The Top 10 Private Equity Firms for Healthcare
Discover the top private equity healthcare firms shaping the industry in 2025. See who’s investing, what they own, and how they’re changing care.
Posted July 8, 2025
Table of Contents
Private equity in health care is booming—transforming how care is delivered, who provides it, and which companies rise to the top. With over $750 billion in dry powder globally and deal volume increasing across health care transactions, private equity firms are aggressively pursuing opportunities in every corner of the health care system: from behavioral health and surgical centers to digital health startups and for-profit hospital systems.
But which private equity investors truly shape the future of health care? And what should you know about their strategies, portfolios, and impact?
This expert-backed guide breaks down the top 10 private equity firms in health care today—who they are, what they invest in, and how they’re changing the landscape for providers, patients, and professionals.
Read: What is Private Equity and How Does It Work?
Why Private Equity Firms Are Targeting Health Care
Private equity investment in health care is attractive for many reasons: recurring revenue, aging populations, inefficiencies ripe for optimization, and opportunities to consolidate market power. In fact, private equity acquisitions of health care providers—including hospitals, nursing homes, and physician practices—have surged over the past decade.
Firms use the private equity model to unlock value through strategic partnerships, cost restructuring, and data-driven management. While critics have raised concerns about patient safety, equity in health care, and adverse events post-acquisition, others argue that private equity ownership brings discipline and innovation to fragmented health systems.
According to JAMA Internal Medicine, studies show a complex picture: some private equity-owned hospitals deliver improvements in process quality measures, while others report higher health care costs or hospital-acquired complications. The real story depends on the firm, the strategy, and the execution.
Methodology: What Makes a Top Healthcare PE Firm?
We evaluated firms based on:
- Total and healthcare-specific assets under management (AUM)
- Healthcare portfolio breadth (services, biotech, medical devices, tech)
- Track record of private equity deals and exits
- Commitment to innovation, outcomes, and responsible private equity ownership
- Reputation among healthcare founders, executives, and investors
Now, let’s dive in.
1. Carlyle Group
Total AUM: $426B
Healthcare Capital: $20B
Sample Investments: Medline, Abacus Pharma, Theramex, Unchained Labs
Carlyle is one of the most active private equity investors in health care globally. Their approach spans medical devices, pharmaceutical companies, and digital health. Notably, Carlyle was an early investor in Medline, now one of the largest privately held medical supply manufacturers in the U.S.
Their healthcare private equity model emphasizes global expansion, operational efficiency, and technology enablement. From patient care platforms to biotechnology firms, Carlyle consistently backs companies that drive innovation and impact.
2. KKR
Total AUM: $553B
Healthcare Capital: $18B
Sample Investments: Brightline, PRA Health Sciences, Gamma Biosciences
KKR has been at the forefront of health care acquisitions, particularly in pediatric mental health and patient-centered tech. Their investment in Brightline reflects their broader strategy: improve patient outcomes while expanding access to high-quality care.
KKR’s portfolio includes a mix of health care providers, data analytics platforms, and care delivery startups. They’ve also been vocal about improving health economics through better measurement of outcomes, pricing, and accessibility.
3. TPG Capital
Total AUM: $222B
Healthcare Capital: $21B
Sample Investments: Sling Therapeutics, AskBio, Immucor
TPG’s healthcare strategy focuses on late-stage biopharma, medical practice consolidation, and next-gen diagnostics. Their firm is also known for supporting physician practices that serve disadvantaged patients or Medicare beneficiaries.
By backing life sciences firms tackling rare diseases and chronic conditions, TPG is investing in the future of patient safety and long-term outcomes.
4. Blackstone Group
Total AUM: $139B
Sample Investments: Alnylam, Anthos Therapeutics, BioMed Realty
Blackstone has carved out a niche in global health care real estate and biotech. Their acquisition of BioMed Realty was one of the largest private equity transactions in the healthcare space, supporting R&D infrastructure for hundreds of biotech companies.
They’ve also funded health care delivery platforms in emerging markets, capitalizing on rising demand from publicly insured patients and commercial insurers.
5. Bain Capital
Total AUM: $180B
Life Sciences Capital: $4.6B
Sample Investments: Freenome, Hugel, Dynavax
Bain is known for impact-driven investing in health care facilities, diagnostics, and digital therapeutics. Their investment in Freenome—a cancer detection startup—demonstrates their appetite for bold, high-risk ventures with huge potential for patient outcomes.
They also support companies advancing medical care for sick patients and building equity in health care through access, affordability, and innovation.
Read: Bain Capital: Roles, Salaries, & Interviews (2025) and How to Ace Your Bain Capital PE Interview
6. Apollo Global Management
Total AUM: $75.9B
Sample Investments: One Medical, Lifepoint Health, ScionHealth
Apollo has been involved in controversial hospital acquisitions. Their ownership of Lifepoint and ScionHealth raised concerns from the Senate Budget Committee and the Federal Trade Commission around corporate influence and debt-driven cost-cutting.
Still, Apollo continues to grow its healthcare portfolio, particularly in primary care delivery and regional hospital system consolidation.
7. CVC Capital Partners
Total AUM: $125B
Sample Investments: Hellenic Healthcare Group, Spectrum Medical, Sebia
CVC’s strategy prioritizes ESG integration and responsible investing. Their health care acquisitions often focus on Europe and Asia, with an emphasis on specialized health care services like cardiology and ophthalmology.
CVC’s growing presence in provider networks and health care delivery systems reflects a broader trend toward consolidation and efficiency.
8. Warburg Pincus
Total AUM: $83B
Sample Investments: Helix, Insilico Medicine, WebPT
Warburg focuses on health care software, genomics, and data analytics. Their recent deals emphasize improving clinical quality, optimizing physician practices, and enabling value-based care.
The firm is actively shaping the intersection of technology and medical practice, especially in U.S. outpatient care and digital diagnostics.
9. Insight Partners
Total AUM: $80B
Healthcare Capital: $2B
Sample Investments: TetraScience, Calm, A Place for Mom
Insight specializes in scaling high-growth health tech companies—from behavioral health apps to SaaS platforms serving hospital systems. Their unique strength lies in operational support: Insight helps startups mature into category leaders.
Their expansion into earlier-stage deals signals growing interest in health care delivery innovation and equity in health care access.
10. Shore Capital Partners
Total AUM: $6B
Sample Investments: ClearPath Diagnostics, Triumph Orthopedics, IZI Medical Products
Focused exclusively on health care, Shore Capital is a standout among mid-market firms. They target micro-cap health care entities and help them scale sustainably, often supporting community hospitals and physician-owned clinics.
Shore’s deep bench of medical advisors and health policy experts helps bridge the gap between private equity-owned and clinically driven care.
Key Takeaways: What You Should Know About Private Equity in Healthcare
- Private equity firms are reshaping health care by acquiring providers, investing in technology, and consolidating market power—especially in sectors like behavioral health, diagnostics, and digital care delivery.
- The top firms—Carlyle, KKR, TPG, and Blackstone—manage tens of billions in healthcare-specific capital, signaling a deep, long-term commitment to the industry.
- Private equity ownership can accelerate innovation but also raises concerns around patient outcomes, cost, and care quality. Regulatory scrutiny is growing, particularly for hospital acquisitions and physician practice roll-ups.
- Healthcare deals are increasingly global, with firms like CVC and Warburg expanding into Europe and Asia, while Shore Capital focuses on U.S. micro-cap and community providers.
- Aspiring investors and operators should study these firms closely, not just for job opportunities, but to understand how capital decisions are influencing the future of care delivery, pricing, and patient access.
Final Thoughts: What This Means for Your Career or Business
Understanding who owns and influences the health care system is crucial, whether you’re an aspiring private equity associate, a founder raising capital, or a physician navigating corporate ownership.
These firms don’t just fund companies—they shape patient care, clinical quality, and the entire health care economy. As the number of private equity-owned hospitals and health care facilities grows, so too does the scrutiny from regulators, watchdogs, and the public.
If you’re planning to break into private equity healthcare, study these players closely. Their investments reveal the future of medicine, technology, and delivery models.
Want to Break into Private Equity Healthcare?
Working with a coach can 10x your chances of landing an internship or full-time role at a top firm. Get personalized feedback, interview prep, and resume reviews from former PE professionals who know exactly what it takes.
Explore Leland’s top PE and healthcare investing coaches here.
Read these next:
- How to Land a Private Equity Internship in College
- The Top 10 Private Equity Firms for Construction
- The Top 10 Private Equity Firms for Oil & Gas
- Private Equity Roles: The Different Career Paths
FAQs
How does private equity impact healthcare costs, quality, and access?
- Private equity ownership is often linked to rising healthcare costs. Studies show that after acquisition, prices and patient volumes tend to increase. While some firms improve operations and access, others prioritize short-term returns, which can limit affordability or care quality.
What happens when private equity takes over a hospital?
- After a hospital is acquired by a private equity firm, patients may face higher risks of harm. Research from Harvard Medical School found increased rates of falls, infections, and other safety issues in private equity hospitals.
Are private equity acquisitions of hospitals putting patients at risk?
- Yes, in some cases. While private equity can bring needed capital and efficiency, critics warn that these deals often prioritize profits over patients. Cost-cutting measures can affect staffing, supplies, and patient outcomes, especially in already vulnerable health systems.
How can I prepare my healthcare practice for private equity investment?
- Start by conducting a compliance and financial health audit. Bring in legal and accounting experts to review your operations, perform a quality earnings report, and ensure everything is in order before approaching investors.
What value do private equity firms offer beyond capital?
- Top firms don’t just bring money—they offer operational expertise, strategic planning, and access to high-level healthcare advisors. When done right, this support can help improve efficiency, scale patient care, and boost outcomes, especially if changes involve frontline clinicians.
