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1、Global Healthcare Private Equity Report 2025This work is based on secondary market research,analysis of financial information available or provided to Bain&Company and a range of interviews with industry participants.Bain&Company has not independently verified any such information provided or availa

2、ble to Bain and makes no representation or warranty,express or implied,that such information is accurate or complete.Projected market and financial information,analyses and conclusions contained herein are based on the information described above and on Bain&Companys judgment,and should not be const

3、rued as definitive forecasts or guarantees of future performance or results.The information and analysis herein does not constitute advice of any kind,is not intended to be used for investment purposes,and neither Bain&Company nor any of its subsidiaries or their respective officers,directors,shareh

4、olders,employees or agents accept any responsibility or liability with respect to the use of or reliance on any information or analysis contained in this document.This work is copyright Bain&Company and may not be published,transmitted,broadcast,copied,reproduced or reprinted in whole or in part wit

5、hout the explicit written permission of Bain&Company.Copyright 2025 Bain&Company,Inc.All rights reserved.1Global Healthcare Private Equity Report 2025ContentsHealthcare Private Equity Market 2024:Year in Review and Outlook .2Why Mid-Market Healthcare Private Equity Firms Are Outperforming .12Carve-O

6、uts Open Up Value in a Tight Deal Market .17Maximizing Exit Value:An Imperative for Both Sellers and Buyers .26An Optimistic Growth Outlook in Asia-Pacific.322At a Glance Global deal activity surged in 2024,spurred by a large number of megadeals that resulted in the second-highest year on record in

7、North America and a record-breaking year in Europe.Biopharma buyouts are seeing significant movement across the world,including a number of sizable deals.Healthcare IT continues to benefit from providers reliance on technology to boost operating efficiencies,investments in clinical trial IT infrastr

8、ucture,and payer focus on advanced analytics.Key trends include innovation at mid-market funds,more carve-outs,a sharper focus on exit value maximization,and evolution of the investment landscape in Asia-Pacific.Healthcare Private Equity Market 2024:Year in Review and Outlook Despite high borrowing

9、costs and extended hold times in 2024,dealmaking roared ahead,marking the second-highest year on record.By the Healthcare Private Equity team3Global Healthcare Private Equity Report 20253Global healthcare private equity(PE)soared in 2024 to an estimated$115 billion,reaching the second-highest deal v

10、alue total on record.This surge was propelled by an increase in the number of large deals.In total,five transactions exceeded$5 billion,compared with two deals in 2023 and one in 2022.However,this number would likely be higher if terms were disclosed on the recent addition of new investors Mubadala,

11、Norwest,and HarbourVest to Bain Capital and Parthenon Capitals portfolio company,Zelis.North America continues to be the largest market,representing 65%of global deal value,with Europe and Asia-Pacific accounting for 22%and 12%,respectively(see Figure 1).Deal volumes remained steady relative to hist

12、orical levels,with a wave of activity in North America and Europe offsetting a 49%decline in deal volume in Asia-Pacific since 2023.A wave of activity in North America and Europe offset a decline in deal volume in Asia-Pacific.Notes:Based on announcement date;includes announced deals that are comple

13、ted or pending,with data subject to change Sources:Dealogic;AVCJ;Bain analysisHealthcare buyout deal count(excluding add-on deals)Healthcare buyout deal value,$billions(excluding add-on deals)20193132038021515223532337824E4092019$79B2066211512287236124E115 AnnualizedRest of worldAsia-PacificEuropeNo

14、rth AmericaFigure 1:North American and European deal activity surged in 20244Global Healthcare Private Equity Report 2025Biopharma led all other healthcare segments in deal value(see Figure 2).This growth was fueled by investments in clinical trial IT infrastructure(such as GI Partners investment in

15、 eClinical Solutions)and Novo Holdings purchase of Catalent,enabling its subsidiary,Novo Nordisk,to bolster manufacturing and the fill/finish capacity for its GLP-1 therapies.In North America,derivative services boosted provider deals,but in Asia-Pacific,provider investments focused on hospital chai

16、ns,clinics(both multi-and single-specialty),and senior living.Other notable investments in healthcare IT targeted core systems of record and revenue cycle management within the provider space.In North America,derivative services boosted provider deals,but in Asia-Pacific,provider investments focused

17、 on hospital chains,clinics(both multi-and single-specialty),and senior living.142623%3457824049Share of healthcare buyout deal value,$billions(excluding add-on deals)Provider and related servicesBiopharma and related servicesMedtech and related servicesPayer and related servicesNorth America201923E

18、urope201923Europe2024EAsia-Pacific201923Asia-Pacific2024ENorth America2024E18%43%10%6%$264B1534167531399132612417782327141Life sciences tools and related servicesFigure 2:Biopharma and related services led all other segments in deal value Sources:Dealogic;AVCJ;Bain analysis5Global Healthcare Private

19、 Equity Report 2025European dealmaking rebounds to record highsIn Europe,deal volume has surged past its 2021 peak(see Figure 3),boosted by a focus on smaller deals in the first half of the year.Biopharma and medtech were two of the leading sectors in 2024,as firms that purchased assets in these sec

20、tors can easily scale up across the region.Within biopharma and medtech services,European PE firms are investing in companies playing further up the value chain,such as equipment manufacturers and raw material vendors.This trend is exemplified by a couple of deals:first,by Novo Holdings acquisition

21、of Single Use Support,which provides equipment and tools,such as liquid handling systems,that meet a high standard for the processing of sensitive biomaterials in the pharmaceutical production value chain;second,by Ardians acquisition of Masco Group,which provides equipment,facility solutions,and hi

22、gh-purity water systems to the biopharma and life sciences industries.While European-based contract research organizations(CROs)and contract development and manufacturing organizations(CDMOs)saw the impact of the global contraction on pharma research and development(R&D)budgets,deals in pre-clinical

23、 entities continued,with investment theses aimed at the impact of onshoring tailwinds and the ability to build scale(either through organic growth or tuck-in acquisitions).For example,Partners Groups acquisition of FairJourney Biologics is centered on expanding the product capabilities in pre-clinic

24、al R&D and antibody development and creating scale globally.European healthcare buyout deal count(excluding add-on deals)Annualized20106511641268136214581554164917701873198020752111222922310624E136Figure 3:European buyout volume has surpassed its 2021 high Sources:Dealogic;AVCJ;Bain analysis6Global

25、Healthcare Private Equity Report 2025Figure 4:While biopharma deal value rose,share of provider deal value fell to a decade-long lowShare of global healthcare buyout deal value,$billions(excluding add-on deals)Provider and related servicesBiopharma and related servicesLife sciences tools and related

26、 servicesMedtech and related servicesPayer and related services020406080100%2010$18B1130122113161430152316361743186319792066211512287236124E115Sources:Dealogic;AVCJ;Bain analysisPressures on private provider and retail health groups have lasted longer than anticipated.In addition,the varying regulat

27、ions across countries in Europe mean that assets within the provider and associated services/healthcare IT spaces often require significant operational investments to reach large scale.As a result,assets have to trade numerous times across multiple sponsors,which has been difficult,thus limiting the

28、 trade of large-scale provider assets in 2024.Given the strong growth in buyout volume and a stabilizing macroenvironment,we are optimistic about the European market and anticipate the uptick in deal activity will continue,with the potential for more megadeals similar to CD&Rs acquisition of a 50%co

29、ntrolling stake in the recently announced carve-out of Sanofis consumer health business,Opella.Large deals drive biopharma valuesThe biopharma sector continued to lead healthcare deals in value,fueled by several major transactions(see Figure 4).The Catalent deal($16.5 billion)and recently announced

30、Sanofi deal($17.3 billion)stand as two large purchases,with other significant acquisitions including the buyout of Alinamin Pharmaceutical for$2.2 billion.7Global Healthcare Private Equity Report 2025Despite the record buyout deal value in biopharma,overall volume in the biopharma and life sciences

31、tools sectors dropped by 5%and 10%,respectively,since 2020 in terms of compound annual growth rate(CAGR).The decline likely stems from several factors:Bid-ask spread.Most assets coming to market struggle with alignment on the sale price between buyers and sellers,resulting from high benchmarks from

32、quality assets that are trading,original acquisitions based on deal models during an era of historic highs for R&D spending,and significant portfolio rationalization efforts at large pharmaceutical companies affecting services spending.As a result,assets coming to market must present a clear value-c

33、reation plan that can justify the returns demanded by sellers.Reduced pharma services spending.Significant drug innovation,combined with loss of exclusivity for currently marketed drugs,has led to cost consciousness for large sponsors and low single-digit growth in R&D spending,resulting in fewer ne

34、w clinical starts and headwinds for service vendors.In addition,changes in access to capital,specifically the biotech venture capital(VC)funding crunch(see Figure 5)and fluctuating capital costs beginning in 2022,are starting to affect R&D pipelines,and therefore the corresponding spending on servic

35、es.Source:PitchbookFigure 5:Venture capital funding for US biopharma declined sharply in 2024Venture capital funding for US-based pharma and biotech companies,$billionsVenture capitalquarterly deal count Capital investedDeal count0510$15B0200400600800201011121314151617181920212223248Global Healthcar

36、e Private Equity Report 2025As a result,the biopharma market has seen more stalled or broken deals,with only prime assets receiving the lofty valuations expected by management and selling sponsors.Looking ahead,positive changes in biotech funding,along with a rising number of active clinical trials

37、and increased investment in clinical trial services,may prove to be signposts of changing market fundamentals that eventually lead to broader deal markets.A resurgence of healthcare IT dealsAfter declining in 2023,healthcare IT dealmaking rebounded in 2024 due to several factors.First,providers,faci

38、ng financial pressures and shifting reimbursement models,are investing in core systems to boost efficiency.In response,PE firms are increasingly investing in assets supporting workflow improvements,such as TPGs acquisition of Surescripts,an electronic prescription network.In addition,payers,looking

39、to improve payment integrity,are investing in advanced analytics.Investors have been capitalizing on this underlying growth,as showcased by Cotivitis recapitalization with Veritas and KKR for an enterprise valuation of around$11 billion.At the same time,biopharma companies are upgrading clinical tri

40、al IT infrastructure to accelerate and improve drug development amid tighter funding and regulatory demands.Generative artificial intelligence(AI)is further transforming all three sectors by enabling automation,reducing costs,and improving decision making.Together,these factors spur interest and gro

41、wth in healthcare IT deals.Within the provider IT segment,technology service vendors that optimize revenue cycle management(RCM)workflows to streamline billing,reimbursements,and other financial processes have gained importance.As a result,PE firms are focusing on this spacea trend highlighted by To

42、werBrook and CD&Rs acquisition of the R1 RCM platform.Meanwhile,core systems of record(such as Epic Systems and WellSky)are focusing on providing more capabilities that support both payers and providers on risk adjustment as their profit pools continue to converge.In the biopharma sector,limited fun

43、ding and a higher cost of capital have led companies to invest in clinical trial IT infrastructure to better meet regulatory demands and increase trial success rates.The importance of digital tools for trial efficiency and streamlined submissions can be seen in Arsenal Capital Partners acquisition o

44、f Endpoint Clinical,an interactive technology solutions provider for clinical trials,as well as EQTs acquisition of CluePoints,a risk-based quality management(RBQM)platform.Generative AI opportunities and risks now span all potential healthcare IT investments,as sponsors try to understand whether th

45、ere is an opportunity for disruption in the core business or whether generative AI can help create greater value and reduce costs.That said,investment opportunities in targets primarily relying on AI within the healthcare landscape have been limited.9Four key trendsFour trends characterized deals gl

46、obally and reshaped the healthcare PE landscape:Mid-market funds continue to innovate.Mid-market firms have demonstrated higher returns and continued dealmaking within healthcare by evolving their investment approaches.Carve-outs open up value in a tight deal market.Carve-outs are gaining prominence

47、 as PE firms look for alternative sources for deal volume given a decline in overall sponsor-to-sponsor activity.Exit value maximization is a strategic imperative.Continued lack of bid-ask convergence and higher-than-historical interest rates,which lower the probability of multiple expansion,exacerb

48、ate the decline in sponsor exits.To reverse this trend,sellers need to sharpen their focus on building comprehensive value-creation strategies with supporting proof points well in advance of bringing assets to market.Asia-Pacific investment has evolved.With deal activity declining in China,the regio

49、n is seeing deal volume shift toward India,Japan,and South Korea due to these countries macroeconomic fundamentals.Exit value maximization is a strategic imperative.Continued lack of bid-ask convergence and higher-than-historical inter-est rates,which lower the probability of multiple expansion,exac

50、erbate the decline in sponsor exits.Global Healthcare Private Equity Report 202510Global Healthcare Private Equity Report 2025Figure 6:Average hold times for portfolio companies peaked in 2024Notes:For time in portfolio for 2023,“03 years”means the investments were made in 2020 onward;“46 years”mean

51、s the investments were made in 20172019;and“6+years”means the investments were made prior to 2017Source:PitchbookCount of healthcare portfolio companies in buyout funds,thousandsTime in portfolio:03 years46 years6+years20101.0111.1121.2131.3141.4151.5161.6171.7181.9192.1202.2212.4222.5232.62024as of

52、Nov 302.7Key questions to shape the futureMany facets of the healthcare PE market point to an optimistic outlook.Deal multiples are beginning to plateau,paving the way for better bid-ask alignment,while the base of tradable assets has grown.The US Federal Reserve began reducing interest rates in the

53、 second half of 2024,lowering borrowing costs and reflecting confidence in the resilience of the economy.Meanwhile,Japan and India have seen stable economic growth and favorable investment conditions.Looking ahead,asset buildup in PE portfolios (see Figure 6),together with increased pressure from li

54、mited partners(LPs)to provide liquidity,suggests an imminent increase in sponsor exits.Deal multiples are beginning to plateau,paving the way for better bid-ask alignment,while the base of tradable assets has grown.11Global Healthcare Private Equity Report 2025To prepare for the near future,investor

55、s should consider several issues:Will bid-ask convergence accelerate as multiples begin to plateau?How will sponsor competition for assets evolve as the need for LP liquidity rises and sellers multiple expectations fall?To what extent will deal activity increase as more investors look to capitalize

56、on an improving landscape to realize exits and return capital to LPs,especially with multiples steadying and macro conditions improving?How will macroeconomic factors affect long-term investing in biopharma?To what extent will increased investment in early-stage biotech,greater spending on clinical

57、trials and associated services,and more clinical trial research alleviate the potential slowdown in the biopharma sector?Will that ease the stress on current portfolio assets and increase PE investing?How will sponsors begin to exit aging assets within their portfolios,specifically provider groups?W

58、ith provider assets beginning to change hands,such as Goldman Sachs acquisition of Xpress Wellness from Latticework Capital Management,and sponsors continuing to drive increased value,who might be the most likely buyeranother sponsor or a strategic buyer,like a health system,payer,or a distributor(s

59、uch as Cencoras acquisition of Retina Consultants of America from Webster Partners)?Will buyers increase partnerships with corporate entities to purchase or build provider assets?One example here is TPG and Cencora partnering to purchase OneOncology in 2023 and adding on United Urology Group in 2024

60、.Another is CD&R and Elevance Health contributing assets to launch Mosaic Health.Finally,how will the Medicare V28 initiative affect sponsor desire to invest in strong risk-bearing assets?How will the Asia-Pacific landscape evolve?As investors become increasingly comfortable with the macroeconomic c

61、onditions across the region,how will deal volume evolve in India,Japan,and South Korea,especially if Chinese deal markets regain traction?How will the regulatory environment evolve?In light of the US election and Republican control of the White House and both houses of Congress,what changes could co

62、me that affect innovation,supply chains,coverage,and delivery of care in the largest healthcare market in the world?What could the resulting impacts be for other countries,particularly those with net export economies?To what extent will investors continue to seek alternative avenues to deploy capita

63、l?Will the number of carve-outs continue to grow,such as Astorg acquiring Cook Medicals Reproductive Health unit and combining it with the take-private deal of Hamilton Thorne to create a global assisted reproductive technology medtech company?12At a Glance Mid-market healthcare private equity(PE)fu

64、nds outperformed larger funds and maintained deal volume in a challenging economic environment.Fund-raising for these funds has increased in the past three years by about 40%vs.the previous three years.While historically more concentrated in provider assets,mid-market PE firms have expanded their fo

65、cus in healthcare IT and provider services while maintaining a strong presence in biopharma and medtech.Many of the firms are evolving their strategies to emphasize capturing synergies from the large scale achieved through tuck-in acquisitions.Why Mid-Market Healthcare Private Equity Firms Are Outpe

66、rforming Limited partners have embraced mid-market fund managers for their strong returns and industry expertise.By the Healthcare Private Equity teamMid-market healthcare-focused fundswhich range between$500 million and$4 billion in assets under managementhave historically outperformed the broader

67、market(see Figure 1),benefiting from continued innovation and evolution of their investment strategies.They have also been able to maintain buyout deal activity and exits since 2020 even as the broader healthcare buyout market struggled,as exemplified by Webster Equity Partners successful exit from

68、the specialty-care medical group Retina Consultants of America.13Global Healthcare Private Equity Report 2025Share of assets under management for funds,201520(ranked by returns performance)06080100%Top-quartilereturns Upper-midquartileLower-midquartileBottomquartile Mid-market funds withhealthcare e

69、xposure Large-cap fundsSource:PreqinFigure 2:The success of mid-market healthcare funds translates into robust fund-raisingMid-market fund-raising for funds with healthcare exposure,$billions 201921$42B202224E$59B+40%Source:PreqinFigure 1:Mid-market healthcare fund returns have outperformed large-ca

70、p fundsThis performance has translated into strong fund-raising.Mid-market funds with healthcare exposure have raised about$59 billion since 2022,exceeding fund-raising in the previous three years by about 40%(see Figure 2).14Global Healthcare Private Equity Report 2025A shift toward derivative prov

71、ider-related targetsProvider deals historically accounted for 55%of deal volume in mid-market firms(see Figure 3),with the majority focusing on physician groups or retail health providers in the US.While traditional provider deals remain prevalent,changing market conditions have shifted provider dea

72、l activity toward derivative acquisitions,with firms targeting areas such as services and healthcare IT rather than provider groups.Other sectors,such as biopharma and medtech,have also seen a growing share of buyouts as mid-market activity shifts away from the provider sector.Derivative provider de

73、als fall into several categories.In the provider space,services-focused business models include healthcare staffing(such as Knox Lanes majority acquisition of All Star Healthcare Solutions),supply distribution,and lab services.Healthcare IT offerings include revenue cycle management(RCM),workforce p

74、lanning solutions,practice management,core systems of record,and patient engagement(such as Altaris purchase of Sharecare).Business models that address the macro pressures facing provider groupshigher labor costs,difficulties hiring or retaining staff,increased reimbursement pressures,and revenue in

75、tegrityhave gained strong traction.Consequently,investments in these derivatives have surged since 2022,with deal volume growing at a compound annual growth rate(CAGR)of about 36%.Figure 3:Mid-market biopharma and medtech deals have grown as the share of provider deals shrinksShare of global mid-mar

76、ket healthcare deal count,by sector020406080100%201820202124ELife sciences tools andrelated servicesBiopharma and related servicesProvider and related servicesMedtech and related servicesPayer and related servicesSources:Dealogic;AVCJ;Bain analysis15Global Healthcare Private Equity Report 2025Contin

77、ued interest in biopharmaMid-market activity in biopharma has maintained its pace since the 2021 deal surge,despite the broader market retreat across all healthcare PE segmentsincluding a decline in mid-market provider deals,traditionally the largest category.Multiple PE firms within this segment ha

78、ve developed specialized knowledge about biopharma and life sciences,which allows them to gain early conviction and close deals in some cases,especially for high-quality assets or ones that dont make use of typical buy-and-build strategies.Armed with this knowledge,firms are willing to take on techn

79、ical risks that more generalist healthcare firms have historically avoided.Separately,these firms have focused on founder-owned businesses,where they have been able to avoid potential bid-ask spread issues that exist in other healthcare subsegments.These PE firms have also been willing to broaden th

80、eir focus and acquire companies that may not fit the traditional biopharma or life science services categories.For instance,they may buy assets that support testing,inspection,certification,or compliance.Supporting commercialization and healthcare IT has been another area of focus,with some opportun

81、istic investments in contract development manufacturing organizations(CDMOs).The year saw several notable acquisitions in biopharma IT,including WindRose Health Investors acquisition of SubjectWell and GI Partners acquisition of eClinical Solutions,reflecting a trend toward platforms that enhance di

82、gital infrastructure and operational efficiency in the sector(see Figure 4).Figure 4:Mid-market funds are shifting biopharma deals toward IT and servicesShare of mid-market biopharma deal count020406080100%201847%1960206121402270237324E61Share of deals inIT and services ITProductsServicesSources:Dea

83、logic;AVCJ;Bain analysis16Moving beyond scale Many mid-market PE firms have leveraged a“buy-and-build”investment strategy,where tuck-in acquisitions with multiple expansion have provided a meaningful portion of deal returns.This approach proved successful for many investors but has become more chall

84、enging in the current environment.Multiple attractive investment opportunities still exist within the provider spaceunderpinned by fragmented end markets and benefits to scalebut broader value-creation levers have become more important.These include centralized infrastructure and synergies through c

85、apability and capacity expansion.There is no single generic playbook.Value-creation strategies need to be tailored for each asset and subsegment.Examples include:Physician practices.Some specialty groups can expand into ancillary services,such as establishing ambulatory surgery centers for a cardiol

86、ogy practice,maintaining the genetic testing lab for a fertility group,or incorporating radiology services into an orthopedics group.Most physician practices can benefit from enhancing operational efficiencies by centralizing and/or building processes for billing,procurement,IT systems,and process o

87、ptimization for their core clinics.These investments can enhance patient experience,increase provider efficiency,and lead to higher profits.Firms can also unlock the benefits of value-based care(VBC),although success in this area has varied,as provider execution of the VBC model is still nascent in

88、many subsegments.Contract research organizations(CROs)and CDMOs.Mid-market PE firms can support building additional capacity or developing new capabilitiessuch as new types of material or injection moldingor adding new product categories through acquisitions of smaller entities.Through these additio

89、ns,PE firms improve efficiency,capitalize on increased scale,and deliver on cost reductions.Healthcare IT.Large scale can pave the way for additional investment in product capabilities and adjacent offerings while centralizing infrastructure to reduce future tech debt.To win in this market,mid-marke

90、t firms will also need to continue increasing their depth of internal expertise.Tech-focused(and increasingly all)investors require playbooks that incorporate the impacts of generative artificial intelligence(AI).Investors focusing on biopharma and life sciences will need to contend with a more spec

91、ialized peer set.In the provider segment,understanding varying economic models,such as the buy-and-bill component of oncology practices,will be critical.LPs continue to be attracted to mid-market funds,given their strong track record of performance and innovation.However,to stay competitive and cont

92、inue generating strong returns,mid-market firms need to further deepen their expertise and invest in more robust value-creation strategies to tackle the increasingly complex and ever-evolving deal climate,especially given the current macro challenges curtailing sponsor exits(see the chapter“Maximizi

93、ng Exit Value:An Imperative for Both Sellers and Buyers”).Global Healthcare Private Equity Report 202517At a Glance Healthcare carve-outs rose in 2024,as public healthcare companies sought to improve shareholder returns and private equity(PE)firms remained hungry for assets.These deals allow PE fund

94、s to acquire and reinvigorate underperforming assets while enabling large healthcare companies to reduce complexity and shift their strategic focus to growth.Given the decline in overall sponsor-to-sponsor deal activity since 2022,carve-outs provide a way for investors to deploy capital,often with s

95、ignificant value-creation opportunities.When executed well,healthcare carve-outs have the potential for higher returns,albeit with greater variance in their return profile,than typical buyoutsCarve-Outs Open Up Value in a Tight Deal Market Carve-outs give private equity firms access to undervalued a

96、ssets while allowing public companies to divest slow-growth businesses.By the Healthcare Private Equity teamDespite annual variability in deal activity,healthcare carve-outs have been on an upward trajectory since 2010(see Figure 1).This trend has been propelled by a mix of public companies trying t

97、o improve shareholder value and PE firms eager to acquire sizable assets.Successful carve-outs offer a favorable outcome for both the parent company and PE buyer.They allow public companies to improve margins and focus on revenue growth while reducing leverage and complexity.Meanwhile,PE funds can b

98、uy overlooked assets with strong potential for value creation under new ownership.18Global Healthcare Private Equity Report 2025Figure 1:Global healthcare carve-outs bounced back in 2024Healthcare carve-out deal count01020304020101112131415161718192021222324E17%Compound annual growthrate 201024E Sou

99、rces:Deaologic;Bain analysisGiven reduced sponsor-to-sponsor deal activity since the peak in 2022,the combination of carve-outs and public-to-sponsor deals has drawn all types of investors around the globe(including middle-market and large cap).These investors seek to deploy capital in scalable asse

100、ts across all healthcare sectors(biopharma,medtech,provider,life sciences)with value-creation potential(see Figure 2).Global healthcare buyout count(deals greater than$250 million)020406080Public-to-sponsorshare201916%18%201418211411221714233313Carve-out share Sponsor-to-sponsorAnnualizedPublic-to-s

101、ponsor24E1823Carve-outPrivate-to-sponsorNotes:Includes announced deals that are completed or pending,with data subject to change;deal value does not account for deals with undisclosed values;2024E values are annualized estimates based on expected deal counts for the remainder of 2024 using historica

102、l data from 20192023 Sources:Dealogic;AVCJ;Bain analysisFigure 2:The combination of carve-outs and public-to-sponsor deals has become more popular in healthcare private equitySuccessful carve-outs offer a favorable outcome for both the parent company and PE buyer.20Global Healthcare Private Equity R

103、eport 2025The importance of executionSuccessful carve-outs give PE firms access to undervalued assets with the potential for value creation while enabling public companies to divest slow-growth or non-core lines of business.Although carve-outs can have more variable returns for PE buyers,they can de

104、liver an internal rate of return(IRR)roughly 20 percentage points higher than that of other buyouts when executed successfully (see Figure 3).Successful carve-outs give PE firms access to undervalued assets with the potential for value creationNotes:All calculations are in US dollars;deal universe i

105、ncludes fully and partially realized healthcare deals with initial investments in 20102024 globally;all equity check sizes;buyout and growth;multiple on invested capital is the ratio of total distributed capital and remaining unrealized value,divided by total investment cost;pooled metrics are deriv

106、ed by computing the sum of all investments in a given data set and then calculating the blended return based on the aggregation of cash flows associated to that set of investments(similar to a weighted average,weighted by equity invested per deal);healthcare includes healthcare software for pharma a

107、nd biotech,payers,data and analytics,telemedicine and e-health,revenue cycle management,coordination,healthcare workflow management,healthcare payment,and otherSource:DealE(data as of November 30,2024);use of DealEdge data outside this context,especially further publication or reprint,requires permi

108、ssion of Bain&CompanyFigure 3:Carve-outs perform well relative to other healthcare buyoutsHealthcare buyouts26%Healthcare carve-outs45%Pooled gross deal internal rate of return,deal entry years 201024Top quartileMedianBottom quartile70%605040302010021Global Healthcare Private Equity Report 202521Fig

109、ure 4:Revenue growth powers total shareholder returns in pharma and medtechProportion of total shareholder return,201924Pharmaceuticals and biotechMedtech8%10%85303EV/EBITDA multiple changeRevenue growthChange in leverageDividend yield9%Notes:Total shareholder return is measured by sales growth,marg

110、in growth,EV/EBITDA multiple change,change in shares,change in leverage,and dividend yield;metrics not shown on the chart are 0 Source:Bain analysisFrom the strategic seller perspective,one factor contributing to the rise in healthcare carve-outs is that total shareholder returns(TSR)for public comp

111、anies are heavily influenced by revenue growth.In fact,revenue growth contributes to TSR roughly two times more in pharma and about seven to nine times more in medtech than all other levers combined(see Figure 4).Thus,by slicing away lower-growth segments,companies can boost overall growth rates and

112、 enhance shareholder returns.Acquiring carved-out business units can present a meaningful upside for new owners if they reduce complexity and implement agile ways of working.Global Healthcare Private Equity Report 202522On the buy side,public company carve-outs offer significant value-creation oppor

113、tunities.Business units that are carved out often have been used as cash cows to fund higher growth segments of the public companys portfolio,frequently laboring under limited investment and attention from the parent firm.Managements focus on these units can sometimes be limited.As a result,they may

114、 struggle to retain top talent,operate under outdated salesforce incentive structures,or rely on suboptimal territory designs that lag changing market demands.The lack of strategic focus can also lead to greater complexity,including unnecessary spending on unused but shared resources,a high number o

115、f stock-keeping units(SKUs),and geographic mismatch.Amidst these challenges,acquiring carved-out business units can present a meaningful upside for their new owners if they reduce complexity and implement agile ways of working.With the appropriate investments,new owners can attract and retain top ta

116、lent,propel growth,and support multiple expansion(see Figure 5),which has the potential to be at higher levels than typical buyouts,in the context of numerous value-creation levers and potentially low acquisition multiples.Indexed median value creation,global healthcare buyout and growthdeals(deal e

117、ntry years 201024)100Enterprisevalue at entry30Revenuegrowth200Enterprisevalue at exit8Marginexpansion62MultipleexpansionSource:DealE(data as of November 30,2024);use of DealEdge data outside this context,especially further publication or reprint,requires permission of Bain&CompanyFigure 5:Revenue g

118、rowth and associated multiple expansion powers the bulk of PE value creation in carve-outs23Global Healthcare Private Equity Report 2025How two funds saw value-creation potentialTo illustrate how private equity can make use of these dynamics to create value in carve-outs,lets examine two recent deal

119、s.KKRs portfolio company,IVIRMA Global,a leader in assisted reproduction,acquired Eugin Group,an in vitro fertilization provider,from Fresenius SE to accelerate revenue growth and enhance operational efficiency.While reproductive medicine is considered an attractive,recession-proof market,Eugin did

120、not align with Fresenius SEs broader strategy to refocus on core activities and streamline its portfolio,which analysts expect will unlock long-term value.For KKR,the combination of IVIRMA and Eugin creates an opportunity for significant value creation by centralizing functions within the global pro

121、vider group and contributing additional funds to fuel growth.The combined entity strengthens IVIRMAs position as a top-tier competitor in a rapidly evolving fertility provider market.The second deal involves the Carlyle Group and Atmas Health acquiring Baxter Internationals kidney care unit,rebrande

122、d as Vantive.Carlyle has expertise to support Vantives investment in digital solutions,help the company facilitate a market shift toward peritoneal dialysis within kidney care,and promote advanced services within the broader organ therapy space.With Vantive as a standalone entity,Carlyle can help st

123、reamline the business focus and foster further growth.Through this carve-out,Baxter will be able to reduce debt and improve leverage,thus freeing up capital to fuel growth in its core businesses.These partial acquisitions tend to have a higher margin for error and greater variability in performance

124、when compared with standalone acquisitions.24Global Healthcare Private Equity Report 2025Coordinating an integrated diligence frameworkWhile carve-outs are becoming increasingly common,they remain more complex and fundamentally distinct from full asset or share purchases.As a result,these partial ac

125、quisitions tend to have a higher margin for error and greater variability in performance when compared with standalone acquisitions.Unlike buyout acquisitions,in which assets can operate independently with limited to no change on Day 1,carve-outs require substantial operational adjustments from the

126、start to guarantee business continuity.Several other factors contribute to the complexity of carve-out deals:The asset is typically not completely separated on Day 1.Transitional service agreements are often required for a period of time after close.In medtech and pharma,in particular,there are seve

127、ral countries where buyers cannot take over operations on Day 1,limiting their ability to start executing on value-creation opportunities.Sellers have much more information than buyers.Sellers knowledge of capabilities,technologies,and customer relationships gives them an edge in negotiations,partic

128、ularly around transfer pricing and cross-selling agreements.It also means that buyers must invest significant time upfront to ensure they understand exactly what is in vs.out of the asset perimeter.Unexpected complexity is common.The cost of full separation often exceeds expectations,and complex tal

129、ent retention,customer retention,and contract/lease separations may present additional hurdles.Carve-out deals require a fully integrated diligence and value-creation plan to ensure business continuity.This Day 1 plan should encompass commercial and operational due diligence findings,potential risks

130、 and opportunities from disruptive trends such as generative artificial intelligence,and a detailed review of the asset perimeter to understand potential gaps for operational stability.Continuity planning and initial capability building is critical during the sign-to-close period to minimize disrupt

131、ion for customers,suppliers,and employees.Buyers must be prepared to build these competencies across key functionscommercial,operational,and general and administrative.Equally important is evaluating cross-functional systems such as enterprise resource planning,infrastructure,and data management to

132、ensure there are no operational interruptions.25Global Healthcare Private Equity Report 2025Ensuring that the necessary capabilities are built and that existing operators continue to focus on business execution can help inflect a carve-outs performance from Day 1 for the new owner.During the sign-to

133、-close stage,carve-out buyers should keep the following levers top of mind:Remain grounded in the investment thesis.Buyers need to leverage their investment thesis as a foundational plan.That plan outlines the scope of their transformation ambition(financial implications such as headcount costs,tran

134、sitional service agreements,and non-financial targets),informs value-creation priorities(where to focus and what to fix),and directs action on operating principles,organizational structure,governance,and resourcing.Aligning on,prioritizing,and executing the handful of decisions that will determine s

135、uccess is critical during this period.Address talent gaps and decision rights.Buyers must identify talent and capability gaps early so they can develop incentives to retain key talent and initiate external hiring to fill any holes.They should prioritize what is critical for Day 1 functioning;roles,r

136、esponsibilities,and decision rights must be clearly defined in order to push the organizational structure to its desired future state.Align on go-forward processes and technology.Across IT,manufacturing and supply chain,and people and governance,buyers should understand what business processes and s

137、ystems need to be separated from the parent company before Day 1,as well as how the existing operating model,ways of working,and technology should align with their future-state vision.Establish strong change management practices.Buyers should set up a separation management office to own day-to-day d

138、ecisions,manage ongoing prioritization and sequencing of efforts,facilitate cross-functional collaboration,and disseminate organization-wide communications.An integrated approach to carve-out deals from the beginning keeps buyers focused on key value levers and ensures that all insights are incorpor

139、ated into the deal model,paving the way for post-deal success.26At a Glance Lower exit deal volumes over the past few years,constrained by high interest rates and misalignment between buyers and sellers,are prolonging hold periods.Private equity firms may not be able to rely on historically importan

140、t multiple expansion to support deal returns to the same degree;thus,sellers will have to double down on value creation to maximize exit value.To develop a successful exit strategy,sellers must take an unbiased view of the assets performance and progress and have a plan for future value creation;add

141、ressing deal killers and demonstrating real progress on growth initiatives will make a good exit great.Buyers that bake value creation principles into their pre-acquisition diligence gain a competitive edge,making it easier to win the deals they want and hit the ground running on Day 1.Maximizing Ex

142、it Value:An Imperative for Both Sellers and Buyers Challenging market dynamics and macroeconomic factors are adding to an exit slowdown.By the Healthcare Private Equity teamHealthcare private equity(PE)exit deal volume remained low in 2024,down 41%from its 2021 peak(see Figure 1).Interest rates,an u

143、ncertain macroeconomic backdrop,and misaligned expectations have resulted in a stalemate between buyers and sellers.Therefore,fewer assets are changing hands,prolonging hold periods and straining funds ability to return capital to their limited partners(LPs)(see Figure 2).27Global Healthcare Private

144、 Equity Report 2025Global healthcare private equity exit deal count20191262014621244222332313924E144Note:2024E values are annualized estimates based on actual deal counts through November 30,2024,and expected deal counts for the remainder of 2024 using historical data from 20192023 Sources:Dealogic;

145、Bain analysisFigure 2:Portfolio turnover has stalled,with hold periods getting longerGlobal healthcare private equity buyout investment turnover,percentage of portfolio companies 05101520%201011121314151617181920212223Average12%Note:Percentage turnover calculated as count of portfolio companies exit

146、ed over count of total portfolio companies as of year in questionSource:Pitchbook data as of November 30,2024Figure 1:Global healthcare private equity exits remain down following 2021 peak28Global Healthcare Private Equity Report 2025US 10-year bond yieldIndexed median value creation of global buyou

147、t and growth healthcaredeals(deal entry years 201024)1220221816241420101113151719212302345%1Enterprise valueat entryRevenuegrowth10046400186MultipleexpansionMarginexpansionEnterprise valueat exitNotes:Enterprise value figures are indexed and should not be used to assess the underlying deals performa

148、ncethat is,a higher indexed enterprise value does not mean a higher deal MOIC;all calculations are in US dollars;deal universe includes fully and partially realized healthcare deals with initial investments in 20102024 globally;all equity check sizes;buyout and growth;healthcare includes healthcare

149、IT:software for pharma and biotech,payers,data and analytics,telemedicine and e-health,revenue cycle management,coordination,healthcare workflow management,healthcare payment,workflow and unspecified;sums may not add up due to rounding.Sources:DealE(data as of November 30,2024);St.Louis Federal Rese

150、rve(data through October 1,2024)Figure 3:Interest rates are likely to continue to slow multiple expansion28While multiple expansion propelled almost half of total deal returns historically,this lever is unlikely to power returns in the years ahead to the same degree(see Figure 3).Stalling multiples,

151、combined with higher financing costs,means sellers must rethink their deal models to make the math work.To break this logjam and deliver expected returns to LPs,PE sellers must think about value creation in a way they havent in the pastboth at the time of investment and later in the hold period.29Th

152、e onus is on sellersTo maximize exit value,ensuring both a successful process and a high price,sellers must change how they approach exits.Winning strategiesand management presentationsshould include the following actions:Present evidence of actions creating value.Show causal links between managemen

153、ts actions and results that tie to the original value creation plan.While having a high-performing asset and citing recent management initiatives may once have sufficed,todays buyers demand more.They want a validated,repeatable playbook outlining value creation levers that will spur profitable growt

154、h,such as a proven approach to mergers and acquisitions,delineated strategies for ancillary attach rate growth in healthcare IT assets,and site-level optimization for distributed provider businesses.Reveal the substantial value that remains for the buyer.Outline how the next phase of the value creat

155、ion plan will fuel revenue growth and capture new efficiencies.Compelling sales pitches dont simply assert that there is runway for further improvementthey highlight the underlying levers and offer a roadmap with explicit initiatives.Value levers can range from increasing the role of the center for

156、provider assets to detailing capability expansions for medtech;what matters is specifying the building blocks for implementation.Provide reasons to believe.Establish that the initiatives in the plan arent just speculative but have already gained traction in the organization and market.This marks a d

157、eparture from traditional management presentations,which often contained promising ideas but lacked concrete plans for execution.Sellers are most effective when they can point to tangible evidence,such as healthcare IT assets demonstrating increased attach rates and/or demand for new products,which

158、shows buyers that the initiatives,if continued,will be actionable and effective,leaving money on the table for the next buyer.Present evidence of actions creating value.Show causal links between managements actions and results that tie to the original value creation plan.While having a high-performi

159、ng asset and citing recent management initiatives may once have sufficed,todays buyers demand more.Global Healthcare Private Equity Report 202530Global Healthcare Private Equity Report 2025A strategy for maximizing exit valueProof of past performance and a clear articulation of the assets potential

160、boosts conviction that the asking price is justified.When preparing to exit,PE sellers must articulate the assets equity story and set the stage for the next owners.Maximizing exit value has always been pertinent to sellers,but the current environment heightens its importance.With the decline in spo

161、nsor-to-sponsor healthcare deals over the past few years,sellers have relied on synergies such as cross-selling or go-to-market optimization to create value for strategic buyers.However,as sellers look to revive sponsor-to-sponsor deals,applying exit value maximization(EVM)principles will be critica

162、l not just for maximizing exit value,but for closing deals.Implementing this type of exit strategy is not something that can be done on the fly.In fact,successful sellers often begin the process a few years before their target exit so they have time to revisit the original value creation plan,reorie

163、nt strategic initiatives,and generate preliminary results.To develop an EVM game plan,sellers should keep several guidelines in mind:Re-conduct due diligence on the asset.The first step for sellers involves an unbiased assessment of the assets performance and progress against the current value creat

164、ion program.As macro conditions often change over the course of a hold period,one must understand the assets current position in the market,positive and negative areas of differentiation relative to competitors,and headwinds or tailwinds affecting the assets performance.Sellers should preemptively s

165、eek out potential“deal killers”and work to mitigate these issues in the latter part of their hold.Align strategic priorities.The second step is to define the next avenue of growth and develop a strategic blueprint for continued momentum.This means identifying growth levers and understanding their ef

166、fect on EBITDA.The resulting plan should contain a high-level vision and the initiatives required to realize it,including estimates of the size of the prize and tactical details for implementation.Demonstrate execution of the new plan.The third and most important step is for sellers to begin executi

167、ng initiatives before going to market,thus making the plan real and delivering early wins that increase conviction in the path forward.This might involve using artificial intelligence capabilities to optimize healthcare IT pricing,redefining providers value proposition to increase monetization,or de

168、veloping prototypes for medtech product expansions.31Global Healthcare Private Equity Report 2025The buyers role in value creationThis emphasis on value creation applies to buyers as well:It is never too early to start thinking about how to increase value in an asset.Integrating value creation princ

169、iples into the pre-acquisition diligence can provide a competitive edge throughout the hold periodand enable buyers to hit the ground running on Day 1.Understanding the tactical foundation underlying the value creation levers,as well as the operational complexity involved in realizing them,empowers

170、buyers to assess valuations accurately and with greater confidence.While having a plan for the first 100 days is standard practice,the best buyers start in-depth planning and analysis well before closing the deal.Not zero sum:Sellers and buyers can win togetherMacroeconomic volatility and a tepid ex

171、it environment within healthcare PE have put the onus on sellers to prepare their assets for exit by focusing on their equity story.While economic relief may be on the horizon,we are still in a higher interest rate environment,and buyers are more sophisticated than everincreasing the need for strong

172、 data-based equity narratives to bridge potential gaps between parties.Buyers that integrate value creation into their deal theses and diligence processes position themselves to deliver strong returns to LPs and capitalize on the next wave of opportunities.Understanding the tactical foundation under

173、lying the value creation levers,as well as the operational complexity involved in realizing them,empowers buyers to assess valuations accurately and with greater confidence.32At a Glance Private equity firms continue to invest in the Asia-Pacific region,where deal values have seen a steady increase

174、since 2016.Investors have intensified their focus on India,which accounted for 26%of deal volume in 2024,making it the largest PE market in the region by volume.Strong underlying macro conditions spurred a wave of activity in Japan.Slowing inflation,an aging population,and regulatory reforms aimed a

175、t encouraging foreign investment are boosting interest in South Koreas medtech sector.An Optimistic Growth Outlook in Asia-Pacific An evolving macroeconomic and geopolitical landscape has fueled investment diversification to India,Japan,and South Korea.By the Healthcare Private Equity teamPrivate eq

176、uity(PE)firms are expanding their investments beyond China into the broader Asia-Pacific region,where deal value rose at a roughly 21%compound annual growth rate(CAGR)since 2016 (see Figure 1).However,deal volume in the region has declined significantly since 2023,due to a variety of factors:a slowd

177、own in dealmaking in China(which accounted for 44%of the Asia-Pacific regions healthcare PE deal volume last year),a shift in volume to India,Japan,and South Korea (see Figure 2),and increased competition from strategic players with an appetite to pursue mergers and acquisitions(M&A).33Global Health

178、care Private Equity Report 2025Asia-Pacific healthcare buyout value,$billions 051015$20B2016$3B17718161911201721182217231524E1419%71%9%100%5%11%Compoundannual growthrate 201624EJapanIndiaChinaSouth KoreaAustralia and New ZealandSoutheast Asia21%TotalSources:Dealogic;AVCJ;Bain analysisFigure 2:India,

179、Japan,and South Korea have seen a rise in deal volume relative to other countriesShare of Asia-Pacific healthcare buyout count,by country020406080100%201968201562117922922312324E62JapanIndiaChinaSouth KoreaAustralia and New ZealandSoutheast AsiaSources:Dealogic;AVCJ;Bain analysisFigure 1:India,Japan

180、,and South Korea have seen strong growth34India,in particular,is emerging as a compelling alternative to China for dealmaking,given its expanding middle class fueling healthcare demand and its strong economic growth.Japan and South Korea are also seeing accelerating deal volume boosted by favorable

181、macroeconomic factors and aging populations with growing healthcare needs.Together,these three markets present PE firms with prime opportunities to diversify portfolios and ride stronger underlying conditions in the regions evolving healthcare landscape.India continues its ascentIn 2024,India emerge

182、d as the largest market in the region by volume,accounting for 26%of the Asia-Pacific regions total deal volume.India also appears more resilient to deal downturns than other countries in the region,with buyout volumes dipping only 18%from 2023,vs.a nearly 49%drop across Asia-Pacific overall.Indias

183、buoyant capital markets and favorable economic growth outpaced expectations at about 7%GDP growth in 2024.Successful PE exits with strong returns,such as Advent Internationals$1.6 billion sale of BSV Group to Mankind Pharma,have also validated Indias buyout market,making it more attractive for futur

184、e investment.Indias strong growth is projected to continue,with healthcare spending expected to reach$320 billion by 2028.Investments have focused on the provider and related services space and biopharma and related services,with a sharper focus on provider deals over the past two years(see Figure 3

185、).In the provider space,investments have gravitated to hospitals,clinics,and supporting services.Among some of the notable examples are Morgan Stanleys acquisition of a minority stake in the Hyderabad Institute of Oncology;Blackstones longer-term buy-and-build strategy with Care Hospitals(acquired i

186、n 2023),which will include multiple tuck-in acquisitions;and Advents investment in Apollo Hospital Enterprises digital health platform,Apollo 24|7.Meanwhile,in biopharma,investors have centered on contract development and manufacturing organizations(CDMOs),contract manufacturing organizations(CMOs),

187、and generic pharma manufacturers.Additionally,India has consistently delivered favorable returns and has enabled a range of successful exits for PE firms through initial public offerings(boosted by strong public markets),strategic acquisitions(bolstered by acquirers strong balance sheets),and sponso

188、r-to-sponsor deals(such as KKRs$839 million acquisition of Healthium Medtech from Apax Funds).With a proven track record,favorable macroeconomic conditions,and a diverse healthcare landscape,India is expected to remain a prime investment location for PE firms.Global Healthcare Private Equity Report

189、202535Global Healthcare Private Equity Report 2025A strengthening Japanese marketHealthcare PE investments in Japan are rising fast,growing at a 20%CAGR since 2019.Improved corporate governance,including the increased focus on price-to-book ratios and recent M&A code revisions that emphasize“market

190、checks,”allows PE firms to find more opportunities for carve-outs and privatizations.As capital flows redirect as a result of Chinas economic slowdown,Japans high returns are drawing in limited partners(LPs)and contributing to a wave of acquisitions across industries.These dynamics,which have booste

191、d PE activity overall,are pronounced in healthcare because of Japans aging demographics and emphasis on pharmaceutical innovation.With nearly 30%of the population aged 65 and older and 10%over 80,demand for healthcare and senior-care services is soaring.This trend underpins J-STARs 2024 investment i

192、n nursing home and home-care operator Caregiver Japan.At the same time,the focus on pharmaceutical innovation is propelling interest in Japanese biopharma and services assets.Looking ahead,Japans stable market,demographic trends,and opportunities for partnering with large conglomerates to accelerate

193、 value creation will continue to attract healthcare investment.Share of India buyout count,by sector020406080100%Medtech andrelated servicesLife sciences toolsand related servicesProvider andrelated servicesBiopharma andrelated services202181%2281238024E80Provider andbiopharmapercentageof totalSourc

194、es:Dealogic;AVCJ;Bain analysisFigure 3:Biopharma and provider deals have accounted for the majority of deal volume in India since 202136Global Healthcare Private Equity Report 2025Growing interest in South Korea medtech South Korea is emerging as a major center for deals in Asia-Pacific,led by sever

195、al large investments.South Koreas share of regional deal value rose to 26%in 2024an eight-percentage-point jump from 2023(see Figure 4).This growth echoes trends seen in India and Japan,such as slowing inflation,an aging population seeking more healthcare services,and regulatory reforms designed to

196、attract foreign investment,especially within the medtech sector.Many medtech companies attracting PE investors in the region typically focus on offerings with global markets in segments such as aesthetic skincare and dental health.For example,aesthetic device maker Jeisys Medical was recently taken

197、private by Archimed.South Koreas healthcare landscape is also opening up for investments in derivative and adjacent businesses.For example,MBK Partners acquired Geo-Younga pharmaceutical wholesaler serving pharmacies,hospitals,and medtech companiesfrom Blackstone.Figure 4:South Korea has expanded it

198、s share of the regions healthcare deal valueShare of Asia-Pacific healthcare buyout value,by country 020406080100%2019$11B201721182217231524E14JapanIndiaChinaSouth KoreaAustralia and New ZealandSoutheast AsiaSources:Dealogic;AVCJ;Bain analysis37Growing interest in the broader regionIn 2024,a lineup

199、of major healthcare deals reshaped the Asia-Pacific regions investment landscape.China,in particular,has become a unique hotbed for strategic carve-outs,as global multinationals spin off local operations to enable a more targeted approach to Chinese markets.A prime example is UCB Pharmas divestiture

200、 of its neurology and allergy portfolio in China to Mubadala and CBC Group,which also underscores the growing influence of Chinese and Middle Eastern capital.A similar trend is evident in Southeast Asia,where regional players seek lucrative exit and carve-out opportunities.For example,Affinity Equit

201、y Partners recently closed a near-billion-dollar sale of Island Hospital in Malaysia to IHH Healthcare,a Kuala Lumpur-based healthcare group.Australia,meanwhile,remains a magnet for healthcare infrastructure investments,with several large sponsor-owned assets expected to enter the market soon,indica

202、ting significant transactions on the horizon.We are optimistic about the future of healthcare PE investment in Asia-Pacific.India continues to exhibit robust growth opportunities in dealmaking,particularly in the provider space,supply-chain management,and CDMOs.Simultaneously,the more mature markets

203、 of Japan and South Korea provide a balance to the growth investments in China and India.The rest of the region,including Australia,holds great promise,with numerous assets expected to re-enter the market in coming years.That said,the issue of how domestic and international investors adjust to the r

204、egions evolving economic landscapenotably,the question of how Chinas economy recoversremains central to future deal strategies.China,in particular,has become a unique hotbed for strategic carve-outs,as global multinationals spin off local operations to enable a more targeted approach to Chinese mark

205、ets.Global Healthcare Private Equity Report 202539Healthcare Private Equity team leadersNirad Jain in New York(Nirad.J)Kara Murphy in Boston(Kara.M)Dmitry Podpolny in London(Dmitry.P)Dieter Meyer in Zurich(Dieter.M)Alex Boulton in Singapore(Alex.B)Vikram Kapur in Singapore(Vikram.K)Healthcare and Li

206、fe Sciences practice leadersTim van Biesen in New York(Tim.vanBiesenB)Valerio Di Filippo in Rome(Valerio.DiF)Vikram Kapur in Singapore(Vikram.K)Healthcare Private Equity team membersIshaan Anand in San Francisco(Ishaan.AnandB)Maria Arnaoudona in New York(Maria.A)Slavena Bardarova in London(Slavena.B

207、)Jon Barfield in New York(Jon.B)Alan Barnes in New York(Alan.BarnesB)Eric Berger in Boston(Eric.B)Patrick Biecheler in Paris(Patrick.B)Pierre-Antoine Bodin in Paris(Pierre-Antoine.B)Michael Brookshire in Dallas(Michael.B)Kevin Chang in Hong Kong(Kevin.C)James Cleary in Boston(James.C)Benjamin Cooke

208、in San Francisco(Benjamin.C)Evan Dadosky in Chicago(Evan.DadoskyB)Justin Doshi in Atlanta(Justin.D)Caitlin Dowling in New York(Caitlin.D)Jason Evers in Chicago(Jason.E)Aaron Feinberg in New York(Aaron.F)Raffaele Fiorelli in Milan(Raffaele.FiorelliB)Gina Fridley in San Francisco(Gina.F)Sharon Fry in

209、New York(Sharon.F)Grgory Garnier in Dubai(Gregory.G)Parijat Ghosh in New Delhi(Parijat.G)Samantha Gorang in Atlanta(Samantha.G)Justas Grigalauskas in London(Justas.G)Jeff Haxer in Chicago(Jeff.H)Global Healthcare Private Equity Report 202540Sarah Hershey in Boston(Sarah.H)Sarwar Islam in London(Sarw

210、ar.I)Todd Johnson in New York(Todd.J)Kalyan Jonnalagadda in New York(Kalyan.J)Laila Kassis in Boston(Laila.K)Tom Kidd in Singapore(Tom.K)Franz-Robert Klingan in Vienna(Franz-Robert.K)Christian Langel in Zurich(Christian.L)Jeremy Martin in Atlanta(Jeremy.M)Lachlan McMurdo in Melbourne(Lachlan.McM)Gio

211、vanni Meola in Milan(Giovanni.M)Giovanni Battista Miani in London(GiovanniBattista.M)Erin Ney in Boston(Erin.N)Dave Nierenberg in Boston(Dave.N)Homer Paneri in Mumbai(Homer.P)Loc Plantevin in Paris(Loic.P)Christoffer Precht in London(Christoffer.P)Anshul Rana in Boston(Anshul.RanaB)Derek Riesenberg

212、in Boston(Derek.R)Arathi Sasidharan in Singapore(Arathi.S)Christoph Schlegel in Frankfurt(Christoph.S)Ben Siegal in Boston(Ben.S)Roy Singh in Silicon Valley(Roy.S)Dale Stafford in Washington,DC(Dale.S)Dhruv Sukhrani in Mumbai (Dhruv.SukhraniB)Matt Sullivan in San Francisco(Matt.S)Guillaume Tobler in

213、 Paris(Guillaume.ToblerB)Mike Vandenberg in Denver(Michael.VandenbergB)Jim Verbeeten in Tokyo(Jim.VerbeetenB)James Viles in Sydney(James.V)Alexandre Warzee in New York(Alexandre.W)Jon Webber in Atlanta(Jon.W)Eli Weinberg in New York(Eli.W)Joshua Weisbrod in New York(Joshua.W)Jeff Woods in Boston(Jef

214、f.W)Grace Wynn in Washington,DC(Grace.W)Sungwon Yoon in Seoul(Sungwon.Y)Global Healthcare Private Equity Report 2025Bold ideas.Bold teams.Extraordinary results.Bain&Company is a global consultancy that helps the worlds most ambitious change makers define the future.Across the globe,we work alongside

215、 our clients as one team with a shared ambition to achieve extraordinary results,outperform the competition,and redefine industries.We complement our tailored,integrated expertise with a vibrant ecosystem of digital innovators to deliver better,faster,and more enduring outcomes.Our 10-year commitment to invest more than$1 billion in pro bono services brings our talent,expertise,and insight to organizations tackling todays urgent challenges in education,racial equity,social justice,economic development,and the environment.For more information,visit