CD&R backs Millennium Physician Group, Asking for D&I accountability

The Wire

March 23, 2021

CD&R backs Millennium Physician Group, Clearlake, Insight-backed Appriss adds on PatientPing, Asking for D&I accountability

Happy Tuesday, folks!

We have two healthcare scoops today by Sarah Pringle, starting with CD&R's decision to partner with Florida primary care group Millennium Physician Group. Elsewhere, Clearlake Capital and Insight Partners-backed Appriss is buying PatientPing in a move that significantly bulks up its healthcare offerings, according to people familiar with the transaction. The deal is valued at...

Diversity check: Although surveys by McKinsey and EY point to an increased focus on D&I initiatives by PE shops, there's no public data to the measure this advancement.

In a bid to move the needle toward increased transparency, PE Hub is looking at gathering data from PE firms submitting EEO-1 reports or the federally mandated diversity forms.

The report, which includes information on the racial, ethnic, and gender composition of a firm, is typically kept under wraps. But pressure to be accountable is on the rise. About 63 companies, including 15 private and 48 in the S&P100 committed to diclose the report after NYC Comptroller sent a letter last year.

Among asset managers, BlackRock and State Street Global Advisors are disclosing the racial and ethnic composition of their board and pressing companies to do the same.

What are your thoughts on the growing disclosure commitments? Should PE investors advocating portfolio companies to address diversity disclose EEO-1 data as well? Write to me at [email protected]

Read the full wire commentary on PE Hub.

Also of note (may require subscriptions)

Walking the talk: Apollo's Leon Black has expedited his departure from the global management firm two months after the firm said it was to focus more effort on governance and reputational risk. Former Securities and Exchange Commission chairman Jay Clayton will replace Black as non-executive chairman. Read more on PEI.