Operator-led private equity.
Ironstone is a private equity and asset management firm. We acquire established businesses with strong unit economics, install operating discipline, and exit at materially expanded EBITDA, margins, and multiples. Currently concentrated in healthcare revenue cycle management and AI-enabled operations.
The operating model
Acquire.
Disciplined sourcing of established businesses with strong unit economics, recurring revenue, and identifiable operating gaps. Concentrated today in healthcare RCM and specialty-billing — where the modernization gap is widest.
Operate.
One operating model installed across every platform we own: standardized workflows, proprietary automation, AI for the hard problems, and an analytics layer that runs weekly, not monthly.
Exit better.
We exit at materially higher multiples than we entered. Multiple expansion is fundamental value creation — operating discipline, integration, and bolt-ons. Not financial engineering.
Our strategy
Standardize
The return on an operating business sits in the workflow, not the software. We install one validated process across every platform we own — eliminating the patchwork that drives most operating economics in the wrong direction.
Automate
We automate the work that should never have been manual — and run AI where pattern detection actually matters. Always paired with a human review point. Never a black box.
Measure
Leadership runs the business weekly, not monthly. The reporting layer reflects that — every platform sees its operating metrics on the same schedule, in the same shape, with the same definitions.
The leadership
Peter Nguyen
Founder, Chairman & Chief Executive Officer
Peter Nguyen is Founder, Chairman, and Chief Executive Officer of Ironstone — a manager-led investment and operating platform building an AI-enabled portfolio.
His career spans more than two decades across private equity, investment banking, technology, and operating leadership. The throughline is operating discipline in regulated, high-complexity environments.
He began at KKR and Merrill Lynch before joining the strategic advisory and M&A team at JPMorgan, supporting senior-leadership initiatives at one of the world's largest financial institutions. He went on to Google managing operations and special projects, founded and exited an enterprise software company, and consulted across Fortune 500, defense, aerospace, and government clients — including Lockheed Martin, Boeing, Raytheon, and General Dynamics. He subsequently led operating and M&A activity at a global technology and telecom enterprise, where he sponsored multiple platform spin-offs — including an HR technology business, a PEO, and a staffing and recruiting company. He has served as an executive advisor to OPEC and the Gulf Cooperation Council, and as a senior executive at an investment bank and a REIT.
He has served as Chairman, Vice Chairman, and Director across multiple boards. His public-service and policy contributions have received recognition from two U.S. Presidents, members of the U.S. Congress, and senior leadership of the U.S. Armed Forces.
Executive MBA, University of California, Los Angeles. Project Management Professional, Lean Six Sigma, Professional in Human Resources, and Change Management Professional certifications.
Partner with Ironstone
Dallas, TX
Las Vegas, NV
invest@ironstonecap.com