TVPI
1.88x
Total value / paid-in
DPI
0.19x
Cash returned
IRR
21.7%
As-if liquidated today
Net asset value
$169.0M
Across 25 companies
Committed
$150.0M
Vintage 2021
Deployed
$100.1M
66.7% of fund
Reserves
$49.9M
Available follow-on capital
Distributions
$19.5M
Realized to date
Top 3 by FMV
$66.0M of FMV
39.1%
Crestline Risk Health · Cinder Health · Arclight Diagnostics
Top 5 by FMV
$93.0M of FMV
55.0%
Crestline Risk Health · Cinder Health · Arclight Diagnostics · Northwind Claims · Solace Behavioral
At or below cost
$27.3M at risk
12 cos
Includes 3 written off ($3.9M)
Portfolio
25 companies · hover a name for context
| Company | Sector | Stage | Invested | Own. % | Last post | FMV | Mark | Status |
|---|---|---|---|---|---|---|---|---|
| Crestline Risk HealthRisk adjustment & Stars optimizationClosed three top-10 Medicare Advantage plans in 2025. Strongest commercial traction in the portfolio. | Payer Tech | Series B | $12.0M | 7.2% | $340.0M | $24.5M | 2.04x | Active |
| Cinder HealthVirtual primary careTop-quartile growth, 140% YoY net revenue retention. Likely to raise Series C late 2026. | Care Delivery | Series B | $12.5M | 8.5% | $265.0M | $22.5M | 1.80x | Active |
| Arclight DiagnosticsAI-assisted radiology workflowFDA 510(k) cleared Q4 2024. Three IDN customers live. Series B conversations beginning. | Diagnostics | Series A | $5.0M | 5.8% | $87.0M | $19.0M | 3.80x | Active |
| Northwind ClaimsPayer claims auto-adjudicationStrong margins, capital-efficient. Expanding from regional Blues to national plans. | Claims & RCM | Series A | $5.3M | 6.1% | $64.0M | $14.5M | 2.74x | Active |
| Solace BehavioralAdolescent mental healthPayer contracts signed with three regional plans. Watch for utilization-driven margin pressure. | Behavioral Health | Series A | $4.0M | 5.2% | $69.0M | $12.5M | 3.13x | Active |
| Hearthstone CareSenior care coordinationSolid execution, MA-aligned customer base. May need bridge before Series B. | Care Delivery | Series A | $4.8M | 6.8% | $60.0M | $9.8M | 2.04x | Active |
| Rowan PharmacySpecialty pharmacy softwareSteady growth, but PBM consolidation is a strategic risk. Considering vertical pivot. | Pharmacy | Series A | $4.0M | 6.4% | $56.0M | $9.5M | 2.38x | Active |
| Tessera PathologyDigital pathology platformLong sales cycles into academic medical centers. Slow but improving. | Diagnostics | Series A | $4.7M | 5.4% | $77.0M | $8.7M | 1.85x | Active |
| Pinegrove HealthIndependent PCP enablementMA value-based contracts driving growth. Capital-efficient. Watch reimbursement environment. | Provider Tech | Series A | $4.8M | 6.7% | $61.0M | $8.5M | 1.77x | Active |
| Bramble BenefitsSMB benefits platformCrowded space, but differentiated on broker channel. Path to Series B is competitive. | Health Insurance | Series A | $4.4M | 6.3% | $58.0M | $8.2M | 1.86x | Active |
| Wavelength RCMProvider revenue cycle automationAI-driven denial management. Recently signed two large hospital systems. | Claims & RCM | Series A | $4.1M | 5.1% | $69.0M | $7.5M | 1.83x | Active |
| Halcyon MentalEmployer-sponsored mental healthHeld flat. Saturated category, churn ticking up. Likely needs strategic outcome. | Behavioral Health | Series A | $3.7M | 4.9% | $56.0M | $4.4M | 1.19x | Flat |
| Atlas AdherenceSpecialty medication adherenceHeld flat. Outcomes data taking time to land with payers; specialty pharmacy unit economics under pressure from PBM consolidation. | Pharmacy | Series A | $3.5M | 5.8% | $50.0M | $3.4M | 0.97x | Flat |
| Driftwood CarePost-acute care navigationHospital-at-home tailwind has slowed. Looking at adjacent verticals. | Care Delivery | Series A | $3.7M | 6.1% | $50.0M | $3.3M | 0.89x | Flat |
| Quanta TrialsDecentralized clinical trialsPharma sponsor demand softer than expected. Burn reduced; runway through Q3 2026. | Life Sciences | Series A | $3.5M | 5.2% | $58.0M | $3.2M | 0.91x | Flat |
| Maple ProviderSpecialty practice managementSlowed sales cycles in dental specialty market. CEO transition underway. | Provider Tech | Series A | $3.4M | 5.7% | $47.0M | $3.0M | 0.88x | Flat |
| Slate EligibilityEligibility & enrollmentLong sales cycles, but sticky once deployed. Needs better top-of-funnel motion. | Health Insurance | Series A | $3.5M | 4.8% | $53.0M | $3.0M | 0.86x | Flat |
| Foundry Health DataClinical data integrationHas not raised since seed. Early customer traction; Series A bar may be too high. | Provider Tech | Seed | $1.8M | 9.4% | $16.0M | $1.5M | 0.83x | Flat |
| Cardinal UnderwritingUnderwriting automationMarked to 50%. Long sales cycles, only one paying customer. Bridge or wind-down decision in 2026. | Health Insurance | Seed | $1.5M | 11.1% | $13.5M | $750K | 0.50x | Written down |
| Cypress HealthMedicare Advantage chronic care managementMarked to 50%. MA contracting cycle longer than expected; only one regional plan signed. Bridge or wind-down decision in 2026. | Care Delivery | Seed | $1.3M | 6.8% | $19.0M | $650K | 0.50x | Written down |
| Beacon TelepsychTelehealth psychiatryMarked to 50%. Acute commoditization in telepsych. Strategic acquirer outcome most likely. | Behavioral Health | Seed | $1.2M | 7.1% | $17.0M | $600K | 0.50x | Written down |
| Thornfield HealthConcierge primary careWound down Q3 2024 after failure to find product-market fit at sustainable CAC. | Care Delivery | Seed | $1.3M | 10.8% | $12.0M | $0 | 0.00x | Written off |
| Quartz BehavioralMedicaid behavioral VBC networkWound down Q1 2025. Network economics deteriorated as Medicaid utilization exceeded contracted capitation rates. | Behavioral Health | Seed | $1.1M | 6.3% | $16.0M | $0 | 0.00x | Written off |
| Tidewater InsuranceStop-loss insurance MGAWound down late 2024. Loss ratios materially worse than underwritten. | Health Insurance | Seed | $1.5M | 10.7% | $14.5M | $0 | 0.00x | Written off |
| Sterling SurgicalASC operations softwareAcquired by strategic ASC operator in August 2025. ~5.6x on the position. Only realized exit to date. | Provider Tech | Series A | $3.5M | 0.0% | $53.0M | $0 | 5.57x | Exited |
Needs attention
6 flagged
- Cardinal UnderwritingMarked at 50%. Long sales cycles, only one paying customer. Bridge or wind-down decision in 2026.
- Cypress HealthMarked at 50%. MA contracting cycle longer than expected; only one regional plan signed. Bridge or wind-down dec…
- Beacon TelepsychMarked at 50%. Acute commoditization in telepsych. Strategic acquirer outcome most likely.
- Hearthstone Care34mo since last raise at 2.0x mark — runway worth checking.
- Rowan Pharmacy38mo since last raise at 2.4x mark — runway worth checking.
- Bramble Benefits31mo since last raise at 1.9x mark — runway worth checking.
Heuristic: written-down, held flat >2yr, active without a raise in 30mo at <2.5x mark, or single position >12% of FMV. Top 6 shown.
Status mix
Active11
Flat7
Written down3
Written off3
Exited1
Sector concentration
share of FMV
Stage mix
share of FMV
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