lazard Freres & Co. LLC placement agent Fact
Rock Morphis Executive Officer
David McClellan Executive Officer
Paul Wallace Executive Officer

Limited partners

0 disclosed

No LP commitment to this fund collected yet. An LP appears only when a public disclosure names this fund.

Investments attributed to this fund

No investment attributed to this fund. A firm’s investments sit on the firm; a fund gets one only when a source names the vehicle.

Events

3 most recent

Dec 14, 2020
Heritage Healthcare Innovation Fund III, LP Form D/A: Form D amount sold up $56,189,985 to $306,689,985 (previous filing $250,500,000)
Fund form d amended Fact Form D
May 29, 2020
Heritage Healthcare Innovation Fund III, LP Form D/A: Form D amount sold up $250,500,000 to $250,500,000 (previous filing $0)
Fund form d amended Fact Form D
May 30, 2019
Heritage Healthcare Innovation Fund III, LP filed Form D as a Private Equity Fund: offering $250,000,000; Form D amount sold $0
Fund form d filed Fact Form D

Across the graphs

Heritage Healthcare Innovation Fund III, LP is the same institution as 2 records in Venture Capital and RIA and Wealth.

Venture Capital1RIA and Wealth1

DFX found 2 relationships across 2 datasets

Which record it is in each graph, what it is called there, and how the two were matched.

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Record history

3 dated events on the change ledger, latest event first

Fund Form D filed
2026-09-23source on record
Fund Form D amended
2026-09-23source on record
Fund Form D amended
2020-12-14source on record

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.

Not yet on record: target.