Covenant, an owner of single-specialty surgery centers, teamed with DFW to access needed expansion and acquisition capital to accelerate its growth. During DFW’s five-year investment tenure, Covenant (i) completed 23 acquisitions in the endoscopy and ophthalmology fields; (ii) rolled out a comprehensive anesthesia and pathology laboratory business to support its physician partners; (iii) made significant investments in its regulatory, finance, revenue cycle management, and quality infrastructure; and (iv) accessed the private high yield market with a creative financing structure that helped support operations and facilitate its rapid growth. The company was sold to affiliates of Kohlberg, Kravis & Roberts, which continued to build on the platform that management and DFW had worked together to build.