TPG Capital Healthcare

High-quality, accessible, and personalized healthcare.

For nearly 20 years, this philosophy has guided our approach to investing. Whether it’s developing cutting-edge cancer treatments, expanding behavioral health services to meet growing patient needs, or keeping patients active with innovative orthopedic products – every TPG Healthcare investment is centered around building and growing companies that are bringing more value to our healthcare system and enabling better patient outcomes.

Over our history, we’ve deployed more than $21 billion across more than 25 companies, and in a year that’s been more challenging than ever, we are proud of the impact and growth we generated across our portfolio and remain excited by the opportunities ahead. Today, our 13 active portfolio companies are introducing new models, products, and services that improve patient care, enable greater efficiency, and deliver breakthrough innovations throughout the healthcare system. These companies are powered by more than 86,000 physicians, researchers, clinicians, scientists, and healthcare professionals who are meeting the needs of patients in communities across the globe. Cumulatively, these businesses, their people, and their ideas form a dynamic ecosystem that is equivalent to a top-20 healthcare company on the S&P 500.

Scroll down to explore the impact of our ever-evolving ecosystem, and the ways in which these companies are shaping, improving, and transforming the way that care is delivered.


capital deployed since 2003,
including co-invest


dedicated to TPG Healthcare Partners, one of the largest pools of capital committed to healthcare investments


committed to the healthcare sector between
TPG Healthcare Partners and TPG VIII


platform investments
since 2003


acquisitions made through
our portfolio since 2012


portfolio company employees
in 2020

Our Companies


Patient Visits Annually


Invested in R&D per Year


People Served Annually (Services & IT)

Adare Pharmaceuticals

  • Global, technology-driven contract development and manufacturing organization (CDMO)
  • Developed and manufactured 40+ products, sold in 100+ countries globally*


Allogene Therapeutics

  • Pioneer in allogeneic cell therapies for cancer
  • Advanced 3 “off the shelf” CAR T therapies to human clinical trials


Amneal (NYSE: AMRX)

  • Integrated generics and specialty pharmaceutical company
  • Invests $180M+ annually with a portfolio of 225+ products



  • Global specialty pharmaceutical company
  • Leader in gastrointestinal and cystic fibrosis therapies*

Aptalis to be Acquired by Forest Laboratories for $2.9 Billion



  • Fully integrated AAV gene therapy innovator and manufacturer
  • Advanced 3 gene therapies to human clinical trials*



  • Reconstructive products for orthopedics and other musculoskeletal specialists
  • Innovator across large joints and high-growth categories such as sports medicine and trauma



  • Global ophthalmic medical device manufacturer
  • Performed 700K+ trifocal IOL implants over past 10 years


Convey Health Solutions

  • Tech-enabled solutions for insurance plans
  • Serves 7 of top 10 health plans and 5M+ members annually


Ellodi Pharmaceuticals

  • Gastroenterology-focused specialty pharmaceutical company
  • In late-stage clinical trial for a treatment for Eosinophilic Esophagitis, a disease for which there are no approved treatments today



  • Pharmacy benefits and services company
  • Served 16M+ members nationally*

Rite Aid to Acquire Leading Independent Pharmacy Benefit Manager EnvisionRx for $2 Billion



  • Innovator in orthopedic implants, instruments, and technologies for joint replacement
  • Products used in 75K+ shoulder, ankle, knee, and hip procedures annually



  • Medical technology innovator in transfusion medicine
  • Obtained 24 FDA clearances in the two years prior to realization*

New Transfusion Therapies Company to Be Named Fenwal



  • A leading private healthcare provider in Australia
  • 43 hospitals and 17K+ Accredited Medical Practitioners


IASIS Healthcare

  • Acute care hospital network and Medicaid health plan
  • Grew to 18 hospitals with 3,000+ licensed beds and 500K+ health plan members*

Steward Health Care and IASIS Healthcare Announce Definitive Agreement to Merge



  • Global provider of transfusion and transplantation diagnostic products
  • Products used in screening of 90 percent of U.S. blood supply


(fka IMS Health and Quintiles)

  • A leading global provider of advanced analytics, technology solutions, and contract research services to the life sciences industry
  • 35+ petabytes of proprietary data sourced from 150K+ data suppliers


Kelsey-Seybold Clinic

  • Largest independent multi-specialty physician group in Greater Houston with a leading Medicare Advantage health plan
  • Pioneer in value-based care with ~150K patients receiving care through risk-based reimbursement


Kindred At Home

  • Largest home health and hospice provider in the U.S. with 9M+ patient visits per year
  • Joint venture with Humana, a leading managed care organization


Kindred Healthcare

  • A leading specialty hospital company focused on inpatient rehabilitation, long-term acute care, and behavioral facilities
  • 100K+ admissions annually


LifeStance Health

  • Largest outpatient behavioral health provider in the U.S.
  • Serves 2M+ patients annually through in-person and telemedicine visits


Monogram Health

  • Value-based specialty provider of in-home evidence-based care and benefit management services for patients living with polychronic conditions, including chronic kidney and end-stage renal disease
  • Rapidly scaling since founding in 2019, serving patients in over 34 states today


PAR Pharmaceutical

  • Manufacturer of generic pharmaceutical and branded injectable products
  • R&D pipeline generated 20+ new product filings annually*


Surgical Care Affiliates

  • A leading outpatient surgery center provider
  • 230+ ambulatory surgery centers serving nearly 1 million patients each year



  • Technology company advancing human wellness worldwide
  • Supports the care of 4M+ patients annually

*Occurred during partnership or at time of realization. All other data as of December 2020, unless otherwise indicated.

We invest behind companies that are driving healthcare forward by advancing innovation, increasing access, and delivering better care at a lower total cost for patients.

Breakthrough Innovation

Allogene Therapeutics

Allogene Therapeutics (NASDAQ: ALLO) is a clinical-stage biotechnology company with a single-minded focus on pioneering the development of allogeneic chimeric antigen receptor T cell (AlloCAR T™) therapies for cancer. These off-the-shelf therapies, enhanced by gene editing, could be the next vital breakthrough in the field of cancer treatment, making cell therapy faster, more reliable, and available at greater scale to more patients.

In 2018, TPG partnered with Dr. Arie Belldegrun, founder of Kite Pharma, and Dr. David Chang, Head of R&D and Chief Medical Officer of Kite Pharma, to acquire Pfizer’s allogeneic CAR T portfolio and stand up Allogene as a fully functioning, independent company. Six months after formation, the company went public, making it one of the fastest and largest listings on record in biotechnology.

In under three years, Allogene has gone from launch to leadership in the allogeneic CAR T field. The company has advanced three therapeutic candidates into human clinical trials, including two therapies for relapsed/refractory non-Hodgkin lymphoma, and one for relapsed/refractory multiple myeloma. In 2021, Allogene expects to enter into a pivotal trial in relapsed/refractory non-Hodgkin lymphoma and initiate its first trial for allogeneic CAR T therapies in solid tumors. The company is also building a state-of-the-art, 120,000 square-foot manufacturing facility to ensure that patients will have access to their therapies.

Improved Access

LifeStance Health 

In many ways, mental health is the pandemic that no one talks about. Incidences of mental illness are at epidemic levels and rapidly growing, affecting nearly 70 million Americans, or 1 out of every 5 people. Despite the increasing de-stigmatization of mental health and growing awareness of the broader health consequences, access to outpatient behavioral healthcare remains severely constrained – only 26 million people are treated today. This need has only become more pronounced during the COVID-19 pandemic.

LifeStance Health, the largest outpatient behavioral health services provider in the U.S., has been at the forefront of bridging the gap between patients and clinicians in this critical but underserved segment of healthcare. The company’s entire platform is designed to enhance access and foster clinical outcomes through its commitment to best-in-class patient experience, focus on clinician retention, and strong relationships with payors. The company helps adults, adolescents, and children suffering from the full range of mental health issues, at all levels of acuity, in a commercial, in-network setting.

Today, LifeStance employs more than 3,500 clinicians who conduct more than 2 million visits annually, both in-person at its more than 350 clinics nationwide and through its telemedicine offering. TPG invested in LifeStance in the spring of 2020.

Better Cost of Care

Kelsey-Seybold Clinic

Kelsey-Seybold Clinic is the largest independent multi-specialty physician group in the Houston area. The clinic includes more than 480 physicians and allied health professionals who practice across more than 55 specialties and care for more than 400,000 unique patients each year. Since its founding in 1949, Kelsey-Seybold has focused on delivering high-quality care at a lower total medical cost through a coordinated and evidence-based clinical approach. This model led to the company’s accreditation by the National Committee for Quality Assurance (NCQA) as the nation’s first Accountable Care Organization and recognition as Houston’s longest-standing ACO. 

Kelsey-Seybold’s accountable care model has delivered proven lower total healthcare costs for employers when compared to other HMO and PPO commercial health plans in the Greater Houston area, while also providing the highest possible quality of care and an excellent patient experience. In addition to its fee-for-service patient care business, Kelsey-Seybold operates its own Medicare Advantage health plan (KelseyCare Advantage) and partners with major insurance carriers to provide commercial capitated or risk-based health plans (KelseyCare) to area employers. KelseyCare Advantage is one of three 5-star plans in Texas and is the only health plan in the state to be rated 5-out-of-5 stars by Medicare five years in a row, starting in 2017.

Escalating healthcare costs continue to be one of the biggest challenges facing the nation’s healthcare system. Kelsey-Seybold’s accountable care model represents an innovative and forward-looking approach to care delivery and payment reimbursement. TPG invested in Kelsey-Seybold in January 2020.

Delivering high-quality healthcare relies on building great companies. For nearly two decades, we’ve been partnering with outstanding management teams to do just that. Learn more about some of our franchise-defining partnerships:

View All Case Studies ⟶

Our News


TPG Partners with DOC Generici

June 30, 2022


Bayer Acquires Asklepios BioPharmaceutical

October 26, 2020