People. Integrity. Care.
Empowering People and Building Companies That Advance Healthcare

Pat Basu, M.D.,M.B.A., serves as Co-CEO of Lincoln Liberty Capital, the firm he co-founded in 2025. Pat is a transformational and innovative investor, CEO, and physician whose professional mission has been to improve healthcare for Americans and America. Pat has served as the principal leader of organizations in the public, private, and government sectors with ultimate responsibility for managed care or delivery of care to more than 25 million Americans. During his career, Pat has served as an operator at organizations including Cancer Treatment Centers of America, OptumCare, Doctor On Demand and Mckinsey; as an investor at Varsity Healthcare and Chicago Pacific Founders; as a policy advisor at the White House; and as a physician at Stanford University.

Pat serves on the Board of Trustees for The Chicago Museum of Science & Industry, the Morton Arboretum and the Lincoln Academy. He Previously served on the Board of Directors for the University of Illinois and Stanford University Medical Alumni Association. A licensed and board-certified physician, Pat completed his medical training at Stanford University, where he also served as Chief Resident and Faculty Director of American Health Finance and Policy. Dr. Basu is a recipient of the AMA's National Excellence Award for Leadership, Stanford Medicine's Specialist Physician of the Year Award, and Chicago Crain's Business 40 Under 40 Award. He received the Distinguished Alumni Award from the University of Chicago Booth School of Business where he received his MBA. He received the Distinguished Alumni Award from the University of Illinois where he received his undergraduate degree in Mechanical Engineering. He lives with his wife and children in Hinsdale, Illinois.

Merrick Axel is Co-CEO of Lincoln Liberty Capital, a firm he co-founded in 2025. He was previously a Partner and Investment Committee member at Cressey & Company (2005-2021) and Varsity Healthcare Partners (2022-2025). He began his career at Morgan Stanley in New York in the investment banking division, and held subsequent roles in private equity at JW Childs Associates in Boston and Harvest Partners in New York. Over his career, Merrick has led over a dozen healthcare investments, and excelled at partnering with management to build enduring healthcare services businesses. His past directorships include InnerChange (behavioral health), VetCor (veterinary care), People, Pets & Vets (veterinary care), Beghou Consulting (pharma services) and Unitek Learning (medical education). Merrick is a graduate of Duke University, where he serves on the Trinity Board of Visitors. He received his MBA from Harvard Business School. Merrick lives in Chicago with his wife and three children.

Allen Levitas joined Lincoln Liberty Capital as a Vice President in 2025, bringing nearly a decade of investing experience to the team. Prior to joining Lincoln Liberty Capital, Allen was a Vice President at Varsity Healthcare Partners, where he was responsible for sourcing, executing, and managing investments across a range of healthcare subsectors. Earlier in his career, he was an Associate at Linden Capital Partners, a healthcare-focused private equity firm, and began his career as an Investment Banking Analyst at William Blair.

Allen earned a BBA with High Distinction from the Ross School of Business at the University of Michigan and holds an MBA in Healthcare Management from The Wharton School of the University of Pennsylvania.

Ryan Mott joined Lincoln Liberty Partners as a Senior Associate in 2025. Previously he was an Associate at Varsity Healthcare Partners. Prior to joining Varsity, Mr. Mott was an Associate in the Healthcare Investment Banking Group at Kroll, where he focused on M&A and capital markets transactions in the medical device, technology, and healthcare services industries. Ryan began his career at Chartwell Financial Advisory, a boutique middle market financial services firm. He graduated from the University of Minnesota Carlson School of Management with a BS in Finance and Accounting.

Steve has a deep healthcare background at the intersection of Payer and Provider ranging from network strategy and provider partnerships to alternative payment models and effective cost containment methodologies. He is a senior-level health care executive, advisor, and investor with 30+ years longstanding experience in growing and leading a large health plan organization. He has extensive experience managing a multi-billion dollar P&L with consumer-focused service operations. Steve most recently served as the President of Blue Cross Blue Shield of Illinois (BCBSIL), where he was responsible for the state's largest health insurer with $22B in revenue and nine million members. His responsibilities included overall business and financial performance, long-term growth strategy, Sales, Care Management, Network/Provider Contracting, Government Relations and Communications across all commercial lines of business, Medicare, and Medicaid. Specific experience Market strategy, including market segmentation, effective product development and proven patient/member engagement methodologies Network and payer/provider partnership strategy and investments Provider performance and network analytics, alternative payment model development, and value based care spanning upside/downside models to partial and full risk models across commercial and government programs Cost of care focus, including process improvement, solution assessment and prioritization, implementation and formal program evaluation approaches Education Bachelor of Arts in Economics and Mathematics Colorado College Master in Business Administration in Information Systems Quinlan School of Business at Loyola University in Chicago.

Doug Costa is a senior leader with over 25 years of experience in the healthcare sector as a board member, investor, executive and management consultant. Most recently, Doug served as an Operating Partner at Varsity Healthcare Partners, having joined the firm in early 2023, where he focused on building and scaling Varsity portfolio companies comprised of rapidly growing lower middle market healthcare organizations.Doug served as a member of The VHP Foundation's Investment Committee, as well as on the Board of Directors for VetEvolve, Essential Anesthesia Management, Ventra Health and Emergency Care Partners. Prior to joining Varsity, Doug was the Enterprise Chief Financial Officer at Cancer Treatment Centers of America (CTCA), one of the leading destination oncology providers in the US. Doug led CTCA to a strategic transaction in early 2022, with the sale of the company to City of Hope. As a member of CTCA's executive leadership team, Doug had oversight of financial operations, financial planning and analysis, accounting, mergers and acquisitions, revenue cycle management, and supply chain. Prior to his tenure at CTCA, Doug was the Chief Operating Officer of Steward Health Care Network (SHCN), a healthcare company widely recognized as a pioneer in the value-based care space. Doug held other prior roles as a senior executive within the Steward system including Chief Financial Officer of SHCN, and Senior Vice President of Corporate Development. Earlier in his career, Doug worked in the healthcare advisory practices at PricewaterhouseCoopers and Deloitte Consulting, after spending many years working in strategy, finance and operations roles with firms such as United Healthcare, Aetna, Beth Israel Deaconess Healthcare and Mass General Brigham. Doug holds an MBA from the Stern School of Business at New York University, and BS in Marketing from Bentley University.

Paul McBride most recently served as President and CEO of Clinical Care Medical, a value based provider where he led the turnaround and sale to Humana. Previously he led Payer Strategy and the oncology value based care subsidiary of Cancer Treatment Centers of America. Previously, Paul served as CEO of Accountable Care at Aetna. Paul brings over 30 years in leadership and operating roles with the four largest U.S. health plans managing all aspects of provider networks, health and health care outcome improvements, physician practice management businesses, and related operations. Accountable for local, national, and international teams accountable for managing up to $8 billion a year in medical spend. Paul is a Former officer, U.S. Marine Corps. He holds a Master of Science in Public Health from the University of North Carolina at Chapel Hill.

Craig Lamp serves as Operating Partner of Lincoln Liberty Capital. He has worked with LLC founder Pat Basu for more than a decade and brings 25 years of experience as a longstanding operator and technology executive across payer, provider, and PE backed organizations. Craig has a 13 year track record of success serving as COO/CIO/CTO with P&L accountability spanning organizations from 50 million to 5 billion in revenue. He specializes in enabling business success through excellence at the intersection of operations and technology. Prior to joining Lincoln Liberty, Craig held the position of operating Partner and Chief Technology Officer at Varsity Healthcare Partners. Here, he assisted 12 portfolio companies with the scaled platforms and data needed to complement their business strategy. Craig also served in two key roles for OptumCare; United HealthGroup's Care Delivery business. As CIO and National VP MSO Operations, Craig led the creation of scaled shared service models, digital platforms, VBC data design, and multi-state M&A expansion for the early and middle stages of the OptumCare organization. He has also held senior leadership roles at EY and Consulting Radiologists Ltd (CRL). Craig has an MHA from the University of Minnesota and lives in the Twin Cities.

Peter K. Braxton works with Lower and Middle Market LPs, GPs, Independent Sponsors, Emerging/Established Managers and Family Offices in investor relations, capital formation, operations and programmatic capital syndication for both direct deals and committed private capital Funds. Peter has been serving the financial needs for ultra-high net worth individuals and their families for more than 17 years, delivering holistic advice and creative solutions across the spectrum of private capital markets on both the buy and sell side. Notable advisory clients include Blue Marlin Partners, Akoya Capital, Inoa Capital, Manifold Group, Queen's Court Capital, Akkad Holdings, Southworth Capital, LBK Capital, Callais Capital, Santé Ventures, Trinity Investors, Prodos Capital, FORG (Family Office Resource Group,) Ready Nine, KeraVet, Purgo Scientific, Advanced Volumetric, Altitude X and Lincoln Liberty Capital. Earlier in his career Peter was a US Air Force Instructor Pilot, with over 3,000 Flight hours, including 1,000 Combat hours over Iraq and Afghanistan. Following his military service, Peter joined Credit Suisse, Chicago, as a Private Banker/Relationship Manager. From there he was a Founder/Entrepreneur/Operator in the Dynamic Pricing/Yield management vertical developing algorithms, software and Intellectual Property for the mercantile market. After successful exit, he served as COO/Chief of Staff for DOM Capital Group, a single-family office and private investment group of the Dominick's Grocery Store Family, navigating infrastructure, philanthropy, estate planning, portfolio management and family/constitutional governance; and recently worked with Envoi, a management owned private family office dedicated to servicing multiple high net worth families in advisory, strategic, and operational capacities. Peter is a graduate of the United States Air Force Academy, Distinguished Graduate of Joint Specialized Undergraduate Pilot Training, and holds an MBA from Washington University in St Louis. He currently serves on the board of the Tuskegee Next Foundation and is a faculty member of the Ultra High Net Worth Institute. Peter is married to Dr. Paige Baker-Braxton and has two young kids Keegan and Quincy and a Shih Tzu, named Gus. They permanently reside in Avon/Beaver Creek, Colorado. In his spare time, Peter is an active Private Pilot, avid chess and competitive squash player.

Dean is an Operating Partner with Lincoln Liberty Capital, and has substantial experience in Consumer Directed Healthcare (CDH), HealthTech, FinTech, and the ICHRA markets. Most recently, he was the CEO of HealthSavings Administrators (2018-22), which was acquired by HealthEquity in 2022. Before that, he was a Managing Director at Willis Towers Watson within the retiree defined contribution segment (2015-17). His prior roles include: CEO of Acclaris (2013-15), which was acquired by Willis Towers Watson in 2015, CEO of HSA Bank (2009-13) where AUM grew from $500M to $2B during his tenure, and CEO of Optum Bank (2005-08) where he launched CDH card and HSA products.

Brian is an Executive in Residence, Employer Benefits, with Lincoln Liberty Capital and has more than 30 years of organizational growth and operating experience. Most recently, he has served in advisory roles to multiple private equity firms. This includes developing the investment thesis and leading efforts to acquire assets in healthcare benefits spending and related ICHRA industries. Previously, he served as a General Manger for Optum's Health Benefit Accounts business with more than $500M in sales and $20B in assets. He led Business Development at CYC, helping the business organically double revenue in three years to $100M in pro forma sales. CYC was successfully sold to Optum in November of 2020 for approximately $550M. Brian also led Paylocity's entry into the benefits sector, serving as a consultant and corporate development lead for the CEO. He served as a Founding Partner of Adams Street Partners, a leading alternative assets (Venture, Private Equity, Private Debt) investment firm. He began his career in Investment Banking at William Blair and Company. Brian completed a Bachelor of Industrial Engineering at Georgia Tech and an MBA at Harvard Business School.

Ned Carlson is a seasoned executive with extensive experience in the healthcare and investment sectors. Currently serving as CEO in Residence at Lincoln Liberty Capital, he specializes in building market-leading organizations in behavioral health. With a strong background in corporate finance and strategic partnerships, Ned has held various leadership roles, including CEO of Trumpet Behavioral Health and President of GlobalCare. He has a proven track record of running and advising high growth firms and established companies in the healthcare technology space. Ned is passionate about improving access to autism services and is actively involved in initiatives that support individuals with developmental disabilities. His multifaceted career showcases adaptability, strategic thinking, and a commitment to innovation in healthcare. He received his undergraduate degree from Harvard University.