Prior Investments

Atlantic Dental, Inc.

Headquarted in Coral Gables, Florida, Atlantic Dental, Inc. ("ADI") opened its doors in 1997 with one client and has quickly grown to become a provider of dental services to more than 650,000 members throughout the state of Florida. A statewide network of more than 1,300 licensed and credentialed dentists and dental specialists throughout Florida provide services to ADI's members. ADI offers a complete array of dental plans including discounted fee for service, managed dental care, and third party administrative services for self-insured dental plans, which meet the diverse needs of the various HMOs, government agencies, associations, employer groups and individuals served by the company. ADI is licensed through the Department of Financial Services as a prepaid limited health service organization (PLHSO) as well as a discount medical plan organization (DMPO).

ADI was sold to Doral Dental, a subsidiary of DentaQuest, in March 2008, resulting in an IRR of 75% and over 40x invested capital.

CarePlus Health Plans, Inc.

Headquarted in Coral Gables, Florida, CarePlus Health Plans, Inc. ("CarePlus") is an integrated managed care company that serves Medicare-eligible individuals in Florida through a Medicare Advantage health maintenance organization. CarePlus services approximately 48,600 members through a network of over 1,060 contracted healthcare providers and ten company owned medical centers.

CarePlus was sold to Humana Inc. (NYSE: HUM), in February 2005, resulting in an IRR of 249% and over 14x invested capital.

Hospitalists of America, LLC

Headquartered in Florida, Hospitalists of America ("HOA") is one of the largest inpatient management companies serving Florida. The company is founded on the principal of improving the quality and continuity of inpatient management for hospitals, health plans, primary care physicians and most importantly patients and their families. HOA improves the quality of care and efficiency of inpatient management by establishing the best possible practices, identifying and removing efficiency barriers, and measuring outcomes. HOA is a leader in improving the well-being of hospitalized patients, while reducing their associated costs, and most importantly, reducing their length of stay.

HOA was sold to IPC The Hospitalist Company, Inc. (Nasdaq: IPCM), in August 2008, resulting in an IRR of 47% and over 4x invested capital.

Medical Specialties Distributors, LLC

Headquarted in Stoughton, Massachusetts, Medical Specialties Distributors ("MSD") was founded in 1984 as a distributor of home infusion therapy products and has become the largest supplier of healthcare products and bio-medical equipment rentals and service to the home healthcare market. MSD's unique one-stop-shop business model combines the scale and pricing advantages of a national distribution company while offering its customers an unparalleled amount of value-added services. MSD offers its products and services through a national footprint of six distribution facilities, seven medical equipment and repair centers, and thirty medical equipment rental depots. MSD has over 3,800 active customers throughout the United States and Canada, ranging in size from single site providers to national home healthcare companies and small to middle-size hospitals. In addition, MSD's portfolio of Group Purchasing Organization ("GPO") agreements is unmatched by any other home healthcare supplier and comparable to the larger national hospital distributors in the United States.

MSD was sold to Water Street Healthcare Partners in July 2010, resulting in an IRR of 33% and over 3x invested capital.

Physicians Healthcare Plans, Inc.

Headquarted in Coral Gables, Florida, Physicians Healthcare Plans, Inc. ("PHP") is an integrated managed care company that serves Medicaid and Florida Healthy Kids eligible individuals in Florida. PHP services approximately 167,000 members through a network of over 7,000 contracted healthcare providers and more than ten hospitals.

PHP was sold to AMERIGROUP Corporation (NYSE: AGP), in December 2002, resulting in an IRR of 139% and over 50x invested capital.