JC
Mon · 27 May 2026Wk 22FY26 Q2

Portfolio

Three portcos active across Fund IV. Two material flags opened this week : one risk, one watch.

Generate board deckOpen thesis ledger
Active portcos
3
Across $520M EV deployed · Fund IV
Thesis lines
16
10 on-track · 6 watch
On-track rate
63%
10 of 16 assumptions performing
Flags · last 14d
3
1 risk · 1 watch · 1 win
Section · A1

Chase the portfolio

Monthly reporting · overdue first

Reporting status — June 2026

6 overdue0/6 in
HealthCloud Services
Ray Mercer · 7d overdue
Overdue
Apex Industrial Coatings
Tom Reyes · 7d overdue
Overdue
Bright Smiles Dental Group
Elena Marquez · 7d overdue
Overdue
DermaTrack
Keisha Vance · 7d overdue
Overdue
OncoSuite
Dr. Nolan Burke · 7d overdue
Overdue
Tucker Smile Dental
Dr. James Tucker · 7d overdue
Overdue
Section · A2

Integration scorecards

Integration · Synergy · Revenue · EBITDA
Integration
82%
3 companies
Synergy captured
76%
$10.7M of $14.1M
Revenue vs thesis
101%
$283.6M of $281M
EBITDA vs thesis
99%
$63.2M of $64M
Retention
92%
94% customer
Needs attention7
Apex Industrial CoatingsCost to achieveCost-to-achieve at 132% of budgetriskApex Industrial CoatingsEBITDAEBITDA 81% of thesis (TTM, Y3)riskOncoSuiteSynergySynergy capture at 50% of planriskHealthCloud ServicesSynergySynergy capture at 73% of planwatchApex Industrial CoatingsSynergySynergy capture at 69% of planwatchApex Industrial CoatingsRetentionKey-employee retention 88% vs 92% targetwatchOncoSuiteRetentionKey-employee retention 84% vs 86% targetwatch
HealthCloud Services
At risk
Apex Industrial Coatings
Missed
Bright Smiles Dental Group
On track
DermaTrack
into healthcloud
On track
OncoSuite
into healthcloud
At risk
Tucker Smile Dental
into brightsmiles
On track
Section · B

Portfolio companies

Sorted · descending risk
IndustrialsMissed

Apex Industrial Coatings

“Carve-out of non-core coatings division; standalone operating leverage + Southeast expansion.”

Specialty Chemicals, Industrial Coatings · US, Midwest, 4 plants
Open ledger
Enterprise value
$180M
Entry EBITDA
$22.5M
Entry multiple
8.0×
Closed
Mar 2024
Hold
Yr 3 / 5
Current month · 2026-04
vs. underwriting
Revenue (LTM)
$162.4M
+1.1%
EBITDA
$22.4M
+17.7%
Margin
13.8%
−16.2%
Organic growth
8.0%
−7.0%
Trailing 11 months · revenue
2025-06→2026-04
$12.9M$14.1M
Thesis ledger · 5 lines
Open ledger →
Realized0On-track1At-risk3Missed1
Recent flags
View all (4) →
  • Working capital up $4.2M vs Q4, demand planning rollout not translating to inventory reduction yet.
    8d agorisk
  • Atlanta GM search restarted after second candidate withdrew.
    4w agowatch
Healthcare ITAt risk

HealthCloud Services

“Buy-and-build platform consolidating fragmented practice-management SaaS for independent specialty clinics.”

Vertical SaaS, Practice Management · US, Southeast HQ, 12 states
Open ledger
Enterprise value
$245M
Entry EBITDA
$19.6M
Entry multiple
12.5×
Closed
Sep 2024
Hold
Yr 2 / 5
Current month · 2026-04
vs. underwriting
Revenue (LTM)
$78.4M
+2.2%
EBITDA
$24.9M
−30.2%
Margin
31.8%
+1.8%
Organic growth
21.0%
+6.0%
Trailing 11 months · revenue
2025-06→2026-04
$5.9M$7.3M
Thesis ledger · 6 lines
Open ledger →
Realized3On-track1At-risk2Missed0
Recent flags
View all (4) →
  • Cross-sell attach rate trending below 12%, third consecutive month of misses against 32% plan.
    13d agowatch
  • OncoSuite add-on closed at 10.4x, final purchase price $48M, $4M below LOI.
    3w agowin
Consumer ServicesOn track

Bright Smiles Dental Group

“DSO buildout 12→30 locations, de novo + tuck-in M&A, central billing leverage, payer-mix optimization.”

Dental Services Organization · US, TX/OK/AR
Open ledger
Enterprise value
$95M
Entry EBITDA
$13.2M
Entry multiple
7.2×
Closed
Jan 2025
Hold
Yr 2 / 5
Current month · 2026-04
vs. underwriting
Revenue (LTM)
$42.8M
+1.1%
EBITDA
$15.9M
−46.6%
Margin
37.1%
+7.1%
Organic growth
9.4%
−5.6%
Trailing 11 months · revenue
2025-06→2026-04
$3.2M$3.8M
Thesis ledger · 5 lines
Open ledger →
Realized1On-track4At-risk0Missed0
Recent flags
View all (4) →
  • Tucker Smile Dental tuck-in closed at 5.4x, 80bps under target multiple.
    9d agowin
  • Frisco TX de novo broke even in month 7 (plan: month 9).
    3w agoinfo
Section · D

Board agenda

4 meetings · 4 weeks out
Calendar · next 30 days

Upcoming board meetings

Full calendar