Sponsor Heatmap
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Sponsor × sector MOIC heatmap over the 655-deal corpus. Cells show average MOIC, median MOIC, IRR, total EV, and realized count for every sponsor-sector pair with at least two deals, colored by performance tier.
Source: data_public/sponsor_heatmap.py (sponsor × sector roll-up).
Sponsor × Sector Performance Heatmap
2-D performance grid — which sponsors win in which sectors · vintage & hold cuts — 1,114 normalized deals
Total Sponsors
369
Total Sectors
526
Matrix Cells
61
Top Sponsors
15
Sector Leaders
56
Portfolio MOIC
2.79x
Vintage Cuts
10
Corpus Deals
1,114
Sponsor × Sector MOIC Heatmap
Sponsor × Sector Matrix Detail (top 50)
| Sponsor | Sector | Deals | Avg MOIC | Median MOIC | Avg IRR | Total EV ($M) | Realized | Tier |
|---|---|---|---|---|---|---|---|---|
| Veritas Capital | health_it | 2 | 4.15x | 4.80x | 44.0% | $3,700.0 | 100% | top quartile |
| Warburg Pincus | managed_care | 2 | 3.85x | 5.50x | 20.5% | $890.0 | 100% | top quartile |
| General Atlantic | managed_care | 2 | 3.40x | 3.80x | 38.0% | $1,950.0 | 100% | top quartile |
| HIG Capital | Breast Health | 2 | 3.35x | 3.60x | 23.3% | $1,120.0 | 50% | top quartile |
| KKR | Radiology | 2 | 3.35x | 3.60x | 21.3% | $1,510.0 | 50% | top quartile |
| Nautic | Infusion Therapy | 2 | 3.35x | 3.60x | 23.3% | $447.0 | 100% | top quartile |
| Amulet Capital Partners | Fertility | 2 | 3.30x | 3.40x | 27.4% | $1,010.0 | 50% | top quartile |
| Varsity Healthcare Partners | Sleep Medicine | 2 | 3.30x | 4.20x | 31.1% | $495.0 | 100% | top quartile |
| Shore Capital | Orthopedic Rollup | 2 | 3.30x | 3.50x | 21.0% | $270.0 | 100% | top quartile |
| GI Partners | health_it | 2 | 3.20x | 3.20x | 27.0% | $1,910.0 | 100% | top quartile |
| Lee Equity Partners | Fertility | 3 | 3.20x | 3.20x | 29.1% | $1,600.0 | 33% | top quartile |
| Welsh Carson Anderson & Stowe | take_private | 2 | 3.15x | 4.20x | 15.0% | $3,600.0 | 100% | top quartile |
| ABRY Partners | Dermatology | 2 | 3.15x | 3.40x | 23.5% | $800.0 | 100% | top quartile |
| Welsh Carson | Endocrinology | 2 | 3.10x | 3.60x | 22.9% | $575.0 | 100% | top quartile |
| Summit Partners | dialysis | 2 | 3.05x | 3.10x | 24.0% | $1,640.0 | 100% | top quartile |
| Equity Group Investments (Zell) | hospital | 2 | 2.85x | 3.50x | 16.0% | $3,000.0 | 100% | top quartile |
| Welsh Carson | Urology | 2 | 2.85x | 3.20x | 19.9% | $1,115.0 | 50% | top quartile |
| KKR | Infusion Services | 2 | 2.83x | 3.40x | 25.5% | $1,795.0 | 50% | top quartile |
| Nautic Partners | Community Oncology | 2 | 2.80x | 2.90x | 20.7% | $830.0 | 100% | top quartile |
| Blackstone Group | dme_home_health | 2 | 2.70x | 3.30x | 37.0% | $2,600.0 | 100% | above avg |
| Warburg Pincus | Urgent Care | 2 | 2.70x | 2.80x | 25.0% | $2,020.0 | 100% | above avg |
| Cressey | BPH Center | 2 | 2.70x | 3.80x | 20.9% | $370.0 | 50% | above avg |
| Cressey | Pediatric Dental | 2 | 2.70x | 3.80x | 20.9% | $370.0 | 50% | above avg |
| New Mountain Capital | Cardiovascular Devices | 2 | 2.65x | 2.90x | 22.9% | $1,275.0 | 50% | above avg |
| Webster Capital | OB/GYN | 2 | 2.65x | 2.70x | 21.5% | $800.0 | 100% | above avg |
| Harren Equity | Physical Therapy | 2 | 2.65x | 2.90x | 20.2% | $470.0 | 100% | above avg |
| CVC Capital | Oncology Services | 2 | 2.60x | 2.80x | 26.9% | $1,550.0 | 0% | above avg |
| TA Associates | Diagnostic Equipment | 2 | 2.55x | 3.40x | 21.0% | $1,440.0 | 50% | above avg |
| Welsh Carson | Multispecialty | 2 | 2.55x | 2.60x | 20.7% | $785.0 | 100% | above avg |
| Frazier Healthcare | Liver Disease | 2 | 2.55x | 3.00x | 21.2% | $395.0 | 50% | above avg |
| BayMark Partners | Addiction Treatment | 2 | 2.45x | 2.70x | 26.7% | $208.0 | 0% | above avg |
| Vista Equity Partners | health_it | 2 | 2.40x | 2.50x | 18.5% | $3,500.0 | 100% | above avg |
| Frazier | Oral Surgery | 2 | 2.40x | 2.70x | 18.9% | $380.0 | 50% | above avg |
| KKR | Gastroenterology | 2 | 2.30x | 2.90x | 24.7% | $2,150.0 | 50% | above avg |
| Shore Capital | Rheumatology | 2 | 2.30x | 2.80x | 18.5% | $173.0 | 50% | above avg |
| TPG | Concierge Medicine | 2 | 2.25x | 2.80x | 18.5% | $335.0 | 0% | avg |
| Shore Capital Partners | Walk-in Clinics | 2 | 2.25x | 2.30x | 19.7% | $295.0 | 100% | avg |
| Shore Capital | ENT | 2 | 2.20x | 2.60x | 21.3% | $705.0 | 50% | avg |
| Shore Capital | Pain Management | 2 | 2.15x | 2.60x | 19.2% | $530.0 | 50% | avg |
| Centerbridge Partners | dialysis | 2 | 2.10x | 2.20x | 21.5% | $1,235.0 | 100% | avg |
| Webster Capital | Behavioral Health | 2 | 2.05x | 2.60x | 19.3% | $105.0 | 50% | avg |
| Warburg Pincus | Value-Based Care | 2 | 2.05x | 2.60x | 20.6% | $608.0 | 0% | avg |
| Welsh Carson Anderson & Stowe | Employer Health | 2 | 2.05x | 2.50x | 18.5% | $780.0 | 0% | avg |
| Nautic | Practice Management | 2 | 2.05x | 2.50x | 18.5% | $540.0 | 50% | avg |
| Blackstone | Cellular Therapy | 2 | 2.00x | 2.50x | 20.1% | $2,070.0 | 0% | avg |
| Silversmith | Sports Medicine | 2 | 2.00x | 2.10x | 20.3% | $445.0 | 0% | avg |
| Frazier Healthcare | Medical Home | 2 | 1.95x | 2.00x | 22.9% | $495.0 | 0% | avg |
| Alpine Investors | Audiology | 2 | 1.95x | 2.50x | 15.5% | $800.0 | 50% | avg |
| Audax | Spine MSO | 2 | 1.95x | 2.30x | 18.6% | $690.0 | 50% | avg |
| Harren | Kidney Stone | 2 | 1.90x | 2.30x | 17.9% | $265.0 | 0% | avg |
Top Sponsor Profiles
| Sponsor | Deals | Avg MOIC | Avg IRR | Median Hold | Total EV ($M) | Sectors | Top Sector | Concentration | Realized |
|---|---|---|---|---|---|---|---|---|---|
| Waud Capital Partners | 8 | 5.50x | 43.1% | 4.5y | $3,645 | 8 | behavioral health | 12% | 75% |
| Veritas Capital | 6 | 3.93x | 37.5% | 5.0y | $6,155 | 5 | health_it | 33% | 83% |
| Thoma Bravo | 8 | 3.88x | 35.8% | 3.5y | $3,105 | 8 | Clinical Documentation I | 12% | 12% |
| Insight Partners | 7 | 3.70x | 32.9% | 3.5y | $2,450 | 7 | Payer Analytics | 14% | 14% |
| Summit Partners | 16 | 3.52x | 35.0% | 5.0y | $7,770 | 15 | dialysis | 12% | 62% |
| Ridgemont Equity Partners | 4 | 3.50x | 29.8% | 4.5y | $890 | 4 | oncology | 25% | 50% |
| Frazier Healthcare Partners | 16 | 3.46x | 31.5% | 4.5y | $4,095 | 16 | behavioral health | 6% | 69% |
| Gridiron Capital | 4 | 3.38x | 28.5% | 4.5y | $1,060 | 4 | mobile_diagnostics | 25% | 25% |
| Lee Equity Partners | 7 | 3.34x | 29.3% | 4.5y | $2,560 | 5 | Fertility | 43% | 43% |
| General Atlantic | 27 | 3.27x | 30.0% | 4.0y | $12,791 | 26 | managed_care | 7% | 22% |
| Varsity Healthcare Partners | 11 | 3.22x | 28.5% | 4.5y | $2,433 | 10 | Sleep Medicine | 18% | 36% |
| Francisco Partners | 13 | 3.21x | 28.0% | 4.5y | $4,480 | 13 | Dental / DSO | 8% | 38% |
| Warburg Pincus | 48 | 3.21x | 27.9% | 4.5y | $24,623 | 45 | managed_care | 4% | 48% |
| Ares Management | 10 | 3.12x | 29.9% | 4.5y | $7,820 | 10 | asc | 10% | 40% |
| New Mountain Capital | 17 | 3.08x | 27.1% | 4.0y | $8,090 | 16 | Cardiovascular Devices | 12% | 35% |
Sector-Level Leaders
| Sector | Top Sponsor | Top MOIC | Top IRR | Deals | Runner Up | Runner MOIC |
|---|---|---|---|---|---|---|
| health_it | Veritas Capital | 4.15x | 44.0% | 2 | GI Partners | 3.20x |
| managed_care | Warburg Pincus | 3.85x | 20.5% | 2 | General Atlantic | 3.40x |
| Breast Health | HIG Capital | 3.35x | 23.3% | 2 | — | 0.00x |
| Radiology | KKR | 3.35x | 21.3% | 2 | — | 0.00x |
| Infusion Therapy | Nautic | 3.35x | 23.3% | 2 | — | 0.00x |
| Fertility | Amulet Capital Partners | 3.30x | 27.4% | 2 | Lee Equity Partners | 3.20x |
| Sleep Medicine | Varsity Healthcare Partners | 3.30x | 31.1% | 2 | — | 0.00x |
| Orthopedic Rollup | Shore Capital | 3.30x | 21.0% | 2 | — | 0.00x |
| take_private | Welsh Carson Anderson & Stowe | 3.15x | 15.0% | 2 | — | 0.00x |
| Dermatology | ABRY Partners | 3.15x | 23.5% | 2 | — | 0.00x |
| Endocrinology | Welsh Carson | 3.10x | 22.9% | 2 | — | 0.00x |
| dialysis | Summit Partners | 3.05x | 24.0% | 2 | Centerbridge Partners | 2.10x |
| hospital | Equity Group Investments (Zell) | 2.85x | 16.0% | 2 | — | 0.00x |
| Urology | Welsh Carson | 2.85x | 19.9% | 2 | — | 0.00x |
| Infusion Services | KKR | 2.83x | 25.5% | 2 | — | 0.00x |
| Community Oncology | Nautic Partners | 2.80x | 20.7% | 2 | — | 0.00x |
| dme_home_health | Blackstone Group | 2.70x | 37.0% | 2 | — | 0.00x |
| Urgent Care | Warburg Pincus | 2.70x | 25.0% | 2 | — | 0.00x |
| BPH Center | Cressey | 2.70x | 20.9% | 2 | — | 0.00x |
| Pediatric Dental | Cressey | 2.70x | 20.9% | 2 | — | 0.00x |
| Cardiovascular Devices | New Mountain Capital | 2.65x | 22.9% | 2 | — | 0.00x |
| OB/GYN | Webster Capital | 2.65x | 21.5% | 2 | — | 0.00x |
| Physical Therapy | Harren Equity | 2.65x | 20.2% | 2 | — | 0.00x |
| Oncology Services | CVC Capital | 2.60x | 26.9% | 2 | — | 0.00x |
| Diagnostic Equipment | TA Associates | 2.55x | 21.0% | 2 | — | 0.00x |
| Multispecialty | Welsh Carson | 2.55x | 20.7% | 2 | — | 0.00x |
| Liver Disease | Frazier Healthcare | 2.55x | 21.2% | 2 | — | 0.00x |
| Addiction Treatment | BayMark Partners | 2.45x | 26.7% | 2 | — | 0.00x |
| Oral Surgery | Frazier | 2.40x | 18.9% | 2 | — | 0.00x |
| Gastroenterology | KKR | 2.30x | 24.7% | 2 | — | 0.00x |
| Rheumatology | Shore Capital | 2.30x | 18.5% | 2 | — | 0.00x |
| Concierge Medicine | TPG | 2.25x | 18.5% | 2 | — | 0.00x |
| Walk-in Clinics | Shore Capital Partners | 2.25x | 19.7% | 2 | — | 0.00x |
| ENT | Shore Capital | 2.20x | 21.3% | 2 | — | 0.00x |
| Pain Management | Shore Capital | 2.15x | 19.2% | 2 | — | 0.00x |
| Behavioral Health | Webster Capital | 2.05x | 19.3% | 2 | — | 0.00x |
| Value-Based Care | Warburg Pincus | 2.05x | 20.6% | 2 | — | 0.00x |
| Employer Health | Welsh Carson Anderson & Stowe | 2.05x | 18.5% | 2 | — | 0.00x |
| Practice Management | Nautic | 2.05x | 18.5% | 2 | — | 0.00x |
| Cellular Therapy | Blackstone | 2.00x | 20.1% | 2 | — | 0.00x |
Vintage Cuts — 2016-2019 vs 2020-2024
| Sponsor | 2016-2019 MOIC | 2016-2019 Deals | 2020-2024 MOIC | 2020-2024 Deals | Trend |
|---|---|---|---|---|---|
| Waud Capital Partners | 3.63x | 3 | 0.00x | 0 | declining |
| Veritas Capital | 3.47x | 3 | 0.00x | 0 | declining |
| Thoma Bravo | 4.20x | 4 | 3.80x | 3 | declining |
| Insight Partners | 3.85x | 2 | 3.64x | 5 | stable |
| Summit Partners | 3.49x | 8 | 2.75x | 2 | declining |
| Ridgemont Equity Partners | 3.90x | 2 | 3.10x | 2 | declining |
| Frazier Healthcare Partners | 3.41x | 9 | 2.95x | 4 | declining |
| Gridiron Capital | 3.40x | 3 | 3.30x | 1 | stable |
| Lee Equity Partners | 3.54x | 5 | 2.80x | 1 | declining |
| General Atlantic | 3.69x | 13 | 2.61x | 11 | declining |
Hold-Period Stratification
| Hold Bucket | Deals | Avg MOIC | Avg IRR | Best MOIC | Best Deal |
|---|---|---|---|---|---|
| < 3 yrs (quick flip) | 66 | 1.59x | 19.9% | 5.00x | iRhythm Technologies / Pre-IPO Round |
| 3-4 yrs | 223 | 2.37x | 24.9% | 6.50x | agilon health – Blackstone growth equity |
| 4-5 yrs | 378 | 3.05x | 27.4% | 8.20x | Acadia Healthcare Behavioral Health IPO |
| 5-6 yrs | 308 | 2.94x | 22.6% | 9.50x | Acadia Healthcare – Waud Capital growth equity |
| 6+ yrs (long hold) | 139 | 2.99x | 17.3% | 12.00x | Natera – Formation 8 / Sequoia growth investment |
Track-Record Thesis: 1,114 normalized deals across 369 unique sponsors and 526 sector strings produce 61 sponsor-sector cells with ≥2 deals.
Portfolio-weighted average MOIC 2.79x. Use the heatmap to identify sponsor-sector pairs where a prior platform produced top-quartile results (green cells) — and where runner-up sponsors lost material value (red cells).
Vintage cuts reveal which sponsors have maintained discipline as multiples have compressed post-2020. Long-hold (6+ years) deals consistently produce highest MOIC but depress IRR.