Transaction brings together two Dallas-based healthcare real estate firms with deep sector relationships, complementary capabilities and a shared legacy dating back to The Cirrus Group.
DALLAS, Texas — July 1, 2026 —Big Sky Asset Management, LLC (“Big Sky”) today announced the acquisition of HealthCap Partners, LLC (“HealthCap”), a Dallas-based healthcare real estate development and investment firm with a nearly 30-year history of providing customized real estate and capital solutions to healthcare providers, physician groups, hospitals and
investors across the United States.
Originally established in 1996 as The Cirrus Group, LLC and later operating as HealthCap Partners, the firm has owned more than 150 healthcare properties across 29 states, spanning medical outpatient buildings, ambulatory surgery centers, specialty
hospitals and senior housing communities. Over the past three decades, HealthCap has been one of the most prolific medical real estate developers in the United States, with notable projects including The Carrell Clinic Center in Dallas, Texas. HealthCap’s broader experience includes more than 5 million square feet of healthcare real estate and more than $2.5 billion in transactional volume, reflecting its long-standing role in the growth and institutionalization of the healthcare real estate sector.
The acquisition brings together two relationship-driven healthcare real estate platforms with deep Dallas roots and complementary capabilities. HealthCap’s experience in development, brokerage, site selection, and property management complements Big Sky’s national investment and asset management platform, which focuses on medical outpatient buildings, ambulatory centers, specialty hospitals and other mission-critical healthcare facilities. Together, the combined platform is positioned to provide healthcare operators, physician partners, tenants and investors with broader capabilities, deeper
operational resources and continuity of service across the full healthcare real estate lifecycle.
The transaction also carries personal significance for Big Sky. Multiple members of Big Sky’s current leadership team began working together in healthcare real estate at The Cirrus Group. Big Sky’s CEO, Jason Signor, served as Vice President and led a dozen medical outpatient developments as well as the asset management team during his tenure at Cirrus, while Senior Director of Property Management Kelli Fairall served as Senior Property Manager from 2006 to 2009. As part of the transaction, Nikki Matthews, President of HealthCap, will join Big Sky’s acquisitions team as a Director. The acquisition therefore represents both a strategic expansion of Big Sky’s healthcare real estate platform and a continuation of a legacy that helped shape the careers of several members of its leadership team.
“The Cirrus Group is where I got my start developing medical outpatient buildings, and it remains an important part of my professional story,” said Jason Signor, CEO of Big Sky. “I had the honor of working with exceptional mentors and role models there, includingBill Hutchison, Jr. and Jason Dodd, whose innovation in ambulatory surgery centers and physician-owned hospitals helped pave the way for institutional capital in healthcare real estate. Bringing HealthCap into the Big Sky platform is meaningful not only because of the firm’s history, but because of the people, relationships and entrepreneurial spirit behind
that history.”
“HealthCap has spent nearly three decades helping healthcare providers and investors solve complex real estate and capital needs,” said Jason K. Dodd, Partner at HealthCap Partners. “Big Sky understands the healthcare real estate business at both the
investment and operating level, and its team shares our commitment to relationships, creativity and long-term stewardship. We believe this combination is a natural next chapter for HealthCap, our clients, our partners and the legacy that began with The Cirrus Group.”
The acquisition expands Big Sky’s national presence while preserving HealthCap’sthree-decade legacy as a healthcare real estate platform built around provider relationships, capital solutions and hands-on execution. Select HealthCap leadership will
continue in their roles following the close of the transaction, operating within the broader Big Sky platform and supporting a seamless transition for clients, tenants, investors and healthcare partners.
Terms of the transaction were not disclosed.
About Big Sky
Big Sky Asset Management, LLC is a Dallas-based healthcare real estate investment and asset management platform focused on medical outpatient buildings, clinics, ambulatory centers, specialty hospitals and other healthcare facilities across the United
States. Big Sky leverages long-standing sector relationships, disciplined underwriting and hands-on asset management to acquire and manage high-quality healthcare real estate assets on behalf of its investors and partners.
About HealthCap Partners
HealthCap Partners, LLC is a private healthcare real estate development and investment company based in Dallas, Texas. Originally established in 1996 as The Cirrus Group, LLC, HealthCap has specialized in providing creative real estate and capital
solutions to the healthcare industry for nearly three decades. The firm’s experience spans more than 150 healthcare properties across 29 states and includes development, brokerage, leasing, tenant representation, investment sales, joint venture structuring and property management services for healthcare providers, physician groups, hospitals and investors.
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