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HCAP leads formation of PAX Health

HCAP leads formation of PAX Health

HCAP Partners Leads Formation of PAX Health

Buyout and integration of three behavioral health companies will extend comprehensive quality mental health services for underserved populations and create quality jobs

SAN DIEGO, CA (March 12, 2024) –HCAP Partners, a California-based private equity firm and nationally recognized impact investor, alongside seasoned healthcare executives Anthony DeSena and Roy Leitstein, today announced the acquisitions of Behavioral Medicine Associates (BMA), Workers Compensation Psychological Network (WCPN), and Reservoir Health, merging under PAX Health (PAX). The combination of the three businesses under the PAX Health umbrella creates one of the largest behavioral health businesses in the Northeastern U.S. and allows PAX to extend the full continuum of care to patients.  HCAP’s Tim Bubnack, Brian Kinsman, Stefan Okhuysen, and Ben Consoli led the transaction. Funds managed by leading private markets investment management firm, Hamilton Lane (Nasdaq: HLNE), joined HCAP in the transaction as a co-investor. Terms of the investment were not disclosed. 

“We’re excited to see the positive impact PAX Health will generate by expanding access to care for the Medicaid, workers compensation, and other patient populations,” said Tim Bubnack, Managing Partner at HCAP. “Historically, these patient populations have been vastly underserved by health systems. It’s an honor to partner with the PAX Health management team, whose values strongly align with HCAP’s commitment to uplifting overlooked communities.” 

The acquisitions will support PAX Health’s endeavors to provide crucial support for patients and healthcare providers alike. Even though more than 20% of U.S. adults live with a mental health condition, there are significant barriers to receiving comprehensive care. HCAP’s capital will help scale PAX Health’s telehealth and in-person delivery systems to cater to a diverse range of patient requirements and effectively and efficiently serve patients across the care continuum. 

On the provider side, behavioral health medical professionals are often overworked, stressed, and burnt out as demand for their services grows. The PAX Health team is committed to enhancing workflows and patient management to ensure patient loads are manageable for staff and that patients receive quality care. Additionally, HCAP will help accelerate job quality improvements for PAX Health professionals through its proprietary Gainful Jobs Approach™, an impact framework that focuses on career advancement, economic opportunity, diversity, and health and wellness. 

“We’re thrilled to partner with HCAP as we expand our footprint and access to mental healthcare,” said Anthony DeSena, CEO of PAX Health. “HCAP’s partnership will help us propel our mission forward and transform the behavioral health field.”

“HCAP is proud to support PAX’s management team as they strive to build a premier provider of tailored solutions for individuals, businesses, and communities seeking comprehensive behavioral health services,” said Brian Kinsman, Senior Partner at HCAP. “PAX Health has demonstrated strong alignment with our core values and a commitment to achieving its growth and business objectives through investing in its workforce.” 

More information about the three companies under the umbrella of PAX Health follows:

·       Behavioral Medicine Associates (BMA): Established in 1985, BMA has become a leading provider of behavioral health services for public and private employees in New York. BMA offers a range of services, including psychological assessments, therapeutic interventions, and specialized pain management.

·       Workers Compensation Psychological Network (WCPN): Founded in 1992, WCPN has established itself as a key player in the behavioral health sector, focusing specifically on the workers compensation population in New Jersey. WCPN offers a broad range of services tailored to work-related psychological and mental injuries, such as traumatic brain injury, PTSD, anxiety, depression, chronic pain syndrome, adjustment disorder, and opioid abuse screening, among others.

·       Reservoir Health: Founded in 2020, Reservoir Health is a psychiatric and behavioral healthcare provider currently serving patients New Jersey. Their services include psychiatric evaluations and medication management, where psychiatrists conduct detailed assessments for accurate diagnoses and medication prescriptions. They also offer diverse therapy options, such as individual, group, and couples therapy, catering to various mental health issues like anxiety, depression, and trauma.

About HCAP Partners 

HCAP Partners is a diversely owned private equity firm specializing in providing mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $3 million to $25 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 60 companies since its founding and through ongoing, active engagement with portfolio companies provides value-added resources to help optimize performance and increase enterprise value. Through its Gainful Jobs Approach™, the firm has been recognized as an Impact Emeritus Manager, a designation awarded by the ImpactAssets to experienced impact funds that have achieved the Impact Assets 50 designation for more than 5 years.  In fact, HCAP has been named an ImpactAssets 50 fund since 2014.  HCAP works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. For more information, please visit

About PAX Health 

PAX Health is a leading behavioral health company dedicated to providing innovative and comprehensive solutions for mental health and well-being. By combining the strengths of legacy companies Behavioral Medicine Associates, Workers Comp Psych Net, and Reservoir Health, PAX Health aims to revolutionize the behavioral health sector and drive positive change. For more information, visit

About Hamilton Lane

Hamilton Lane is a global private markets investment management firm that provides innovative solutions to sophisticated investors around the world. With deep industry expertise, the firm seeks to create lasting value for its clients, enabling them to achieve their investment goals. For more information, visit


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