Firm Description 
HEP is a private equity firm founded in 2006 that invests primarily in middle market, private, U.S.-
based companies in the healthcare information technology and healthcare service sectors.  Rick Stowe 
is a founding member of the Firm.  Dave Tamburri andEzra Mehlman joined HEP in 2009 and2010, 
respectively. Dave andEzra  each serves as Managing Partner and, along with Rick, are the Firm’s 
principal owners. 
The Firm targets companies that provide innovative technologies and services primarily to hospital 
systems  or  health  plans.    HEP’s  Funds  invest  in  growth  equity,  recapitalization  and  buyout 
opportunities where it is typically all or part of the first institutional investor group and has control or 
significant governance influence.  HEP leverages its extensive hospital system and health plan network 
of relationships to target attractive market segments, to identify and evaluate investment opportunities, 
and to support the growth of HEP’s portfolio companies. (See Item 8 for a more detailed discussion 
of HEP’s investment strategy.) 
HEP currently manages four funds (collectively referred to herein as the “Funds”): Health Enterprise 
Partners, L.P. (“Fund I”), Health Enterprise Partners II, L.P. (“Fund II”), Health Enterprise Partners 
III, L.P. (“Fund III”) and Health Enterprise Partners IV, L.P. (“Fund IV”).   
The  Funds  generally  invest  through  negotiated  transactions  in  operating  companies.    HEP’s 
investment  advisory  services  to  the  Funds  consist  of  identifying  and  evaluating  investment 
opportunities; structuring and negotiating the terms of investments and consummating investments 
on  behalf  of  the  Funds;  managing  and  monitoring  investments;  and  ultimately  selling  such 
investments.  Investments are made in non-public companies.  Upon investing in such companies, 
senior principals of the Firm generally serve on the respective boards of directors or otherwise act to 
influence control over management of portfolio companies held by the Funds. 
HEP  provides  investment  advice  directly  to  the  HEP  Funds  and  not  to  investors  in  the  Funds 
individually.  The applicable GP (as defined below) of each Fund retains investment discretion, and 
investors in the Funds do not participate in the control or management of the Funds.  The Firm’s 
advisory  services  for  each  Fund  are  detailed  in  the  applicable  offering  memorandum  and  limited 
partnership  agreements  and  are  further  described  below  under  “Item  8  -  Methods  of  Analysis, 
Investment Strategies and Risk of Loss.”  Investors in the Funds participate in the overall investment 
program  for  the  applicable  Fund  but
                                        
                                        
                                              may  be  excused  from  a  particular  investment  due  to  legal, 
regulatory or other applicable constraints.  Investment restrictions for the Funds, if any, are generally 
established in the organizational documents of the applicable Fund.  The Funds or the Firm have 
entered into and may enter into again in the future side letters or similar agreements with certain 
investors  that  have  the  effect  of  establishing  rights  under,  or  altering  or  supplementing,  a  Fund’s 
limited partnership agreement.  
As of December 31, 2022, HEP had regulatory assets under management of $420,483,772 (portfolio 
value plus undrawn commitments), all of which are managed on a discretionary basis in HEP’s sole 
discretion.   
Principal Owners/Ownership Structure 
The Funds are structured as follows. Fund I is owned 1% by its general partner, HEP Associates, LLC 
(the “Fund I GP”), with the remaining interests divided pro rata amongst Fund I’s limited partners 
according to each investor’s capital commitment.  Fund I limited partners no longer pay management 
fees to HEP to advise Fund I in its decision-making.  The Fund I GP is owned by Managing Members 
and Special Members.    
Fund II is structured similarly to its predecessor fund.  Fund II is owned 1% by its general partner, 
HEP Associates II, LLC (the “Fund II GP”), with the remaining interests divided pro rata amongst 
Fund II’s limited partners according to each investor’s capital commitment.  Fund II limited partners 
pay management fees to HEP to advise Fund II in its decision-making.  The Fund II GP is owned by 
Managing Members and Special Members. 
Likewise, Fund III is owned 1% by its general partner, HEP Associates III, LLC (the “Fund III GP” 
and together with the Fund I and II GPs, the “GPs”), with the remaining interests divided pro rata 
amongst Fund III’s limited partners according to each investor’s capital commitment.  Fund III limited 
partners pay management fees to HEP to advise Fund III in its decision-making.  The Fund III GP 
is owned by Managing Members, Special Members and Venture Members.   
Fund IV is owned 1.5% by its general partner, HEP Associates IV, LLC (the “Fund IV GP”), with 
the  remaining  interests  divided  pro  rata  amongst  Fund  IV’s  limited  partners  according  to  each 
investor’s capital commitment.  Fund IV GP has also committed additional capital as an affiliated 
limited  partner.  Fund  IV  limited  partners  pay  management  fees  to  HEP  to  advise  Fund  IV  in  its 
decision-making.  The Fund IV GP is owned by Managing Members, Special Members and Venture 
Members. 
For more information about HEP’s owners and executive officers, see HEP’s Form ADV Part 1, 
Schedule A.