A private investment office
Investing in the relationship
at the heart of care.
We build and invest in healthcare businesses that bring science and AI into care, strengthen the physician–patient relationship, and help people access and afford care for healthier, fuller lives.
Our investment focusScience and AI are expanding what healthcare can do. Their value is realized in a better outcome, a better experience and healthcare a person can afford.
We believe the physician–patient relationship is central to that progress. It needs clinical insight, time and continuity, supported by an organization that can turn a decision into dependable care.
We invest to bring these elements together: applying new science, putting AI to work and giving people meaningful choices and practical ways to pay for care. We build businesses that can grow while keeping those commitments. Lasting value comes from earning people’s trust, and continuing to deserve it.
Across intelligent platforms, life sciences, care delivery and diagnostics, we look for businesses that advance science, strengthen the clinical relationship and make better care accessible and sustainable.
Clinical decision support and platforms that improve practice operations, coordination and care delivery. This includes businesses helping employers and self-funded health plans offer better benefits, navigate care and make healthcare spending more effective.
Clinical-stage companies with proven teams, advancing beyond preclinical research into human studies. We are particularly interested in inflammation, immunology and neurocognitive health, where AI and omics can accelerate discovery and development.
Connected diagnosis, treatment and follow-up in gastroenterology and digestive health, dermatology, neurology and pain medicine, with selected opportunities in urology, cardiovascular, musculoskeletal and eye care.
Care across life stages, connecting obstetrics and gynecology, pelvic and breast health, menopause and healthy aging. We also look at digestive health and the microbiome as part of a fuller understanding of women’s health.
Membership, concierge and coordinated primary care, alongside selected multispecialty groups. Integrated lifestyle medicine and evidence-based approaches to longevity and healthspan, built around a continuing clinical relationship.
Advanced diagnostics, genomics and multi-omics that deepen our understanding of the biology underlying health and disease. Alongside imaging, specialty pathology and ambulatory services, we look for a clear path from insight to a useful clinical decision.
Investment profile
$2–10 million
Normalized EBITDA
Our typical focus for established businesses.
$1–2 million
Normalized EBITDA
Selective smaller platforms and add-on acquisitions.
Direct investment at earlier stages, with equity and private debt partners for larger opportunities. Capital is sized to the business, its cash flows and its next stage of growth.
Majority acquisitions Recapitalizations Minority growth investments Company building
We partner with founders, clinical leaders and management teams to build the capabilities that better care requires. Our work connects clinical ambition with the people, capital and operating discipline to deliver it.
Bring scientific evidence into coherent care models, clear clinical pathways and stronger continuity for patients.
Recruit and develop clinical, operational and AI technology leaders. Support succession and build organizational structures that integrate clinical expertise, technology and intelligence as the business grows.
Strengthen clinical insight and improve the work around care, from records and documentation to coordination and follow-up.
Establish clear accountability, strengthen regulatory oversight and compliance, and protect clinical judgment. Align boards and leaders around outcomes, patient experience and performance.
Match capital and ownership structures to the business, its cash flows, its risks and the ambitions of its founders.
Improve access, capacity and service delivery. Optimize health plan design, payer relationships and reimbursement models so better care is easier to fund and the business can sustain it.
Managing Partner
Felix brings an uncommon combination of experience as a physician, scientist, healthcare investor and operator. His work connects science, technology and AI with a deep commitment to the human relationship at the heart of care.
His thesis is that better healthcare businesses can make scientific progress useful in a person’s life: strengthening clinical relationships, giving people more influence over their care and spending, and improving outcomes and experience.
At LeapFrog, he co-founded the global healthcare investment platform and led it to nearly $1 billion in investable capital for healthcare across two funds. He brings investment discipline, operating experience and a scientific perspective to Cencap’s work with founders, management teams, boards and investors.
Felix is also Chairman and Co-Founder of Centio.One, which is building AI-native, physician-led clinical care around scientific insight and a continuing physician–patient relationship.
Senior Advisor to TPG (opens in a new tab)A leading global alternative asset manager.
After studying molecular biology at the University of Pennsylvania, Felix began his physician-scientist training in NYU Langone Health’s MD-PhD program. He identified and cloned genes involved in early organ development, with implications for stem cell differentiation, cancer and immunology.
We welcome founders, clinical leaders, management teams, boards and capital partners exploring growth, new care models, operating partnerships or ownership transitions.
Tell us about your business, where you operate and what you hope to build. We also welcome conversations about board leadership and strategic advisory partnerships.
contact@cencapgroup.com