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Biotech isn't really a space that a lot of mature PE firms play in. There may be some that do but that's more of a VC/growth play. On your second question, that would depend on what "better" means to you.
MM that are HC only: Altaris, Patient Square, Linden, Cressey, GHO. Lot of LMM funds, with a bunch in Chicago
UMM/MM with HC coverage: NMC, Genstar, GTCR, WCAS, Kohlberg, Audax, THL, Court Square, Nordic. Would also add GA, TA, Summit types of the world since they sometimes overlap in focus although they typically employ a bit of a different model given their growth angle
What about groups like Blackstone LS that formed after acquiring Clarus? Their work isn’t really VC per se right?
This isn't really PE in the traditional sense. Its more hybrid value-esque. Basically credit investments in late stage clinical or commercial stage biotechs along with some royalty investing and maybe some equity upside.
oh okay makes sense - so assuming that Bain cap life sciences is a similar model then? And so both of these "PE" groups don't rlly do any LBOs right (since cash flows are not stable enough from the acquisition targets)? If that's the case, do you think the carry received is still lucrative (like typical MFPE) based on their investment model?
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