Amulet Capital Partners
Amulet Capital Partners is a middle-market private equity investment firm focused exclusively on healthcare. It focuses on Provider & Payor Services and Life Sciences Outsourcing, and states that typical equity investments range from $75–$150 million per platform.
What stands out about Amulet Capital Partners
Amulet Capital Partners targets healthcare companies with compelling clinical and economic value, repeatable demand, attractive unit economics, multiple growth paths, and strong governance and regulatory alignment. It may take majority or significant minority positions and reserves additional capital for programmatic add-on acquisitions.[1][3][4][5][7][9][12]
What does Amulet Capital Partners invest in?
Amulet Capital Partners, L.P. is a middle-market private equity investment firm focused exclusively on healthcare. The firm provides private equity investment and partnership capital to healthcare companies and states that it targets complex and advantaged situations, often off-market or structurally unique.
Amulet lists offices in Greenwich, Connecticut and Walnut Creek, California. It states that typical equity investment ranges from $75–$150 million per platform, with additional capital reserved for programmatic add-on acquisitions.[1][2][3][4]
Amulet describes a healthcare-focused strategy built around thematic sourcing, tailored solutions, and disciplined value creation. Its stated value-creation capabilities include programmatic M&A, commercial excellence, performance improvement, talent and governance, and data and artificial intelligence.
The firm states that value creation begins at diligence and continues through exit. Its investment criteria also identify compelling clinical and economic value, repeatable demand with attractive unit economics, and multiple paths to growth as target characteristics.[3][4][5]
Owners evaluating a financial buyer can compare the offer with independent valuation analysis, understand how acquirers approach transactions through Auxo’s buy-side M&A process guide, and consider whether a full or partial sale best fits their objectives.
Published criteria: Amulet states that typical equity investment ranges from $75–$150 million per platform, with additional capital reserved for programmatic add-on acquisitions. In a September 14, 2026 announcement, it stated that it manages approximately $3.1 billion in assets and is investing out of its third fund, which closed in July 2024 with approximately $1.2 billion in capital commitments.[4][7]
What should a business owner evaluate before considering a transaction with Amulet Capital Partners?
Owners evaluating Amulet can compare their company’s healthcare focus, demand profile, unit economics, growth paths, governance, and regulatory alignment with the firm’s stated criteria. The disclosed range of majority or significant minority positions, together with its consideration of founder- and family-owned companies, carve-outs, corporate partnerships, and take-privates, indicates that proposed ownership structure should be clarified for the specific transaction.
Owners should also seek transaction-specific detail on rollover, governance, add-on acquisition plans, follow-on capital, management incentives, valuation, leverage, indemnities, escrow, and transaction expenses. The official Investment Criteria page does not state an expected ownership duration or standard exit timetable, and the cited TFP Fertility and US Fertility announcements do not disclose financial terms.[4][7][9]
What ownership duration or exit horizon does Amulet underwrite for this specific investment
Would the proposed transaction be a majority or significant minority investment, and what rollover, governance, board, and reserved-matters rights would apply
What companies does Amulet Capital Partners target?
Amulet seeks businesses with compelling clinical and economic value, repeatable demand with attractive unit economics, multiple paths to growth, strong governance and regulatory alignment, and alignment with physicians, clinicians, or customers.
The firm may take either a majority or significant minority position. It considers carve-outs, founder- and family-owned companies, corporate partnerships, and take-privates.[4]
Amulet identifies two principal healthcare pillars: Provider & Payor Services and Life Sciences Outsourcing.
Its stated healthcare focus covers provider, provider-services, and payor-services categories, as well as businesses supporting pharmaceutical and medical technology companies across the product lifecycle from discovery through commercialization.[3]
Amulet lists offices at 1 Greenwich Plaza in Greenwich, Connecticut, and 1646 N. California Blvd in Walnut Creek, California.[2]
Amulet states that typical equity investment ranges from $75–$150 million per platform and that additional capital is reserved for programmatic add-on acquisitions.
The firm’s disclosed investment structure may involve either a majority or significant minority position. The sources cited for this profile do not establish how the firm determines platform or add-on status in a specific transaction.[4]
Amulet’s official portfolio page identifies current and realized investments including Alliance Clinical Network, Assembled Intelligence, Choice Healthcare Services, Genetics & IVF Institute, HealthCentral, Lighthouse Behavioral Health Solutions, OPEN Health, SSI Strategy, Synteract, TFP Fertility Group, Theoria Medical, United Vein & Vascular Centers, Unlock Health, U.S. Digestive Health, and US Fertility.[6]
On September 14, 2026, Amulet announced the closing of a recapitalization of US Fertility through a new continuation vehicle led by StepStone Group; the announcement stated that financial terms were not disclosed. On June 2, 2026, Amulet-backed Alliance Clinical Network and Atlas Clinical Research announced the closing of a strategic merger.
On May 7, 2026, Amulet announced the acquisition of TFP Fertility Group from Benefit Street Partners; the announcement stated that financial terms were not disclosed. On September 29, 2025, Amulet announced the sale of SSI Strategy to Clinigen, with financial terms not disclosed. On November 25, 2025, L Catterton and Amulet became co-lead investors in US Fertility while physician partners retained substantial ownership.[7][8][9][10][11]
What is not clear from Amulet Capital Partners's public investment criteria?
The official Investment Criteria page does not state an expected ownership duration, investment holding-period range, or standard exit timetable.
The official Terms of Use states that offers or solicitations are made only through final private placement memoranda, subscription agreements, and related documents; that page does not publish fund-specific offering terms. The cited TFP Fertility transaction announcement and US Fertility continuation-vehicle announcement each state that financial terms were not disclosed.[4][7][9][12]
Questions to ask when evaluating Amulet Capital Partners as a buyer or investment partner
What ownership duration or exit horizon does Amulet underwrite for this specific investment?
Would the proposed transaction be a majority or significant minority investment, and what rollover, governance, board, and reserved-matters rights would apply?
What add-on acquisition strategy and follow-on capital would be available for the company?
Which operating resources, capabilities, and personnel would support the company’s value-creation plan?
What are the expected valuation, leverage, management incentive, indemnity, escrow, and transaction-expense terms?
How would Amulet balance the company’s strategic plan with any continuation-vehicle, recapitalization, or eventual exit objectives?
Sources & research notes
- Official website / firm overview
- Geography / market coverage
- Investment strategy
- Company / investment criteria
- Investment approach
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Structure / regulatory context
- SEC filing / regulatory record
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
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