Harbour Point Capital and Quantum Strategic Partners Ltd have made an undisclosed investment in Oak Street Health. According to Oak Street, the capital infusion will be used for expansion in the Chicago area and other Midwest markets. Oak Street runs primary care centers in the Chicago metropolitan area that serve older adults.
CHICAGO, IL, and NEW YORK, NY, March 5, 2015 – Harbour Point Capital and funds affiliated with Quantum Strategic Partners Ltd., today announced that they have led a growth capital investment in Oak Street Health, a privately owned operator of primary care centers focused on seniors. Oak Street Health plans to use the additional capital to fund its expansion in the Chicago area and other markets in the Midwest, so that it will have the facilities and capacity to care for more patients.
Today, Oak Street Health operates seven primary care centers in the Chicago metropolitan area, serving about 5,000 older adults. The company focuses exclusively on seniors with Medicare, with each of its centers investing in the everyday health of its patients to improve their quality of life. An investment in population-health analytics and preventive care, combined with a unique patient-centered care model, enables Oak Street Health to provide an outstanding patient experience and greatly improved clinical outcomes.
Mike Pykosz, co-founder and Chief Executive Officer of Oak Street Health, said, ” We are excited to expand and bring improved care to the older adults in our communities. There are thousands more seniors in Chicago and in other parts of the Midwest who do not have access to primary care targeted to their needs. This capital raise will enable Oak Street to continue our mission of providing quality care, improved outcomes and an unmatched experience for seniors who need it most, by opening more centers and expanding our service offering. We are excited to have Harbour Point Capital and Quantum Strategic Partners as valuable partners in our growth.”
“Oak Street Health’s innovative primary care model is at the nexus of population health, value-based care and rising consumerism, the three most important secular trends in health care,” said Robert Juneja, co-founder and Managing Director of New York-based Harbour Point Capital.
“We are especially pleased to partner with Oak Street Health’s founding managing team in their mission to elevate the quality of health care being delivered to the senior population,” added Bret Bowerman, a co-founder and Managing Director of Harbour Point Capital.
The amount of the investment was not disclosed.
Oak Street Health’s primary care centers feature highly trained clinicians who specialize in the care of older adults; convenient locations; transportation to and from appointments for eligible patients; same-day appointments; bilingual staff; community rooms that host daily educational and social events; and at most locations, on-site pharmacy and dental services. Oak Street provides its patients with longer and more frequent visits with physicians in order to keep its patients well.
About Oak Street Health
Oak Street Health, LLC is a rapidly growing and innovative population health business operating primary care clinics focused on Medicare beneficiaries. Founded in 2012, Oak Street Health operates seven primary care clinics within the metropolitan Chicago area. For more information, please visit: www.oakstreethealth.com
About Harbour Point Capital
Harbour Point Capital is an independent private equity firm focused on healthcare investing. Harbour Point Capital invests in innovative companies that deliver value to the healthcare system by enabling the provision of higher quality care at lower unit cost. For more information, please visit: www.harbourpointcapital.com
About Quantum Strategic Partners Ltd.
Quantum Strategic Partners Ltd. is a private investment vehicle that focuses globally on long duration investments in several strategies, including capital-intensive start-ups, project development and growth equity transactions. QSP seeks to acquire, and in partnership with experienced management teams, build businesses that generate attractive returns on investment. The investment advisor to QSP is Soros Fund Management LLC (“SFM”), a private investment management firm that serves as the principal investment advisor to a number of private investment funds that are managed exclusively for Soros family clients.