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Peer Fund / Dealmaker·Behavioral Health

Steve Neumann

Managing Partner and Co-Founder at Latticework Capital Management

Dallas, TX

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Why they matter

Co-founder of a $465M+ healthcare PE platform actively building a behavioral health rollup (Beacon) and sitting on its Investment Committee for new deal flow.

Background

Steve Neumann is Managing Partner and Co-Founder of Latticework Capital Management (LCM), a Dallas-based lower-middle-market healthcare private equity firm he started with Kyle Bradford in January 2015. He previously spent over 25 years in PE and corporate finance, including as Managing Director and healthcare lead at KRG Capital Partners (~$4B AUM), after starting his career at Coopers & Lybrand and a regional investment bank. He holds a BS in Accounting and MS in Finance from the University of Colorado.

Notable deals

  • 2015
    Co-founded Latticework Capital Management with Kyle Bradford, launching the firm's lower-middle-market healthcare buyout strategy
  • 2022
    Led formation of an SMO holding company and acquisition of Catalina Research Institute (later American Clinical Research Services)
  • 2024
    Closed LCM Healthcare Fund II at $345M, roughly doubling the firm's assets under management
  • 2025
    Worked the transaction for LCM's partnership with First Medical Associates

Call-prep brief

Background

  • 25+ years in PE/corporate finance: Coopers & Lybrand (SF, 1992-96) → regional investment bank VP (1996-98) → Managing Director/healthcare lead at KRG Capital Partners (~$4B AUM) → co-founded Latticework Capital Management (LCM) with Kyle Bradford in Jan 2015.
  • MS Finance & BS Accounting, University of Colorado.

Current focus

  • Sits on LCM's Investment Committee; sources and manages healthcare services, life sciences, and medical device/tools investments.
  • Active board member across LCM's portfolio: Beacon Behavioral Health, Institutes of Health, Salt Dental Collective, American Clinical Research Services, inReach Health, Healthcare Building Solutions, First Medical Associates, Kalon Aesthetics, Life Science Connect, Integrity Health.

What he cares about

  • Founder-led, lower-middle-market healthcare businesses; partnering with existing management/clinicians rather than displacing them.
  • Multi-site "platform" buy-and-build strategies across behavioral health, dental, clinical research, and aesthetics.

Recent moves

  • Closed LCM Healthcare Fund II at $345M (May 2024), roughly doubling AUM to ~$465M across two funds.
  • Active platform-building: First Medical Associates partnership (June 2025) and Catalina Research Institute/SMO formation (Sept 2022).

Sensitivities

  • Behavioral health platforms face regulatory/reimbursement scrutiny — probe payer mix and Medicaid rate exposure carefully.
  • LCM is still an "emerging manager" relative to bulge-bracket PE; fund size may cap check size on larger deals.

Questions to ask

  1. What's the growth trajectory of the Beacon Behavioral Health platform since the 2021 investment, and any exit/recap timeline?
  2. How much of Fund II's $345M is earmarked for additional behavioral health platform investments or add-ons?
  3. How does LCM structure founder rollover and incentive alignment differently from traditional buyout shops?

Outreach draft

Subject
LCM's Behavioral Health Platform Strategy
Hi Steve, I've been following Latticework's build-out in behavioral health, particularly the Beacon Behavioral Hospital platform and your recent close of Fund II at $345M. We're evaluating a founder-led behavioral health rollup opportunity and think LCM's approach of partnering with clinical operators, rather than displacing them, is a strong model. Would you be open to a 20-minute call to compare notes on where you're seeing the most attractive add-on opportunities right now, and whether there's room for co-investment or referral flow between our pipelines? Best, [Your Name]

Linked companies

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