Best Healthcare PE Groups in the world
As simple as the title says - who are the best Healthcare PE groups globally? (European and US based)
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Would add Great Hill, Parthenon and WindRose.
These and probably add Genstar and Francisco too.
At a PE-backed company, one of our "PE owners" is listed here.
Best healthcare LMM/MM PE firms I've seen have very strong operators on their team too.
x2 for operator talent roster particularly in healthcare
Feel like this is missing the bigger names in healthcare (excluding MF)… would normally consider WCAS, GTCR, Audax, THL, Nautic, Summit, TA, Arsenal as the best UMM healthcare services investors. (Likely missing some as well).
Welsh Carson and New Mountain are both quite strong IMO
Water Street and Frazier
Orbimed
Patient Square Capital is up-and-coming. First fund aiming for $3B
Yeah but hard to say they are the best in the world lol
Fair. I mean it's tough to compare to MF that do HC like KKR / TPG / New Mountain. Among pure-play HC PE firms I rank them below firms like Orbimed and Frazier but frankly would rather work there than some of the names in this thread such as Linden or Water Street
The pedigree of some of their investment team is pretty insane.
Lot of names on this list might qualify: https://www.hcpea.org/current-member-firms
In Europe - GHO and Archimed are probably the two leading specialist names in healthcare
Insights on ArchiMed pay? I got invited to interview but not clear what’s usual EU comp
None unfortunately - my info is outdated on this.
TPG
Look into Kempen. They are well positioned in terms of life sciences and healthcare in Europe.
Echo the names above but another to add is Nordic Capital. Strong track record in spec pharma and services. For example, Advanz, Leo, and boost.ai
Have to add EQT as well then
Totally, good call.
Consonance in MM space (insane >5x return in last fund...)
Windrose Health Investors
Any insight on groups mentioned here with relatively better WLB / culture?
GHO - flat out great culture. Significant amounts of responsibility typically 1-2 places above your level. Lots of autonomy to operate, great lifestyle hours
Trade-off is really have to fight for progression
WLB not at all what I heard
H&F, Thoma Bravo (HCIT), and GTCR
Shocked no one mentioned GTCR until now. Might be the best mid/upper mid healthcare PE investors of the last decade
Does anyone have more color on Thoma Bravo's HCIT practice (team size, investment mandate, location, etc.)?
Bump
If you invest in pharma services + life sciences tools and don't shy away from reimbursement risk, you're considered deep HC. The most active, established and reputable HC folks are...
MF: TPG / BX / KKR / EQT / THL / Bain / Carlyle / H&F / MDP / GA / GTCR / Leonard Green
UMM: WCAS / Altaris / Arsenal / Audax / FFL / Harvest / Gryphon / Nautic / Oak Hill / Apax
MM: Linden / Frazier / Cressey / Vestar / Varsity HC / Consonance
So you mean HC services? Isn't that the hottest HC sector for sponsors?
Agree with Varsity Healthcare Partners if that's the case. Their Orthopedic Care Partners I believe had $9M EBITA when they invested into their platform. It's worth $45M EBITA now.
HC services is just a catch all. A CRO or CDMO is very different than investing in a multi-site/retail HC company like a DSO or vet clinics...great returns have been made in all subsectors, but the former typically requires deeper HC knowledge and acumen from my experience.
This is very misinformed. Most of that EBITDA growth at OCP was M&A and they tried to sell in a broad auction last summer and got no bites.
Surprised Veritas hasn’t been mentioned either on the HCIT side. Saw they just sold athenahealth for $17bn this week and made north of a 10x. Not sure how many other HCIT assets they own though
They're very good (and that was a fantastic deal) but think they are viewed more as a government services specialist.
I know most PE guys won't care but my company uses athenahealth. Very good electronic medical records in the right model of care.
Great list, might add Ares to MF and Waud to UMM/MM.
Interested to see how Brookfield and Stonepeak perform as they move into HC.
Waud has had some wins like Acadia and TDDC but had a bunch of loses on the healthcare side
Great list!
CVC?
where would vistria HC fall? think they just raised a $2.7B fund and in the works of raising a $5B fund V. Also have some pretty big investments recently (pantherx)
What is reimbursement risk?
Why do people keep saying Water Street? Buying anything from them that Jefferies sold is like a guaranteed bankruptcy
Have also not been impressed in interactions with the team there.
Astorg is pretty aggressive but seem like solid investors. Arcline is more industrials focused but they've done some great healthcare deals.
Has Arcline sold anything yet? Hard to say they've done good deals with no exits...
I mean that's fair but they only launched in 2019 so pretty normal not to have exits considering most deals were done in the last 1-2 years. You can say paper gains aren't all that meaningful but their two funds are both top quartile. Been tracking one of their healthcare deals that should easily clear 5x. They've made good thematic bets on solid businesses but to your point, can't definitively call them good deals until they record some nice exits.
Novo is one which has not been mentioned, interesting in life sci.
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Healthcare is still pretty broad. Some shops really spike in certain subsectors. Like Ampersand in pharma svcs, Bain in Life Sci, Nordic in HCIT, etc.
Any insights on Partners Group’s Health & Life team?
I can speak to healthcare services specifically, literally going to read off of a splash page lol.
Vistria, Searchlight, Webster, Linden, Water Street, Cressey, Towerbrook, TPG, BPOC, Summit, Kinderhook, Waud, Wellspring, InTandem, Edgewater, Assured, Noro-Moseley, Sverica, TTCP, Council, Consonance, NaviMed, HealthQuest, Tenex, HIG, Comvest, Housatonic, and some others
Groups that claim to be good but are genuinely horrible and have no clue what they are doing:
Gauge Capital and DWHP
Interesting re. DWHP - could you opine why?
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