Cimarron Healthcare Capital, LLC

Cimarron Healthcare Capital, LLC serves as an investment manager to a series of private pooled funds and does not provide separate advisory services to individual clients. The firm reports discretionary management of approximately $532.7 million as of December 31, 2025, and its Funds generally focus on equity investments and special situations in lower‑middle‑market healthcare companies, with the ability to invest in public securities as described in each Fund’s governing documents.

Cimarron manages each Fund in accordance with that Fund’s governing documents and does not tailor investment advice to individual investors; its strategy often involves seeking control or meaningful influence in portfolio companies, participation on boards, and concentrated, longer‑term positions. The firm charges management and performance‑based fees (including carried interest) and describes formal allocation and valuation policies to address side‑by‑side and related conflicts across multiple Funds.

Compared with many peers, the brochure highlights relationships with affiliates and subsidiaries that provide services to the Funds and identifies qualified custodians to include FCMs (futures commission merchants), language that is consistent with arrangements a manager may have when affiliated with commodity trading or acting as a commodity pool operator/trading advisor — a relatively uncommon configuration for private‑equity‑oriented investment managers. The brochure also documents extensive expense‑reimbursement practices (including travel and other portfolio company‑related costs) and the potential receipt of other deal‑related fees from portfolio companies, which can create allocation and reimbursement considerations not always disclosed in similar firms’ materials.