Capital raise · Healthcare Services

Search Fund to Independent Sponsor Conversion Counsel for Healthcare Services Acquisitions

Independent sponsor counsel for healthcare services, focused on Search Fund to Independent Sponsor Conversion and the deal mechanics that protect sponsor economics and LP alignment.

EV range $15M to $120M EV EBITDA $3M to $20M Audience Independent Sponsor
The deal context

An independent sponsor closing healthcare services transactions in the $15M to $120M EV range has a defined set of moves at the Search Fund to Independent Sponsor Conversion stage. Most of them are not in a generic M&A textbook.

The typical healthcare services platform sits at $15M to $120M EV with EBITDA in the $3M to $20M range. The thesis runs on roll-up of physician practices and ancillary service lines. Most off-market healthcare deals come through advisors who have seen the structure before. Have one in your call list.

The moves

How Search Fund to Independent Sponsor Conversion actually gets structured.

  1. Reset economics: traditional 25 percent carry tranches do not translate cleanly to deal-by-deal.

  2. Renegotiate investor rights so single-deal commitments do not carry fund-style governance.

  3. Document the conversion with new entity formation, not just an amendment.

  4. Refresh the cap table to reflect deal-specific co-investment, not pooled fund commitments.

  5. In healthcare services, layer in PC/MSO structuring as part of the Search Fund to Independent Sponsor Conversion workstream.

The common mistake

Trying to convert mid-search. The original investors expect their committed-capital economics; the conversion has to be deliberate and consensual.

Jason's take
"Search and independent sponsor look similar from outside and are different inside. Convert with paper, not assumption."
Jason Powell · Search Fund to Independent Sponsor Conversion
Capital after close

The deal is one thing. The capital that opens up after close is another.

Capital after close is where the IRR actually gets made. The right introductions at month nine through month thirty are where this practice works as hard as it does at the LOI.

MONTH 18
Senior refi
MONTH 24
Dividend recap
MONTH 36
Growth equity
YEAR 4–5
Strategic exit
WORK WITH JASON

Bring the healthcare services deal. Get Search Fund to Independent Sponsor Conversion done right.

Direct counsel from a securities and M&A attorney with billions in structured transactions, the independent-sponsor-native playbook, and the capital markets network that opens up post-close.