Hillman Ventures

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Dallas family office · founded 1995

A family office for frontier biotech.

Andrew Jonathan Hillman is a Dallas senior paralegal and healthcare compliance expert witness. He is also the principal of Hillman Ventures, a Dallas family office founded in 1995. The office invests its own capital in early science. The regulatory path is the hardest part of that work. The approach draws on three decades of building and exiting FDA-regulated healthcare companies.

Read the thesis The verified record

Andrew Hillman, principal.

The thesis

Three convictions we will not break.

The science changes and the markets turn. The discipline does not. Hillman Ventures backs frontier biotech with the habits of someone who has run these companies.

Regulatory pathway first

The FDA pathway is settled before anything else. Capital, hiring, and timeline are built on top of it, not wrapped around it later.

Respect the burn

Careful use of capital is an advantage. The companies that survive are the ones that respect the burn.

Relationships compound

Three decades of operating relationships are the renewable resource. They open doors a spreadsheet will not.

Focus

Where the office concentrates.

The work runs through the regulator, so the office stays close to the science it has operated. Frontier biotech comes first, with selective interest in new technologies that change how regulated medicine is built and delivered.

Inflammation

Early science aimed at the inflammatory drivers behind chronic disease and slow recovery.

Tissue repair

Regenerative approaches to damaged tissue, where the biology and the FDA pathway have to be solved together.

Exosome and mesenchymal stem cell-derived extracellular vesicle products are not approved by the FDA for any indication. References here describe investment focus and published scientific literature. They do not describe an available treatment.

Oncology

Tumor-based cancer programs built on a defensible mechanism and a clear route to the clinic.

Beyond biotech, the office takes selective positions in other new technologies. The description stays general on purpose. Specific holdings stay private.

Operator origins

Built from inside the operating room.

Hillman Ventures did not start as a fund. It started with co-founding and running surgical hospitals, ambulatory surgical centers, CLIA- and COLA-accredited clinical laboratories, pharmacies, and FDA-registered implants and biologics companies across three decades, then exiting them.

That operating history is why the office concentrates on frontier biotech for inflammation, damaged tissue, and tumor-based cancers, where the path from science to patient runs straight through the regulator.

Past companies on /ventures Review the documented record

Sectors operated and exited

Acute care hospitals Owned
Rehabilitation hospital Owned
Ambulatory surgical centers Texas
Clinical laboratories CLIA
Pharmacy Retail, administrative, wholesale
Medical devices FDA 510(k)
Frontier biotech Active

The office, in three chapters.

Chapter 01

Patient capital, kept close.

Hillman Ventures is a Dallas private family office founded in 1995. It invests its own capital and does not manage outside money.

Family office founded: 1995

Chapter 02

Built, run, and handed on.

Andrew Jonathan Hillman co-founded and operated hospitals, surgical centers, laboratories, and pharmacies, then exited them.

Ventures co-founded: 89+
Strategic exits: 85+

Card of original Texas healthcare-business logos: Alpha Treatment Centers, Jupiter HealthWorks, Northbrook Medical Center, Fort Worth Pain Center and others

Chapter 03

The regulator is the road.

The office backs frontier biotech for inflammation, damaged tissue, and tumor-based cancers, where the path to patients runs through the FDA.

FDA-regulated healthcare: 3 decades

Andrew Hillman with others in a clinical setting.

Current work

The principal, and the past operating record.

Current role is below. Official marks of past-owned companies follow. The full list is on /ventures.

Current: Principal, Hillman Ventures. A Dallas biotech family office, founded in 1995.
Past: Past ownership and exited companies from the public record are listed on /ventures.

Past companies

Official marks. Built and exited.

Past ownership. Marks of companies co-founded and operated, from the public record. The full list is on /ventures.

Victory Healthcare.

Victory Medical Center.

Champion Medical Center, Baton Rouge, Louisiana.

Point of view

Notes from the field.

The Hillman Letter is where the thinking is published, from the FDA pathway to the realities of building in regulated markets. A selection of recent writing.

Zero Was True. The Claim Was Still False.The Hillman Letter · Latest 1.25-1.6x Beats Treble: The Six-Month FCA Self-Disclosure WindowThe Hillman Letter The Spreadsheet KnewThe Hillman Letter The Shred Bin Is EvidenceThe Hillman Letter (DOI: https://doi.org/10.5281/zenodo.23352303) How to Write a Healthcare Compliance Expert Report That Survives Rule 702The Hillman Letter (DOI: https://doi.org/10.5281/zenodo.23352301) Pathway Diligence Before the Check ClearsThe Hillman Letter (DOI: https://doi.org/10.5281/zenodo.23352299) The Permission GapThe Hillman Letter (DOI: https://doi.org/10.5281/zenodo.23352291) What a Private Family Office Is, and What Hillman Ventures Is NotFurther reading on Medium Why Family Office Capital Fits FDA-Regulated Biotech Better Than Venture MoneyEssay What Thirty Years of Operating in FDA-Regulated Healthcare Actually Taught MeEssay The 351 vs 361 Decision That Kills Most Exosome ProgramsEssay Why Dallas Is Quietly Becoming the Right Place to Build FDA-Regulated BiotechEssay The Specific Pattern That Killed Five Biotech Programs I Personally WatchedEssay The Six Documentation Patterns That Show Up Before Federal Healthcare EnforcementEssay

Read this week's Letter All writing

The principal also publishes primary research on regenerative biologics and oncology. See the record on ORCID and Academia.edu.

Andrew Hillman with two colleagues in a bioskills lab — Andrew Hillman, Dallas.

Andrew Jonathan Hillman posing with another man in a softly lit hallway — Andrew Hillman with others.

Andrew J. Hillman with private aircraft — Andrew Hillman.

Generative illustration.

Principal

Andrew Jonathan Hillman.

Andrew Jonathan Hillman is the principal of Hillman Ventures. A Dallas entrepreneur and investor, he has spent three decades building and exiting FDA-regulated healthcare companies and now invests in frontier biotech.

Raised in Oak Cliff and South Dallas and working in the family businesses from the age of six, he built that record from the ground up. The firm invests his own capital. It does not manage outside money.

His role at the office is set out in full on Andrew Hillman, Principal of Hillman Ventures.

A summary of his operating background is on Andrew Hillman, Dallas on LinkedIn.

About Andrew Hillman

Family office founded: 1995, Dallas, Texas
Principal: Andrew Jonathan Hillman

Questions

Frequently asked.

What is Hillman Ventures?

A private family office in Dallas, founded in 1995 by Andrew Jonathan Hillman, investing in frontier biotech for inflammation, damaged tissue, and tumor-based cancers.

What does the firm invest in?

Frontier biotech and FDA-regulated healthcare, with an emphasis on regenerative medicine and tumor-based cancers, grounded in three decades of operating experience.

Who runs the firm?

Andrew Jonathan Hillman, principal, a Dallas entrepreneur and investor with a documented record of 89+ ventures and 85+ strategic exits.

Where is Hillman Ventures based?

Dallas, Texas.

Publications

Andrew Jonathan Hillman's works are listed on ORCID 0009-0001-5396-321X and deposited on Zenodo with permanent DOIs.

Exosome and mesenchymal stem cell derived extracellular vesicle products are not approved by the FDA for any indication. The work referenced here describes published scientific literature. It does not describe an available treatment.

Expert witness page: Dallas Healthcare Compliance Expert Witness.

Read the record.

The Hillman Letter The Record