Rethink Capital Partners and Temerity Strategic Partners Launch $1.5B Healthcare Real Estate Venture
CHICAGO and WHITE PLAINS, May 12, 2026 — Rethink Capital Partners, through its healthcare real estate investment platform Rethink Healthcare Real Estate, and Temerity Strategic Partners have formed a joint venture targeting up to $1.5 billion in healthcare real estate acquisitions and developments across the United States, the firms announced Monday.
The partnership kicked off with the acquisition of a portfolio of outpatient and rehabilitation facilities with a gross value of more than $200 million, establishing the foundation for the venture's growth. Specific property locations and individual asset details were not disclosed.
Partnership Targets Mission-Critical Healthcare Assets
The joint venture will focus on the acquisition and development of healthcare real estate located on and off hospital campuses in what the firms described as demographically compelling markets. Targeted property types include medical outpatient buildings, diagnostic and treatment facilities, micro-hospitals and emergency locations, and inpatient rehabilitation facilities aligned with leading health systems and other significant healthcare providers.
The venture represents the first publicly announced partnership between the two firms. Rethink Healthcare Real Estate has invested approximately $2.9 billion across more than 100 healthcare real estate projects totaling over 7.3 million square feet in 21 states. The firm operates a vertically integrated platform with in-house acquisition, development, asset management, and property management capabilities.
Temerity Strategic Partners, headquartered in Chicago with offices in New York, focuses on providing programmatic co-general partner capital to real estate operating, development, and asset management companies on behalf of its principals and a distinguished group of private and institutional investors. The firm was founded by industry veterans Bruce Cohen and Jeff Citrin.
Executives Cite Long-Term Alignment and Sector Tailwinds
Douglas Ray, Chief Executive Officer of Rethink Capital Partners, said the partnership supports the firm's growth plans. "Temerity brings a long-term mindset that complements how we think about the future — not just deploying capital for investment return, but doing so in a way that strengthens our relationships with health systems and the communities we serve," Ray said.
Josh Livingstone, Managing Director at Temerity Strategic Partners, pointed to structural demand drivers in the sector. "Healthcare real estate — particularly medical outpatient facilities — continues to benefit from strong secular tailwinds and growing demand. Rethink has built a differentiated platform with deep operating capability and trusted health system relationships. We are excited to partner with this best-in-class team," Livingstone said.
Bruce Cohen, Co-Founder and CEO of Temerity Strategic Partners, added that the venture reflects the firm's approach to capital deployment. "Rethink's vertically integrated model, institutional mindset, and decades-long operating history make them an ideal partner. This partnership exemplifies the type of aligned long-term relationships we seek to build across our portfolio," Cohen said.
Healthcare Real Estate Outperforms Broader Office and Commercial Sectors
The announcement comes as medical office and outpatient healthcare real estate continues to outperform the broader commercial real estate market. According to CBRE's U.S. Real Estate Market Outlook 2026, total healthcare real estate investment volume is expected to reach approximately $85 billion in 2026, a 22% year-over-year increase, compared with 16% growth projected for the broader commercial real estate sector.
Medical office occupancy nationally stood at 93.5% in the first quarter of 2026, up 1.2 percentage points year-over-year, according to Cushman & Wakefield data, compared with an 89.2% average across commercial real estate asset classes. Cap rates for medical outpatient buildings have compressed to a range of 6.2% to 6.8%, according to JLL's Healthcare Outlook for the first half of 2026, compared with 8.5% or higher for traditional office assets.
The outpatient care shift continues to drive demand for off-campus medical facilities. Health systems have also been an active source of real estate transactions, with operators and investors acquiring assets as health systems divest non-core real estate holdings.
About the Firms
Rethink Healthcare Real Estate is the healthcare real estate investment platform of Rethink Capital Partners, a national investment firm founded in 1981. Active in medical office and outpatient healthcare real estate since 1986, the firm focuses on mission-critical, health system-aligned assets and operates an integrated platform encompassing acquisitions, project management, asset management, and property management. In addition to healthcare real estate, Rethink Capital Partners operates in multiple impact venture capital verticals.
Temerity Strategic Partners provides growth capital, strategic resources, and relationship access to real estate owners and operators executing development, value-add, and core-plus strategies throughout the United States. The firm focuses on co-general partner capital commitments to real estate operating, development, and asset management companies on behalf of its principals and a distinguished group of private and institutional investors.