On this episode of Across the Table, host Kayla McCann Marty is joined by Alexis Rathborne, Managing Director of Investments at Trident, for a discussion on the healthcare market and the investment thesis driving Trident’s team. Alexis explains how she applies Trident’s investment thesis — that identifying the right investment and operating partners is key to successful acquisitions — to the specialized physician investments she reviews.

For Alexis, the right deal is all about finding the right asset within those specialties and the right partners to work in those sub-industries. “We are very good at finding the right partner to bring into that [specific] investment with us and to make sure that we’re using the breadth of our network to think through the entire ecosystem of whatever that particular investment structure is,” Alexis says.

Throughout the episode, Alexis shares insights into popular subsectors of healthcare investing that interest the Trident team, along with some current challenges in making an acquisitions deal. She and Kayla also share opportunities they see in the market and what they anticipate looking ahead.

This podcast provides timely and relevant discussions with specialists and professionals of the healthcare private equity and finance industry. We share the latest developments, provide insight, identify issues and offer takeaways.

GTCR has announced it has closed its latest fund with $11.5 billion in commitments.

It includes total limited partner commitments of $11 billion and a commitment from GTCR of approximately $500 million.

The new fund, GTCR Fund XIV, had an initial target of $9.25 billion.

GTCR, based in Chicago, pursues a wide range of investments in several industries, including healthcare. Founded in 1980, the firm prefers to make more substantial investments from a dollars perspective.

Amulet Capital Partners has announced it has acquired Alliance Clinical Network (ACN).

ACN, based in Dallas, is a clinical site platform serving patients, pharmaceutical sponsors and contract research organizations. Founded in 2014, ACN owns and operates six clinical research sites across three states.

Amulet, based in Greenwich, Conn., is a middle market private equity investment firm focused exclusively on the healthcare sector. Founded in 2012, the firm typically invests between $25 million and $150 million in healthcare companies within segments that include life sciences outsourcing, payors and payor services, and providers and outsourced services.

Terms of the acquisition were not disclosed.

In the healthcare industry, some significant compliance issues and violations can go unnoticed or implemented unintentionally. When addressing common healthcare mistakes like Stark Law violations or billing and coding issues, should one fix on a go-forward basis, address through indemnification in the deal context, or self-disclose to the government? The answer isn’t as simple as you might think.

McGuireWoods partner Timothy Fry joins host Geoff Cockrell to discuss the most common mistakes he sees in healthcare policy compliance, the potential consequences and the smartest solutions.

Court Square Capital Partners has made a strategic capital investment in Team Select Home Care, according to a news release.

Team Select, based in Phoenix, Ariz., is a home care platform that provides care primarily to protected pediatric patient populations. Established in 2008, the company operates in 11 states.

Court Square, based in New York, is a middle market private equity firm. The firm pursues growth investments in healthcare and a few other sectors.

The existing sponsor, Tenex Capital Management, will continue to own a minority stake in Team Select.

Terms of the investment were not disclosed.

McGuireWoods has long been an avid supporter of the advancement of professional women. As part of our initiative seeking to expand the leadership of women in private equity, we are continuing our series of profiling women leaders in private equity. We are hopeful that this series will serve to inspire other women to pursue their careers in private equity in a way that best challenges and motivates them, which these impressive women have all done. We are pleased to feature Alissa Walker of Trivest. Access her profile.

To recommend a woman for a future interview, email Amber Walsh at awalsh@mcguirewoods.com.

Dental support organizations have become an extremely popular investment vehicle in the past two decades. Currently, there is a steady move toward consolidation into larger organizations with better access to capital and efficiencies of scale.

Read on for analysis touching on likely buyers, self-organization, the right time to exit or take a “second bite,” some recent transactions and valuations, and challenges impacting DSOs and the dental market.

As 2023 legislative sessions wind down, many states are considering bills that would require pre-close review or approval of healthcare transactions by a state agency or attorney general’s office, including one that passed this week in New York.

Although the details vary, these laws would join a growing list of statutes already in place that require pre-close notification of qualifying transactions involving large healthcare entities but also smaller physician and dental groups (or individual providers), management services organizations, pharmacy, medical equipment and health technology companies, and potentially other entities that are adjacent to traditional healthcare services.

Because these laws often entail waiting periods prior to close and disclosure of significant amounts of information — not to mention steep penalties for failing to file — it is critical that providers and other healthcare companies become familiar with these obligations as far in advance of a transaction as possible.

Read on for more information about New York’s new law and similar legislation pending in Illinois, Minnesota, North Carolina and Maine — and be sure to subscribe to ongoing coverage of developments in this area in the McGuireWoods State of Healthcare series.