HCAP Partners Announces Successful Exit from Arosa

Strategic partnership supported Arosa’s national growth and commitment to caregiver job quality and exceptional client care

SAN DIEGO, CA (May 20, 2025) – HCAP Partners, a California-based private equity firm and nationally recognized impact investor, today announced its successful exit from Arosa, a leading care management provider for older adults and their families. Terms of the transaction were not disclosed.

Arosa is a non-medical service provider that supports seniors and their families through an innovative, in-home care model built around dedicated care management teams and highly trained caregivers. The company specializes in services that help older adults remain safely in their homes while managing both everyday needs and complex health requirements.

Under the leadership of founder Ari Medoff and in partnership with Bain Capital Double Impact, Arosa grew substantially during HCAP’s investment—expanding from a regional provider in four states to an expanded national presence with 38 offices across 13 states. The company also nearly doubled its employee count and delivered compassionate, coordinated care to thousands of seniors and their families.

“We are thrilled to have been able to provide Arosa with the capital they needed to continue growing their business,” commented Hope Mago, Partner at HCAP Partners. “The company was able to leverage that growth to expand its services across the country while creating a quality workplace environment. We look forward to their continued growth.”

HCAP‘s investment in Arosa reflects the firm’s commitment to expanding access to high-quality in-home care for aging populations and supporting care models that attract, train, and retain exceptional caregivers. Through its quality jobs impact framework, the Gainful Jobs Approach™, HCAP and Arosa worked together to strengthen compensation, benefits, and workplace support. Arosa was the first in its sector to launch an Employee Assistance Fund (the Arosa Grant Circle with Canary Benefits) to support caregivers during times of hardship and established a stabilization fund for those whose hours were reduced during COVID. These efforts led to increased employee retention and strong satisfaction scores from clients and teammates.

“Partnering with HCAP has been instrumental in advancing Arosa’s dual mission of building better models of care for our clients and improving job quality for our teammates,” said Ari Medoff, CEO of Arosa. “HCAP understood that delivering great care starts with supporting employees, and their guidance helped us scale our impact nationally while staying true to our values.”

“We’re grateful to have been part of Arosa’s story and pleased with Arosa’s extensive accomplishments since our initial investment – including stellar growth, excellence in service, and a thriving caregiver workforce,” said Jessica Kim, Vice President at HCAP Partners.

The transaction was led by Hope Mago and Jessica Kim of HCAP Partners.

About Arosa

Founded in 2012, Arosa is the largest integrated provider of care management and home care services in the United States. The company is dedicated to providing quality care management services and differentiating itself as a best-in-class employer of caregivers and innovative service with offices across 13      states. For more information, please visit www.arosacare.com.

About HCAP Partners

HCAP Partners is a private equity firm specializing in providing mezzanine debt and private equity for underserved, lower-middle market companies throughout the United States. The firm seeks to invest $5 million to $35 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 65 companies since its founding and, through active engagement with portfolio companies, provides value-added resources to help optimize performance and increase enterprise value. The firm has been an Impact Assets 50 fund since 2014 and, through its Gainful Jobs Approach™, works to facilitate a positive impact on underserved businesses, their employees, and their communities. For more information, please visit www.hcap.com.