Elliot LaBreche did not set out to become a healthcare investor, nor did he intend to be involved in tech startups. He began his career on the ‘transactional side of real estate’, as he puts it. He advised big banks, law firms, and technology companies on complex leasing and build-to-suit agreements. Over time, one tenant category caught his attention; he identified a critical gap.
“I noticed that there was a void in this type of complex thinking for large healthcare tenants,” LaBreche said. “These are mission-critical facilities that health systems think about on a 20- to 30-year horizon, not five or 10.”
That realization led him to specialize nationally in healthcare real estate, working closely with hospitals and outpatient systems whose capital expenditures and operational needs demanded deeper analysis. As LaBreche built expertise in underwriting hospital systems and large medical practices, he gained insight into the business mechanics of healthcare, including which systems were financially strong and which were struggling.
In 2021, that expertise became the foundation for a dedicated healthcare real estate fund launched alongside another limited-partner fund in Aventura. Today, the portfolio includes 25 assets across the United States and approximately $300 million in assets under management.
But real estate was only the beginning.
As LaBreche worked more closely with healthcare tenants, he began receiving deal flow beyond property. “I started getting sent healthcare technology, longevity, and AI-enabled businesses,” he said. “I would call it unique, because it was proprietary that we had kind of an edge because of us being in the space, like our tentacles being in this space all over the country, because of the real estate.”
That exposure led to the creation of Vitalis Ventures, the firm’s investment arm focused on growth-stage healthcare technology businesses. Vitalis operates at the unique intersection of venture and private equity, backing businesses that have proven viability and are ready to scale.
Similar to both venture and private equity, Vitalis operates in a space between the two, one that takes a holistic approach to scale. “There’s a gap between what we kind of like to play in more; it’s called growth equity,” LaBreche explained. “Businesses that maybe are at break even, and they’re on a series A or Series B the feasibility of the business has been proven, right? But they need capital to go commercialize, to bring what they validated as a business, to actually scale it nationally,” said LaBreche. “That’s kind of where we ideally want to play.”
Healthcare, which accounts for about 18% of the U.S. economy according to the most recent national health expenditure estimates, is poised for growth. LaBreche sees AI as a catalyst for efficiency, accuracy, and improved outcomes. “There is so much low-hanging fruit to improve care delivery that artificial intelligence can really help with,” he said.
Among Vitalis’ investments is Cortex AI, a diagnostic platform that uses imaging data to help clinicians detect early signs of Alzheimer’s and dementia. “This is allowing us to triage and diagnose much earlier on, so that we can actually provide treatments to improve the quality of care before it’s later on, because there are studies that have shown the sooner that you identify dementia and Alzheimer’s and treat it, the longer the delay the actual outcome,” he said.
Cortex’s technology also extends to prostate imaging, an area where uncertainty often leads to unnecessary and avoidable procedures. “There are close to a million prostate biopsies a year… and about 50% are unnecessary,” LaBreche said. Cortex’s technology also extends to prostate imaging, an area where uncertainty often leads to unnecessary procedures.
LaBreche learned firsthand how important these technologies are. As a new father, he saw how technology is filling these gaps. Drive Health, an AI-powered caregiver platform, addresses administrative gaps in hospital settings. “You arrive at a room, and nurses are in and out, OBGYN in and out… but, you still have questions when they leave,” said LaBreche. “The current system is, you click a button, you talk to the receptionist, and then they send a nurse in, which can take time because the nurse is seeing other pregnant, expecting mothers,” he said. “But, there is 20% of the role of the clinician and the nurse… where they can spend their time on, like, face-to-face type of contact.”
As AI adoption accelerates, connectivity becomes critical. “With artificial intelligence and digital infrastructure, there is going to be a lot of bandwidth that’s going to be required,” LaBreche said. “Smart communities, fiber infrastructure, and connectivity are going to be essential as technology becomes embedded in daily life,” LaBreche added that the level of connectivity improvements needed to support these technologies will likely be far more extensive than we can imagine.
For LaBreche, impact defines his philosophy of worth beyond wealth. “We are a very linear organization, not hierarchical,” he said. “What gives me purpose outside of wealth is empowering young people and especially women to be leaders in the organization.”
