Funding profile · Senior living primary care

Pine Park Health

A value based primary care group with $44 million in reported venture funding, roughly 200 senior living communities under contract, and not one filing of any kind on record with the SEC.

Data as of September 23, 2026. Company-reported and data provider figures are labeled.

Rounds at a glance

What the filings show

Reading the filings

1. There is no Form D to read, and that is the finding.A company that reported $44 million of venture capital left no Regulation D notice at all. Issuers selling under Section 4(a)(2) file nothing, so this is lawful. It does mean every dollar figure here comes from reporting or a data provider, not from a document the issuer signed.
2. The reported rounds nearly account for the total.$13 million in September 2020 plus $27 million in September 2021 is $40 million. The remaining roughly $4 million covers the 2018 seed and any angel money. The $44 million total was reported by Senior Housing News in January 2022 and repeated that September as raised in 2020 and 2021, which is consistent.
3. The valuation step was large and fast.A $13 million round into a $50 million post-money implies about $37 million pre-money. A $27 million round into a $108 million post-money implies about $81 million pre-money. That is a 2.2 times step in roughly twelve months, priced during the 2021 peak for value based primary care.
4. Five years without an announced round.The last reported financing closed in September 2021, and since then the community count went from about 50 to roughly 200 and the practice added two states and an acquisition. Either the 2021 round was sized to carry that, or capital arrived without a press release, which is what the missing Form D would otherwise have shown.
5. The revenue is payer revenue, not CMS model revenue.Pine Park does not appear in the CMS ACO REACH provider files for PY2021 through PY2024, the ACO REACH participant lists for PY2023 through PY2026, or any Shared Savings Program file for PY2022 through PY2026. SCAN Health Plan told STAT in 2025 that Pine Park is subcontracted with SCAN’s at-risk provider groups. The economics run through Medicare Advantage plans and at-risk provider groups, one layer below the entities that hold CMS agreements.
6. The acquisition brought an older enrollment than the buyer.Geriatric Specialty Care of Nevada, bought in December 2022, carries NPI 1205088838 and a Medicare enrollment dating to 2009, against Pine Park’s own 2020 California enrollment. Buying an enrolled practice is a faster route into a state than the contracting process the company has described as taking years.

Commercial signals

What to watch

• A first Form D, which would put real numbers on the record.
• Any 2026 or 2027 financing, given five years since the last reported round.
• Appearance in a CMS Shared Savings Program participant file, the practical route into CMS risk once ACO REACH ends after performance year 2026.
• A Nevada enrollment under the Pine Park name, or continued reliance on the acquired entity.
• Consolidation in the category. CVS closed its $10.6 billion purchase of Oak Street Health in May 2023, and Curana Health now runs a medical group, a plan operator and an ACO.

The Pine Park Health story on Healthcare DiscoveryHealthcare Discovery

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Sources

1. Public recordSEC EDGAR company and full text search for Pine Park HealthSEC · searched Sep 23, 2026
2. Public recordMedicare Fee-For-Service Public Provider Enrollment extractCMS, data.cms.gov · Jul 17, 2026
3. Public recordACO REACH Providers public use files, PY2021 through PY2024CMS, data.cms.gov · searched Sep 23, 2026
4. Public recordShared Savings Program ACO Participants and ACO Organizations files, PY2022 through PY2026CMS, data.cms.gov · searched Sep 23, 2026
5. IndependentWith $44M Raised, Pine Park Health To Expand Senior Living-Focused Primary Care ModelSenior Housing News · Jan 24, 2022
6. IndependentPine Park Health Expands Value-Based Care Model, With Affordable Housing a TargetSenior Housing News · Sep 9, 2022
7. Data providerPine Park Health funding history, rounds and valuationsDealroom · accessed Sep 23, 2026
8. Data providerPine Park Health funding rounds and investorsTracxn · accessed Sep 23, 2026
9. CompanyPine Park Health Leverages Innovaccer Healthcare AI Platform, with investor rosterBusiness Wire · Apr 16, 2024
10. Company executiveIf Americans want abundant primary care, health care needs a YIMBY momentSTAT, Dan O’Neill · Aug 11, 2025
11. InvestorPine Park Health portfolio pageAverin Capital · accessed Sep 23, 2026
12. CompanyPine Park Health insurance and communities pagespineparkhealth.com · accessed Sep 23, 2026

Compiled from SEC and CMS public records and published reports as of September 23, 2026. No Form D notice has been filed by this issuer, so round amounts and valuations shown here come from published reporting and commercial data providers rather than from a filing. Healthcare Venture Capital Fund holds no position in Pine Park Health. This page is not an offer to sell or a recommendation to buy any security.