PE Firms HCAP Partners, Hamilton Lane Fuse Three Companies to Make PAX Health

San Diego-based private equity firm HCAP Partners and two health care executives have launched a new platform company named PAX Health.

The move merges Behavioral Medicine Associates (BMA), Workers Compensation Psychological Network (WCPN) and Reservoir Health under PAX Health. Hamilton Lane (Nasdaq: HLNE) managed funds enabled the deal, according to a news release.

The terms of the deal were not released.


The newly formed PAX Health provides in-person and telehealth services for mental health conditions. It operates in New York and New Jersey and claims to be one of the largest businesses in the Northeastern United States. 

“HCAP is proud to support PAX’s management team as they strive to build a premier provider of tailored solutions for individuals, businesses, and communities seeking comprehensive behavioral health services,” Brian Kinsman, senior partner at HCAP Partners, said.

Cumulatively, the three companies offer psychological assessments, individual and group therapy, pain management, psychiatry and medication management. BMA caters to public and private employees. WCPN works with workers compensation groups. Reservoir Health provides in-network outpatient behavioral health services.


The investment is intended to expand PAX Health. The company said it plans to refine its internal system to accommodate clinician needs and development. It also calls for manageable patient loads and a proprietary quality career advancement platform.

“We’re thrilled to partner with HCAP as we expand our footprint and access to mental healthcare,” Anthony DeSena, CEO of PAX Health, said in a statement. “HCAP’s partnership will help us propel our mission forward and transform the behavioral health field.”

HCAP Partners invests $3 million to $25 million in established businesses, generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. Hamilton Lane is a global private markets investment management firm.

Last year was a challenging time for PE platforms. The organic- and de novo-focused year didn’t come through in the ways many had hoped. Still, the number of behavioral health platforms created over the last two years has remained stable despite new platform creation dipping in other health care industries, according to data tracked by the Braff Group. 

HCAP Partners has previously invested in the behavioral health space. In 2021, it invested in San Juan Capistrano, California-based behavioral health provider AMFM Healthcare.

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