Cleargate Capital Partners, a Chicago‑based private equity firm founded in 2025, has announced a new investment in Fellow Health Partners, a revenue‑cycle management provider headquartered in Great River, New York.

Fellow, launched in 2017, serves physician groups, ambulatory surgery centers, and other health organizations. Cleargate focuses on founder‑led, lower middle‑market U.S. and Canada businesses, seeking investments from $10 million to $40 million. The firm typically pursues majority buyouts or recapitalizations, though it considers minority growth capital.

The transaction signals a continued appetite for mid‑market healthcare services as investors seek stable cash flows amid rising reimbursement pressures. Fellow’s niche in revenue cycle management positions it to benefit from digital transformation trends and value‑based care adoption.

For investors, Cleargate’s entry into the revenue‑cycle space underscores the sector’s resilience and offers a platform for scaling operations. Business leaders in comparable firms may view this as an invitation to pursue similar capital structures and partnership terms.