View this email online 

Cinven, CVC, HCAP pursue diagnostic healthcare companies; Healthcare IT trends drive Oak HC/FT-backed Reveleer’s add-on of Novillus

Happy Fri-yay! John R Fischer here in the New York newsroom with the US Wire.

Let’s start things off with a look at my five-deal listicle on the diagnostic healthcare provider sector, which has caught the attention of PE firms on both sides of the Atlantic, including Cinven, Clearview Capital, CVC and HCAP Partners.

Then we’ll finish things off with Friday Focus, looking at a healthcare IT platform add-on by an Oak HC/FT-backed company.

Fragmentation
Predictable, recurring revenue streams and growing demand for preventative and personalized care are incentivizing PE firms to invest in and pursue rollup opportunities in the fragmented diagnostic healthcare provider market on both sides of the Atlantic.

PE Hub rounded up five of these deals from the beginning of the year, and premium subscribers to the Wire can read details on two of them.

Friday Focus
Diagnostic or otherwise, healthcare companies are increasingly relying on advanced workflow technologies to bridge care and interoperability gaps, particularly with healthcare insurance plans.

One deal announced this week that exemplifies this is Oak HC/FT-backed Reveleer’s acquisition of Novillus, a healthcare IT company developing workflow technologies, including AI-based systems, to help simplify and improve collaboration between healthcare insurance plans and provider groups.

Upgrade to the premium version of the Wire to learn more about what drove the deal.

To learn more about trends behind PE investments in healthcare IT, check out my recent mini-feature on the subject, where I spoke with Bailey & Company, InTandem Capital and TPG.

That’s it for me. As always, if you have any questions, thoughts or want to chat, please email me at [email protected]

Nina Lindholm will be back with the Europe Wire on Monday and MK Flynn will bring you the US edition.

Cheers,

John

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

David Flannery, the president of Vista Credit Partners, will step back into a senior adviser role later this year on the way to retirement at the end of 2026, sources said. (Buyouts)

Paris-based Rivage Investment is looking to take its European infrastructure debt capabilities to North America after making its first hire in New York. (Infrastructure Investor)

Tell someone in institutional investment you are raising a private equity fund, and they’ll probably know roughly what you mean. Tell someone you are raising a blended finance vehicle, meanwhile, and their mind could wander off in all sorts of directions. Two organizations – UK investor British International Investment and consulting firm BCG – have come up with five “archetypes” of blended finance vehicles, breaking down the structure, type of relevant investor, waterfall and possible variations for each. (New Private Markets)

Is private debt a good bet? Pensions taking stock of recent private credit investments view allocation upticks as an obvious course of action, despite having questions about the impact of defaults and credit quality. (Private Debt Investor)

Ongoing volatility sparked by the Trump administration’s tariff policies appears to be prompting some international LPs to think more carefully about US private equity. “[The] first short-term impact has been to slow down, if not, not to do any funds dedicated to US,” one European pension executive tells Private Equity International on condition of anonymity, citing difficulty in getting US funds past the investment committee.

Credit secondaries on course to outstrip PE’s dominance: The credit secondaries market is being rolled out 'on steroids,' says Coller’s Michael Schad on the latest episode of the Second Thoughts Podcast.

There is still room for new real estate debt fund managers: Despite the lack of deal volume and build-up of dry powder in the sector, there remain parts of the market where borrowing needs are not being met. (Private Debt Investor)

Deals

They said it

“There is a significant opportunity to improve how diagnostics are delivered across senior care and home health settings by building a high-quality, differentiated platform.”

— Hope Mago, partner, HCAP Partners

Today's letter was prepared by John R Fischer

Did someone forward you this email? Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article.

Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 

London | New York | Hong Kong | Tokyo | Sydney

PEI Group Ltd is registered in England no.6135779

Registered office: 5th Floor, 100 Wood Street, EC2V 7AN

To update your PE Hub email preferences, or to unsubscribe, click here.