By Milt Capps updated Aug. 31, 2022
Published Tuesday, August 30, 2022 4:00 pm
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NASHVILLE-based Rubicon Founders Opportunity Fund I, led by CEO Adam Boehler of Rubicon Founders LLC, has thus far raised $471,075,000 in sales of equity securities for healthcare investment, according to an SEC filing published earlier today.
VNC notes that in December 2021, Boehler was also among filers for a complementary Rubicon Founders Opportunity Fund I Co-Invest LP, which at that point showed no sales and no target for the offering.
In creating Rubicon Founders 18 months ago, Boehler and his team partnered with investment firms Oak HC/FT and with Welsh Carson Anderson & Stowe (WCAS), both of which have substantial prior experience in the Nashville healthcare arena.
VNC research suggests that Rubicon LPs may have thus far included such firms as Sequoia Capital, Warburg Pincus, Concord Health Partners, Generator Ventures and Dorilton Ventures, among others.
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Rubicon previously announced its participation with other investors in acquiring Troy, Mich.-based U.S. Medical Management; and, last week it announced its role in launching Evergreen Nephrology, which Tennessee state records online indicate had been formed in autumn 2021, with Boehler as executive chairman.
In Boehler's initial filing for Fund I in August 2021, no target for the raise was cited. Today's updated SEC filing for Fund I reported 62 investors involved in the nearly half-billion-dollar raise. The Opp Fund I SEC filings are here. (Filings on the Co-Investment Fund are posted here.)
Rubicon Founders' April 2021 announcement of its launch included testimonials from physician, PE/VC investor and former U.S. Senate Majority Leader Bill Frist MD; from Annie Lamont, co-founder and managing partner at Oak HC/FT; from WCAS General Partner David Caluori; and, from Amedisys Chairman and CEO Paul Kusserow. The release is here.
At launch, Rubicon said its "mission is to build meaningful businesses that create enduring value by impacting people in a measurable way. Rubicon is focused on building ground up businesses through the Rubicon team's proven analytic process as well as driving transformational change through the purchase of large platform companies and related special opportunities."
Also shown on today's SEC filing with Boehler are Rubicon COO Austin Smith and Rubicon Secretary and General Partner David Glaccum JD.
Prior to registering Rubicon Founders in Delaware 18 months ago, and subsequently in Tennessee, Boehler, now 43, was CEO of the United States International Development Finance Corporation, in Washington, D.C.
Prior to that, he was a senior advisor for value-based transformation and innovation with the U.S. Health and Human Services Agency, as well as deputy administrator of the nation's Centers for Medicare and Medicaid Services (CMS) agency.
Boehler's previous private-sector experience also included serving as CEO of Landmark Health, based in Huntington Beach, Calif. Landmark describes itself as "a risk-based provider group that delivers high quality, in-home medical care to chronically ill populations."
Still earlier, he held chairman, chief executive and-or founder roles with Avalon Healthcare Solutions, a lab benefits management company; was EVP and general manager of MedeFinance (later MedeAnalytics); and, was an associate and analyst with Battery Ventures.
During a program held Aug. 27 by Project Healthcare at the Nashville Entrepreneur Center, Albany, N.Y.-born Boehler told his audience that he and his partners had picked Nashville as Rubicon's headquarters over Austin and Denver, mainly because of the city's concentrated healthcare sector.
At another point, Boehler explained that his father was a physician and his mother was a speech pathologist and an entrepreneur.
That probably contributed to his having long viewed healthcare as a realm in which one can both do good for others, and do well in business. "There are just so many things you can improve in healthcare!" said Boehler.
Naturally, that EC program with Boehler covered a range of traditional business, innovation and investment issues. It was moderated by EC Project Healthcare Chairman Eric Thrailkill, a 30-year veteran of healthcare business in Nashville.
Boehler, himself, is scheduled to moderate a panel Oct. 11 during the large HealthcareRPM conference here in Nashville. His panel's focus will be on value-based kidney care.
The invitation-only HealthcareRPM event is freighted with prominent speakers and is produced by Music Row-based Row Associates, a healthcare transaction advisory and capital-acquisition services firm. Related press release here.
Boehler's previously announced personal investments have included New Jersey-based StationMD and New York City-based Cadence Solutions. In both those transactions, other investors included Nashville-based Martin Ventures. Crunchbase also shows Boehler having invested personally in Austin-based Closedloop.ai and in San Diego-based Cortica.
He was also associated with an SEC filing in December 2021 related to a $10.8MM-target raise for Upperline Health, in Nashville.
Boehler's LinkedIn profile is here. A wikipedia profile is here. VNC's previous Boehler coverage here. VNC
. last edited 1041 31 August 2022