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Rubicon Founders' Fund II said to have commitments of $1BN+
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RUBICON Founders Fund II, based in Nashville and led by Founder Adam Boehler, has received capital commmitments totaling north of $1.18BN, according to figures recently published by business media and business-intelligence sources.

Venture Nashville reported the initial placeholder filing for Fund II in July 2023. About 90 days later, Rubicon updated that filing, showing roughly $684.8MM in from 19 investors then aboard. When all commitments are realized and reported, the number of investors is likely to rise significantly.

It was less than three years ago, in summer 2021, Rubicon Opportunity Fund I filed saying it had raised more than $471MM from 62 investors. In that case, the original placeholder filing had been disclosed a full year earlier.

Thus far, Boehler's career -- beginning with his stint with Boston-based Battery Ventures, close-on-the-heels of his graduation from the Wharton School 24 years ago -- seems to have generated sustained, and possibly still-mounting impetus.

Adam Boehler

Prior to forming Rubicon, Boehler's experience included service as CEO of the U.S. International Development Finance Corporation; director of the Center for Medicare & Medicaid Innovation (CMMI); HHS senior advisor for value-based transformation and innovation; founder and CEO of Landmark Health (service for chronically ill, acquired in a multi-billion-dollar deal in 2021 by Optum); founder of Avalon Health Services (lab benefit management), and more.

Rubicon Founders' formation was announced in April 2021, showing initial backing by Oak HC/FT and Welsh Carson Anderson & Stowe (WCAS). The ranks of the Rubicon team, its LPs and partners have grown steadily.

In March 2023, Boehler offered in a video produced by Nashville Entrepreneur Center's Project Healthcare that "one of the interesting trends in healthcare is a shift to value-based care, paying for outcomes. Today in healthcare, we pay for every service, for every activity. That creates an incentive for more activity. What [the shift to value-based care] does is it drives real services that are meant to help people, not to check a box. And those are the kinds of things we're excited about."

Eric Thrailkill, chairman of Project Healthcare within Nashville Entrepreneur Center, told VNC today that he views Rubicon Founders as an "example of an investment firm that knows the challenges existing in the industry, as well as solutions designed through the lense of value-based care."

Thrailkill affirmed that he sees other healthcare services and technology investors using a similar "value lens" that is typically focused on alternative payment models.

Asked off-the-cuff for examples, Thrailkill noted (alphabetized here by VNC) Council Capital, FCA Venture Partners, Frist Cressey Ventures, Heritage Group, Martin Ventures, and Valtruis.

VNC research indicates that Rubicon founders and their affiliated issuers have, over time, completed investment transactions and-or partnerships with businesses that have included:

Cano Health (Miami) CEO: Mark Kent. NYSE-listed CANO offers primary care for seniors at medical centers. In 2020, Cano became a public company via merger with JAWS Acquisition Co.

Germantown Technologies (Nashville) A Rubicon partner entity, is an IT and IT consulting firm led by Rubicon Technology Operating Partner and President Ananth Ramkrishnan. Don Baham is Nashville-based CISO. The company's talent is associated with businesses in the U.S. and in India.

Evergreen Nephrology LLC, of which Boehler is executive chairman, provides "personalized, physician-led" care for those living with kidney disease.

HarmonyCares (Troy, Mich.) - CEO: Matthew Chance. The company (which, according to Tennessee records online, operates as Harmony Cares under a dba for VPA PC, fka Visiting Physicians Association). Prior to its rebranding in 2022, the business was known as U.S. Medical Management.

Honest Medical Group PLLC (Nashville) - CEO Aric Coffman MD MBA. Formed in 2021, the company's vision "is to transform the healthcare experience for people with Medicare by creating next generation delivery systems in partnership with doctors to empower patients and clinicians to reach their full potential in life and in clinical practice."

Indigo Insure LLC (Nashville) - CEO Jared Kaplan. Delaware-chartered "Indigo utilizes artificial intelligence to offer medical professional liability insurance to physicians and medical groups. Indigo's underwriting process is data-driven and offers physicians and groups rapid quoting and tailored pricing..."

Post Acute Analytics Inc. (Irving, Texas) - CEO Saqib Akhter. Registered in Delaware in 2018, the company offers "a real-time tracking platform intended to improve patient lives by actioning insights across a connected healthcare system."

Privia Health Group Inc. (Alexandria, Va.) CEO: Parth Mehrotra. Privia, a spinout from Brighton Health Partners (fka Brighton Health Group), IPO'd in 2021 (Nasdaq:PRVA) and is described as "a technology-driven, national physician enablement company that collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual settings..." UPDATE: CanacordGenuity 4Q update issued late this afternoon.

US Heart & Vascular (Nashville) - Co-founder and Executive Chairman Christopher Krubert. The Delaware-registered company is a "provider of support services to cardiovascular physician practices."

Albany, N.Y., native Boehler, the now-44-year-old veteran of the Administration of Former President Donald Trump and the father of four, graduated magna cum laude from the Wharton School of the University of Pennsylvania in 2000. Wharton Magazine story on Boehler.

Also, see previous VNC Boehler coverage, his speakers bureau profile, other related story, videos here and here, and LinkedIn. VNC

.last edited 19 March 2024 1142

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Tags: Adam Boehler, Ananth Ramkrishnan, Aric Coffman, Battery Ventures, Cano Health, Center for Medicare and Medicaid Services, Christopher Krubert, CMMS Innovation Center, Council Capital, Don Baham, Entrepreneur Center, Eric Thrailkill, Evergreen Nephrology, FCA Venture Pardtners, Frist Cressey Ventures, Germantown Technologies, HarmonyCares, Health and Human Services, healthcare, Heritage Group, Honest, Honest Medical Grouop, Indigo Insure, innovation, Jared Kaplan, JAWS Acquisition, Mark Kent, Martin Venture, Matthew Chance, Oak HCFT, Parth Mehrotra, Post Acute Analytics, Privia Health Group, Project Healthcare, Rubicon Founders, Saqib Ackhter, technology, University of Pennsylvania, US Heart Vascular, Valtruis, WCAS, Welsh Carson Anderson Stowe, Wharton School

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