Built Around Healthcare. Experienced Across Business and Property.

Start With the Operator

The business, property and capital structure must support the healthcare operator and the service they are seeking to build.

Understand Before Committing

Operators should understand the risks, opportunities, budget and process before making a significant commitment.

Use the Right Structure

Advisory support, conventional finance, short-term capital or co-investment should be used only where appropriate to the opportunity.

Work Alongside Existing Advisers

HPSCP works with banks, finance brokers, accountants, lawyers and other advisers rather than unnecessarily displacing established relationships.

Maintain a Defined Pathway

Where HPSCP provides capital investment support, the intended refinancing, operator buyout or other transition pathway should be identified and documented.

Stay Involved Through Execution

A strategy has limited value if the operator is not supported through due diligence, negotiation, implementation and delivery.

DEAN CROZIER, MCPM

Managing Director

Dean is the founder and Managing Director of HPS Capital Partners. He has more than 15 years’ experience advising healthcare operators, investors and capital providers on healthcare businesses, property, investment and project delivery.

Dean works across business acquisitions, property transactions, development, funding structures and healthcare project delivery. He brings these elements together into practical strategies aligned to each client’s commercial objectives, operating requirements and risk profile.

Before specialising in healthcare, Dean spent approximately 20 years in property development and construction across residential, mixed-use, commercial, industrial and retail property. His businesses delivered projects across Australia for organisations including Westpac, Stockland, AMP, St.George, Bendigo Bank and Westfield.

Dean began working in property development and construction in the 1990s. His special situations experience comes from more than three decades working through changing property, credit and construction cycles, including the early-1990s recession, the 2003–05 residential-property slowdown, the Global Financial Crisis, COVID-19 and the recent period of rising interest rates, constrained credit, escalating construction costs and contractor insolvencies. Across these cycles, he has advised investors, property developers and head contractors on challenged developments and construction exposures.

This experience enables Dean to quickly establish the commercial, property and project position, identify key risks and develop practical strategies to protect value, stabilise projects and determine a pathway to restructuring, completion or resolution. Combined with his healthcare experience, it allows him to assess opportunities and special situations from an operational, investment and project-delivery perspective.

Dean leads HPSCP’s advisory and investment activities, focused on commercially sound outcomes for healthcare operators, investors, lenders and project partners.

Dean holds a Master of Construction Project Management, with a specialisation in infrastructure and finance, from the University of New South Wales (UNSW).

ALISON PENNINGTON, B.Com

Senior Specialist – Healthcare

Alison advises HPS Capital Partners on healthcare operations and business performance, focusing on the strategic, operational and financial assessment of healthcare businesses and bringing a practitioner’s perspective to due diligence and business improvement to support stronger client decisions.

She has more than 30 years of professional experience spanning strategic advisory, healthcare leadership, professional services and accounting, including nearly two decades in senior healthcare executive roles. As national chief operating executive of a private healthcare group, she was responsible for more than 20 hospitals and specialist medical practices, and as chief executive officer of an ophthalmology group, she led a day hospital, a research foundation and three specialist practices. Her work has spanned strategy and operational performance, revenue growth, clinical governance and hospital accreditation, corporate governance and risk frameworks, and engagement with state and federal health departments.

Alison has extensive experience in business acquisitions and sales, including working directly with owners to strengthen strategic positioning and financial performance ahead of a transaction and improve the multiple achieved on sale.

She has twice been elected to industry leadership roles: as National Councillor for independent private hospitals with the Australian Private Hospitals Association, and to the Practice Management Board of the Royal Australian and New Zealand College of Ophthalmologists (RANZCO).

Her earlier career was built in accounting and business advisory, spanning tax accounting and insolvency, business coaching and advisory work with franchise networks and medical specialists. That grounding in the financial mechanics of owner-operated and distressed businesses continues to inform her assessment work today.

Alison holds a Bachelor of Commerce (Accounting) from the University of Newcastle.

COURTNEY MARTIN

National Research Manager

Courtney is a healthcare property and location intelligence specialist with more than 20 years’ experience delivering strategic research and market analysis across Australia’s property sector. For more than 12 years, she has specialised in healthcare property, supporting investment, site selection, funds management and healthcare service planning.

Her expertise includes demographic analysis, population forecasting, healthcare demand assessment, catchment analysis and local property market research. She has worked across healthcare, commercial, retail, childcare, industrial, residential communities, hotels and leisure property.

Courtney has delivered healthcare research and strategic market analysis for organisations including BOQ Specialist, Logan City Council, Melbourne Airport and Charter Hall. Her work has informed location strategies, investment decisions, market assessments and long-term planning to support client outcomes across metropolitan, regional and growth-corridor markets throughout Australia.

Before joining HPS Capital Partners, Courtney held research roles with leading property organisations including Stockland and LandMark White.

At HPSCP, Courtney provides the evidence base for healthcare property, business and investment decisions, helping clients and the investment team identify demand, assess locations and understand market risk and opportunity to support stronger outcomes.

Courtney holds a Bachelor of Property Economics from the University of Technology Sydney.

PAUL DALY

Senior Specialist – Lending & Credit

Paul advises HPS Capital Partners on lending strategy, credit risk, transaction structuring and the resolution of complex or stressed financial exposures.

He has more than 35 years’ experience across Australian, Asian and Pacific banking and finance markets, spanning retail, corporate and institutional banking in senior credit, relationship management and leadership roles. His career includes positions with ANZ, St.George Bank, Bankwest and NAB, as well as operating a privately owned finance company.

Most recently, Paul was a Credit Director within NAB’s specialised credit team, covering healthcare, government and education. He held substantial delegated credit authority and was engaged early in transactions to align client objectives with the bank’s risk appetite, identify potential credit issues and establish a clear pathway through assessment, approval and documentation.

Paul has extensive experience assessing and managing complex and stressed business exposures. His work has involved covenant breaches, cash-flow pressure, operational underperformance, acquisition integration problems, regulatory change, internal fraud, refinancing risk and inadequate financial reporting. He works to identify the underlying cause of the problem, establish the true financial and credit position and develop an achievable and measurable response.

His healthcare experience includes specialist medical services, diagnostic imaging, aged care, hospitals and specialist practices. He has contributed to restructures involving asset sales, cash controls, revised reporting, debt refinancing, additional funding and orderly business sales. His experience also includes the completion of a significant aged-care development following builder failure, requiring the appointment of a replacement builder, reassessment of construction risk and approval of additional funding.

Paul brings an experienced lender’s perspective to HPSCP’s advisory work. He helps clients understand how lenders assess risk, repayment capacity, security and financial performance, while supporting the development of credible funding, restructuring or resolution strategies. He also assists capital providers in establishing whether an exposure should be supported, refinanced, restructured, sold or moved toward enforcement.

Throughout his career, Paul has held senior leadership responsibilities and contributed to credit-policy and process improvements designed to strengthen decision-making, productivity and risk management in response to changing market conditions.

Paul holds a master’s degree in banking.