Recruit Partner Grow
Investment Approach: Acquire platform companies Build management teams Complete add-on acquisitions Drive operational improvement Support organic expansion
Additional Role: Continue partnerships with successful companies that have grown beyond Shore's historic microcap investment range.
HEALTHCARE SECTORS IDENTIFIED BY SHORE
Bioanalytical Services Lab Services Home Health / Hospice Applied Behavior Analysis Medical Device Outsourcing Class II Consumable Medical Devices Healthcare Insurance Cost Containment Revenue Cycle Management Healthcare Marketing Radiopharmaceutical Supply Chain & Distribution Longevity Labs Pharma Packaging Services Medical Physics Payer & Provider Data Exchange Consumer Directed Health TPAs Healthcare Supply Chain Services School-Related Behavioral Health Pharma Commercialization Clinical Trial Support Services
POINT C TRANSACTION EVIDENCE
Portfolio / Transaction: Point C
Transaction: 2024 recapitalization
Fund: Shore Capital Healthcare Advantage Fund
Research Significance: Demonstrates that Advantage can provide new capital to an established healthcare platform rather than operating only as a traditional first-time acquisition vehicle.
Strategic Meaning: Supports Shore's stated objective of maintaining exposure to breakout companies as they grow beyond its historic microcap fund size.
INDEPENDENT INSTITUTIONAL OWNERSHIP EVIDENCE
Independent SEC-Reporting Investor: Registered investment fund holding private equity primary investments
Initial Acquisition Date Reported: October 25, 2024
Investment: Shore Capital Healthcare Advantage Fund
June 2025 Cost: Approximately $6.91 million
June 2025 Fair Value: Approximately $6.44 million
December 2025 Cost: Approximately $6.91 million
December 2025 Fair Value: Approximately $6.69 million
June 2026 Cost: Approximately $6.91 million
June 2026 Fair Value: Approximately $7.83 million
Important Qualification: One investor's reported fair value does not establish fund-wide performance or IRR.
WEBSITE / ENTITY PENETRATION
Official Domain: shorecp.com
Healthcare Advantage Strategy Page: Confirmed
Chicago Address Match: Confirmed
Justin Ishbia Match: Confirmed
Mike Cooper Leadership: Confirmed
John Hennegan Leadership: Confirmed
Ryan Kelley Healthcare Role: Confirmed
Don Pierce Healthcare Role: Confirmed
Chris Mioton Healthcare Role: Confirmed
CRD: 166745
SEC 801: 801-113762
Legal Fund Names Displayed as SEC Approval: No evidence identified
FIVE FACTS UNIQUE TO THIS CASE
- Three separate Shore Healthcare Advantage Form D issuers each report the same $1.586728 billion because the filing explicitly says the amount is aggregated across the issuer and parallel funds.
- The main fund reports 227 investors while Fund A reports 45, demonstrating that the vehicles serve distinct investor pools despite sharing one aggregated fundraising figure.
- Fund A relies on Section 3(c)(1), while the main fund and Fund B rely on Section 3(c)(7).
- Healthcare Advantage moves Shore above its historic microcap range by targeting companies with $100 million-plus revenue and roughly $10 million-$50 million EBITDA.
- The Point C recapitalization demonstrates that Advantage can continue ownership of successful Shore-backed healthcare businesses after they outgrow earlier fund structures.
CORE INVESTOR QUESTIONS
- What is the current NAV of Healthcare Advantage Fund across all parallel vehicles
- How much of the $1.586728 billion represents GP commitments
- How is capital divided among the main fund, Fund A and Fund B
- Why does Fund A use Section 3(c)(1) while the other two use Section 3(c)(7)
- Do all three vehicles invest pro rata in every transaction
- Are fees and carried interest identical among the parallel funds
- How are expenses allocated when one vehicle cannot participate in a transaction
- What percentage of Advantage capital is invested in new platforms versus existing Shore portfolio companies
- How are continuation or recapitalization transactions priced when an earlier Shore fund sells to Advantage
- Does an independent third party validate valuations in affiliated fund-to-fund transactions
- How concentrated is the fund in its largest healthcare platforms
- What percentage of value creation is expected from add-on M&A
- How much leverage is typically used at portfolio-company level
- Which healthcare niches currently represent the largest exposure
- Which auditor, administrator, custodian and legal counsel serve the parallel funds
ENTITY-SPECIFIC RISKS
The three identical Form D amounts can be easily triple-counted by automated databases or superficial research. Affiliated continuation and recapitalization transactions can create valuation and allocation conflicts between Shore-managed funds. Healthcare companies face reimbursement, licensing, labor and regulatory risks. A buy-and-build strategy depends on successful integration of numerous add-on acquisitions. Moving into larger companies requires larger equity checks and can increase loss severity on an unsuccessful platform. The main fund and parallel funds have different Investment Company Act exclusions and potentially different investor eligibility profiles. A $0 Form D minimum does not describe the actual economic subscription minimum. Shore's healthcare-platform AUM and adviser RAUM are broader than the Healthcare Advantage Fund. Institutional ownership evidence for one LP position does not establish overall fund performance. SEC Form D verifies the exempt offering structure, not portfolio valuations or investment results.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission Form D/A filed September 18, 2026 for Shore Capital Healthcare Advantage Fund, L.P. U.S. Securities and Exchange Commission Form D/A filed September 18, 2026 for Shore Capital Healthcare Advantage Fund A, L.P. U.S. Securities and Exchange Commission Form D/A filed September 18, 2026 for Shore Capital Healthcare Advantage Fund B, L.P. Historical September 2024 and September 2025 SEC Form D filings for the Healthcare Advantage vehicles. SEC / Form ADV-derived adviser records for Shore Capital Partners, CRD 166745 / SEC File No. 801-113762. Shore Capital Partners official Healthcare strategy materials. Shore Capital official Healthcare Advantage Fund strategy description. Public information regarding the 2024 Point C recapitalization. Independent registered-fund SEC portfolio disclosures showing ownership of Shore Capital Healthcare Advantage Fund from 2024 through 2026.
IMPORTANT FORM D NOTICE
Form D is a notice of an offering relying on an exemption from Securities Act registration and does not represent SEC approval, endorsement or verification of Shore Capital Partners, Healthcare Advantage Fund or its investments. The $1.586728 billion amount is expressly reported as an aggregate across related parallel funds and includes general-partner commitments. FilingDossier therefore does not add the identical amounts reported by the main fund, Fund A and Fund B, and does not treat the resulting figure as current NAV.