Amulet Taps Healthcare Veteran Adam Grossman to Drive Investment Strategy

GREENWICH, Conn. – May 04, 2026 – Amulet Capital Partners, a private equity firm with an exclusive focus on the healthcare sector, has appointed veteran investor and operator Adam Grossman as a Partner. The move signals a significant reinforcement of the firm's specialized strategy, bringing Grossman’s three decades of deep operational and investment experience to bear on sourcing and scaling healthcare services platforms.

The appointment comes at a pivotal time for Amulet, which recently closed its oversubscribed third fund with approximately $1.2 billion in capital commitments. Grossman is tasked with deploying this capital by identifying, structuring, and nurturing investments, working directly with management teams to build market-leading companies.

A Strategic Play in a Specialized Market

In an increasingly competitive private equity landscape, specialized expertise is a key differentiator. Amulet Capital has built its reputation on a disciplined, healthcare-only focus, targeting complex middle-market segments like life sciences outsourcing, healthcare providers, and payor services. Grossman's appointment is a direct reflection of this strategy, deepening the firm's bench strength in its core areas of interest.

With approximately $2.5 billion in assets under management, Amulet targets companies where it can apply hands-on value creation. Grossman's background aligns perfectly with this model. His experience is not confined to the boardroom; it began in the trenches of physician practice management. This blend of operational insight and high-level investment judgment is precisely what middle-market firms need to navigate the sector's intricacies.

"We are excited to welcome Adam to Amulet,” said Ramsey Frank, CEO and Co-Founder of Amulet, in a statement. “Adam brings a differentiated combination of operating experience and investment judgment. He has consistently demonstrated the ability to structure transactions thoughtfully and work alongside management teams to build scalable healthcare services businesses. His experience aligns directly with how we invest.”

The firm's portfolio, which includes platforms like US Fertility, US Digestive Health, and Theoria Medical, underscores its focus on building scaled provider service organizations. Grossman's mandate to "build and scale healthcare services platforms" suggests Amulet will double down on this successful playbook with its new fund.

From Operations to High-Stakes Investing

Grossman’s career path provides a unique 360-degree view of the healthcare industry. He began as part of the founding team of a multi-market physician practice management platform, where he was involved in everything from M&A and integration to practice-level operations during a period of rapid expansion. This foundational experience in the mechanics of healthcare delivery has informed his subsequent roles.

After his early operational work, Grossman transitioned to a strategic consulting role at McKinsey & Company before moving into corporate strategy at Aetna. There, he not only focused on enterprise-level initiatives but also founded Aetna Ventures, the insurance giant's corporate venture capital arm, demonstrating an early knack for identifying and nurturing innovation.

His journey continued through private equity at Health Evolution Partners and a senior corporate development role at The Advisory Board Company, where he led M&A and was instrumental in the company’s strategic review and sale. Most recently, as a Partner at Deerfield Management, a major healthcare investment firm, he led investments in healthcare services and technology-enabled businesses. At Deerfield, he structured complex deals involving equity, debt, and real estate, and served on the boards of companies like Alo Solutions and Vanova Health, guiding them through critical growth phases.

This diverse background, spanning operations, corporate strategy, venture capital, and private equity, equips him with a rare toolkit to identify value where others may not and to partner effectively with entrepreneurs and management teams.

Navigating the Evolving Healthcare Landscape

Grossman joins Amulet at a time of both opportunity and challenge in the healthcare investment sector. While economic headwinds like inflation and high interest rates persist, the underlying fundamentals of healthcare remain strong. Private equity deal value in healthcare reached a record $191 billion in 2025, driven by large transactions, but the middle-market has shown consistent outperformance.

Current trends favor investors with deep operational chops. The rise of corporate carve-outs, the ongoing consolidation of provider practices, and the integration of technology and AI into healthcare delivery all create opportunities for knowledgeable investors. Grossman’s experience in M&A, scaling operations, and investing in technology-enabled services positions Amulet to capitalize on these shifts.

Furthermore, increased regulatory scrutiny from bodies like the Federal Trade Commission (FTC) on private equity transactions in healthcare means that deal structuring and post-acquisition execution require more sophistication than ever. Partners with a track record of navigating complex situations are invaluable.

"Adam is someone we have known and worked with for many years,” noted Jay Rose, President and Co-Founder of Amulet. “He approaches investing with discipline and a strong sense of partnership, and he has a track record of navigating complex situations and aligning stakeholders over time. We are confident he will be an important contributor as we continue to grow the firm.”

A Partnership Built on Familiarity and Alignment

Grossman’s transition to Partner is a natural progression, as he previously served as a Senior Advisor to the firm. This existing relationship ensures a seamless integration into Amulet’s culture and investment process. His familiarity with the team and their approach was a key factor in his decision to join.

"Having previously served as a Senior Advisor to Amulet, I’ve known Jay, Ramsey, and the rest of the team for many years and have always respected how they approach investing," Grossman stated. "They are focused, disciplined, and thoughtful about where they spend time and capital. I’m looking forward to working with the team to build healthcare services businesses in areas where we can create real, long-term value."

This shared philosophy—a focus on disciplined, long-term value creation over short-term financial engineering—is critical in a sector as vital and complex as healthcare. With Grossman on board, Amulet Capital is poised to further solidify its standing as a premier investment partner for growing healthcare companies, leveraging its newly raised fund to build the next generation of leaders in the sector.