On May 12, 2026, Lorient Capital announced a majority equity investment in PeterMD, a Vero Beach, Florida company that describes itself as the largest online healthcare clinic in North America. [1] Financial terms were not disclosed. As part of the deal, David Prokupek, the former chief executive of Crunch Fitness and Smashburger, was named to PeterMD's board of directors as executive chair. [1]
The deal is one of the first major deployments from Lorient Healthcare Fund III, a $500 million healthcare-focused private equity fund that closed in July 2025 [2]. It places Lorient as the institutional backer of a direct-to-consumer telehealth platform that competes directly with publicly traded Hims & Hers Health (NYSE: HIMS) in the men's-health vertical.
This profile covers the two parties to the transaction: who Lorient Capital is, what its Fund III strategy looks like, and what kind of business PeterMD has built.
Quick summary
PeterMD
Direct-to-consumer (DTC) telehealth subscription platform, founded 2014, headquartered in Vero Beach, Florida
More than 400,000 active subscribers across all 50 US states; care delivered 100 percent online by nurse practitioners with physician oversight; no physical practice locations
Service catalog spans testosterone replacement therapy (TRT), GLP-1 weight loss, sexual wellness, hair loss, longevity (NAD+, metformin, sermorelin), and performance enhancement, priced at roughly $80 to $200 per month per protocol
Lorient Capital acquired majority equity on May 12, 2026; David Prokupek (former chief executive of Crunch Fitness and Smashburger) was named to the board as executive chair
Lorient Capital
Healthcare-exclusive private equity firm headquartered in Miami, Florida, co-managed by David Berman and Jordan Broome
Lorient Healthcare Fund III closed July 2025 at $500 million in commitments, oversubscribed from a $350 million target
Portfolio includes American Family Care (360+ urgent care and primary care clinics), Vitae Health Systems, Rise Health, PurposeCare, Pelvic Rehabilitation Medicine, ShiftKey, Rarebreed Veterinary Partners, and now PeterMD
Completed 20 platform investments and 75+ add-on acquisitions since inception, with nine realized exits including the April 2025 sale of Behavior Frontiers to NexPhase Capital after a five-year hold
Part 1: Background on Lorient Capital and Fund III
Lorient Capital is a healthcare-focused private equity firm headquartered in Miami, Florida, co-managed by David Berman and Jordan Broome [3]. The firm invests exclusively in healthcare and describes its strategy as control-oriented investments in middle-market healthcare services and technology companies at the cash-flow-positive inflection point where the company needs capital plus operational scaffolding to reach its next phase of growth [3]. They own 360+ urgent care and accessible primary care clinics across teh country.
The firm closed Lorient Healthcare Fund III at $500 million in total commitments on June 30, 2025, oversubscribed from a $350 million target [2]. The Fund III close was a meaningful signal of institutional investor confidence in Lorient's specialized healthcare-services strategy. Since inception, Lorient has completed 20 platform investments and over 75 add-on acquisitions, with nine realized exits [2]. Fund III sector focus areas are stated as five categories: consumer-directed healthcare, post-acute care, behavioral health, provider enablement, and tech-enabled healthcare services [2].
Morpheus: the in-house operating platform
Lorient publicly describes a proprietary technology platform called Morpheus as its operating advantage layer. The firm's own description:
Morpheus consolidates fragmented clinical, operational, and financial data into real-time, actionable insights that support growth and performance... it integrates directly into a company's workflows and infrastructure, benchmarking performance, identifying operational gaps, and supporting leadership teams. [2]
Co-Managing Partner Jordan Broome framed Morpheus on the Fund III close announcement:
Morpheus is our engine for accelerating transformation. It enables us to go beyond capital, embedding the tools, insights, and capabilities our portfolio companies need to scale effectively and deliver better care. [2]
The pattern is now visible across the upper-middle-market healthcare PE bench. Middle market PE firms are deploying state of the art technology to evaluate potential acquisitions.
This is directly in line with Kain Capital who launched Kain Analytics as a portfolio operations subsidiary in September 2024 [4]. WindRose Health Investors launched WindRose Gradient in April 2026 as a similar in-house technology services team for portfolio AI capability. Three healthcare-focused PE firms have publicly announced dedicated in-house technology and operations services teams within the last 24 months. The shared signal: AI and workflow capability has moved from post-close value-creation color to pre-close pricing.
Portfolio: nine current platforms across five sectors
The Lorient portfolio touches multiple corners of the US healthcare delivery system.
American Family Care (AFC) is the largest platform by clinic count. AFC is the nation's leading provider of urgent care, accessible primary care, and occupational medicine, founded in 1982 by Dr. Bruce Irwin with a single location and now operating more than 360 clinics with 1,500 in-network providers caring for millions of patients per year [5]. Lorient closed its equity investment in AFC in March 2025. AFC's stated mission is to be one of the most widely known healthcare brands in the United States, with dozens of new clinic locations in development pipeline at the time of the Lorient close.
Vitae Health Systems is a Chicago-based provider services organization delivering integrated primary care, behavioral health, and specialty services to residents of skilled nursing facilities (SNFs) and long-term care communities [6]. Lorient led the platform investment in 2025. A leadership refresh announced April 1, 2026 elevated co-founder Isaac Freund to chief executive officer, promoted Justin Bhandari to chief operating officer, and added four additional vice-presidents in compliance, human resources, revenue cycle, and value-based care operations [6]. The team build signals that the multi-state scaling phase of the platform has begun.
Rise Health is a technology-enabled value-based primary care platform launched in 2023 with growth equity from Lorient and Martis Capital [7]. The platform focuses on US Southwest underserved patient populations, with a model built around full-risk financial arrangements with payers. Co-founder and chairman Justin Dangel is also partner at venture studio Despierta. Chief executive Keith Pinter leads day-to-day operations.
PurposeCare is a coordinated home care and home health platform serving the dually-eligible Medicare and Medicaid population in the Midwest, providing services to more than 3,000 clients per month [8]. Lorient formed the platform in December 2021 with the acquisition of Indiana-based Purpose Home Health, then expanded through additional acquisitions of Alliance Home Health, A1 Home Health Care, Newsome Home Health Care, and Honor Home Health across Indiana, Ohio, and Illinois.
Pelvic Rehabilitation Medicine (PRM) is an outpatient, nonoperative, ultrasound-guided pelvic pain treatment platform with 13 locations across eight states [9]. Co-founders Dr. Allyson Shrikhande (chief medical officer) and Gautam Shrikhande (chief executive officer) launched the company in 2017. PRM has expanded into Blue Cross Blue Shield in-network status in Florida, Texas, Illinois, Michigan, and Georgia.
ShiftKey is a healthcare workforce marketplace connecting independent licensed healthcare professionals with shifts at facilities; the company made a strategic investment in workforce management platform OnShift in 2022 [3].
Rarebreed Veterinary Partners is a veterinary services consolidator that completed a 2022 acquisition of Vet's Best Friend Group in what was reported as a landmark veterinary transaction [3].
PeterMD is the newest platform, added May 12, 2026 [1].
A notable recent exit: Behavior Frontiers
The most informative recent Lorient exit is Behavior Frontiers, a national leader in applied behavior analysis (ABA) therapy for autism, sold to NexPhase Capital in April 2025 after a five-year Lorient hold [10]. The metrics Lorient reported on exit: active client base grew from approximately 900 to 2,850, employee base grew from 1,300 to more than 3,300, 26 new center-based locations opened during the hold, and more than 1,000 employees earned internal promotions during the same period. The platform also introduced a proprietary software platform called PrioraCare for curriculum management, real-time data, and outcomes reporting.
The Behavior Frontiers exit is the cleanest available demonstration of Lorient's multi-year scaling capability inside a single portfolio company. The five-year compounding of client growth, headcount, and footprint is the same operating model the firm appears to be running on AFC, on Vitae, and now on PeterMD.
Part 2: PeterMD
PeterMD is a direct-to-consumer (DTC) healthcare subscription platform founded in 2014 and headquartered in Vero Beach, Florida [11]. The company describes itself as the largest online healthcare clinic in North America and reports more than 400,000 patient subscribers across all 50 US states.
Service catalog and operating model
PeterMD's service catalog organizes around six categories:
increased testosterone
weight loss,
sexual wellness,
hair loss
longevity (live longer)
performance enhancement
Specific protocols include injectable and oral testosterone replacement therapy (TRT), GLP-1 weight-loss treatments (semaglutide, tirzepatide), phentermine for medical weight loss, sildenafil and tadalafil for sexual wellness, finasteride and minoxidil for hair loss, NAD+ for longevity, sermorelin for performance enhancement, and metformin as a longevity protocol [11].
Care is delivered entirely online. The model is cash-pay subscription healthcare with prescription fulfillment by mail. Patient reviews repeatedly reference consulting with nurse practitioners (NPs) via virtual visits, suggesting the platform is NP-led with physician oversight rather than direct MD or DO patient care [11]. Pricing across protocols runs roughly $80 to $200 per month depending on the service line, with most plans eligible for flexible spending account (FSA) and health savings account (HSA) reimbursement.
PeterMD reports 4.9 out of 5 stars across more than 20,000 published reviews on its public site [11]. The company offers free, discreet US delivery, US-sourced medications, and what it describes as fully compliant national telemedicine licensing.
The David Prokupek board hire
The strategic signal in the Lorient announcement is the David Prokupek board appointment [1]. Prokupek is a consumer-franchise multi-unit operator. He served as chief executive of Crunch Fitness during a major growth and restructuring phase of the fitness chain, and as chief executive of Smashburger, the quick-service-restaurant brand. His background is operating systems, multi-unit rollouts, customer-acquisition funnels, and brand consistency across thousands of locations.
His joining PeterMD as board executive chair signals that Lorient and PeterMD intend to run a consumer-franchise operator playbook on what is currently a single-platform digital business. The implication: more service lines, more state-specific provider expansion, and a heavier investment in customer acquisition, retention, and brand than a typical clinical operator would pursue. The closest public comparable is the Hims & Hers playbook of expanding from a single vertical (sexual wellness) to a broad consumer health platform spanning dermatology, mental health, weight management, and biomarker labs [12].
Where PeterMD sits in the competitive landscape
PeterMD competes most directly with Hims & Hers in the men's-health vertical. As context for scale: Hims & Hers reported Q1 2026 revenue of $608 million across 2.6 million subscribers (men's plus women's), with the company targeting more than 100,000 new weight-loss subscribers per month after its branded GLP-1 distribution deals with Novo Nordisk and Eli Lilly [12]. PeterMD's 400,000-subscriber base is roughly 15 percent of Hims's total, all in the men's-health vertical only.
The platform's nearest peer in the men's-health-only segment is Hone Health, which reports $39 million in raised capital and a $129 to $149 per month membership model. Other adjacent DTC telehealth competitors include Roman (men's-health-focused) and Lemonaid.
What this deal says about the category
The Lorient and PeterMD partnership is a notable data point in the consolidation of cash-pay subscription healthcare. Private equity capital is now actively buying the second-place player in a category where the public-market leader (Hims & Hers) trades at a multi-billion-dollar valuation. The pattern echoes the way Kain Capital has been building a four-platform US primary care portfolio and the way Goldman Sachs Asset Management has been quietly investing in concierge-adjacent healthcare since 2021.
For physicians watching the market, the takeaway is that institutional capital has decided cash-pay subscription healthcare is a durable category. Concierge medicine is a big part of this category.
What this means for concierge medicine and consumer healthcare
Direct pay is now an institutional private equity category, as well as ventured backed asset class. Examples:
The Lorient and PeterMD
Goldman Sachs Asset Management and Charlesbank Capital Partners in MDVIP
Shore Capital in Specialdocs
Revelstoke in Griffin Concierge Medical
Kain Capital across four US primary care platforms.
The patient is increasingly the primary buyer.
Consumers buying directly is growing. This fits concierge as well as online platforms
PeterMD's 400,000 subscribers
Hims & Hers' 2.6 million
Concierge medicine is another example of the trend of patient being the primary buyer
DTC subscription healthcare is an indirect on-ramp to the concierge and DPC layer.
A patient who has already paid $80 per month for testosterone replacement therapy through PeterMD or $99 per year for One Medical through Amazon understands what subscription healthcare is and how to buy it.
The leap from that experience to a $200 per month DPC membership or a $800 per month concierge entry tier is meaningfully smaller than the leap
FAQ
What does Lorient Healthcare Fund III invest in?
Lorient Healthcare Fund III targets control-oriented investments in five sectors: consumer-directed healthcare, post-acute care, behavioral health, provider enablement, and tech-enabled healthcare services. The fund partners with founder-led management teams at the cash-flow-positive inflection point.
What is PeterMD?
PeterMD is a direct-to-consumer telehealth platform founded in 2014 and headquartered in Vero Beach, Florida. The company describes itself as the largest online healthcare clinic in North America, with more than 400,000 active subscribers in all 50 US states. The service catalog spans testosterone replacement therapy, GLP-1 weight loss, sexual wellness, hair loss treatments, longevity protocols including NAD+ and metformin, and performance enhancement.
Who is David Prokupek?
David Prokupek is the former chief executive of Crunch Fitness and Smashburger. He was named to PeterMD's board of directors as executive chair as part of the Lorient investment. His background is consumer-franchise multi-unit operations, signaling a national-expansion playbook for PeterMD.
What other companies does Lorient Capital own?
The current Lorient portfolio includes American Family Care (360+ urgent care and accessible primary care clinics), Vitae Health Systems (post-acute primary care in skilled nursing facilities), Rise Health (value-based primary care in the US Southwest), PurposeCare (Midwest home care and home health), Pelvic Rehabilitation Medicine (13-location physician practice), ShiftKey (healthcare workforce marketplace), and Rarebreed Veterinary Partners. The firm exited Behavior Frontiers, a national applied behavior analysis therapy provider, to NexPhase Capital in April 2025 after a five-year hold.
Sources
[1] Iris Dorbian, "Lorient invests in health platform PeterMD," PE Hub, May 12, 2026. https://www.pehub.com/lorient-invests-in-health-platform-petermd/
[2] Lorient Capital, "Lorient Closes $500 Million Fund III to Scale Founder-Led Healthcare Companies," press release, July 10, 2025. https://lorientcap.com/lorient-closes-fund-iii/
[3] Lorient Capital, firm website. https://lorientcap.com/
[4] Kain Capital, "Kain Capital Launches Kain Analytics," September 5, 2024. https://www.prnewswire.com/news-releases/kain-capital-launches-kain-analytics-302238930.html
[5] Lorient Capital, "American Family Care Partners with Lorient Capital," press release, March 2025. https://lorientcap.com/afc-lorient-partnership/
[6] Lorient Capital, "Vitae Health Systems Strengthens Executive Team to Advance Growth Strategy and Value-Based Care Capabilities," press release, April 1, 2026. https://lorientcap.com/vitae-health-systems-announced-executive-leadership-appointments/
[7] Lorient Capital, "Rise Health Launches With Growth Equity Investment Made by Lorient and Martis," press release, 2023. https://lorientcap.com/rise-health-launches-with-growth-equity-investment-made-by-lorient-and-martis/
[8] Lorient Capital, "PurposeCare Launches Home & Community-Based Services in Midwest," press release, 2022. https://lorientcap.com/purposecare-launches-home-community-based-services-in-midwest/
[9] Lorient Capital, "Pelvic Rehabilitation Medicine is Now In-Network with Blue Cross Blue Shield," press release. https://lorientcap.com/pelvic-rehabilitation-medicine-is-now-in-network-with-blue-cross-blue-shield/
[10] Lorient Capital, "Behavior Frontiers Announces Sale to NexPhase Capital," press release, April 2025. https://lorientcap.com/behavior-frontiers-announces-sale-to-nexphase-capital/
[11] PeterMD, firm website, accessed May 13, 2026. https://getpetermd.com/
[12] Heather Landi, "Hims & Hers swings to a loss in Q1 amid shift in GLP-1 strategy," Fierce Healthcare, May 12, 2026. https://www.fiercehealthcare.com/health-tech/hims-hers-posts-92m-loss-q1-it-shifts-branded-glp-1-medications