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Private Equity Ownership of Nursing Homes
Private equity nursing homes are identified here by structure, not by label. A facility is treated as one of the nursing homes owned by private equity when a private equity firm, fund or holding vehicle appears in the ownership chain above the operating entity in CMS filings. Investor-owned is not the same as private equity, and the two are kept apart.
How a Private Equity Nursing Home Is Identified
WhoOwnsCare identifies 109 of 5,805 Medicare-certified nursing homes in California, Texas, Florida, Ohio, Illinois, Pennsylvania and New York as being held within a corporate family that includes a private equity or investment fund entity — 1.9%.
This counts disclosed fund entities in the ownership chain. It is a floor, not a census: a fund that holds its position through intermediate holding companies without a disclosed fund name is not counted here.
Private Equity-Backed Nursing Home Operators
| Corporate family | Nursing homes | States |
|---|---|---|
| Embassy Healthcare Holdings Inc | 35 | 2 |
| Trilogy Opco LLC | 30 | 1 |
| Pico Ar LLC | 17 | 1 |
| Covenant Care, LLC | 13 | 1 |
| Wecare HCC LLC | 10 | 1 |
| Limestone Enterprises LLC | 3 | 1 |
How Private Equity Ownership Is Identified
A corporate family is flagged when a disclosed owner in the chain is a fund vehicle — a limited partnership, fund, or investment entity filed as a direct or indirect owner. Passive institutional shareholders are deliberately excluded: an index fund holding 5% of a listed operator is disclosed to CMS as an indirect owner, which is true and tells you nothing about who runs the building.
These pages describe ownership structure. They do not attribute care quality, staffing levels or financial outcomes to ownership type — that inference requires controls this data alone cannot supply.
Common Questions
How Many Nursing Homes Are Owned by Private Equity?
109 of 5,805 in the seven states covered, based on disclosed fund entities in the ownership chain.
Does Private Equity Ownership Affect Care?
Research on this question is contested and this site does not attempt to answer it. What is published here is the ownership structure itself, with its evidence.