In this episode of the Becker Private Equity & Business Podcast, Holly Buckley, Chair of Healthcare at McGuireWoods, discusses the opportunities and challenges of private equity in healthcare, including regulatory scrutiny, value creation, and alignment among investors, clinicians, and operators.

Value-based care is one of healthcare’s biggest bets on changing how care is delivered and paid for, but how well has it worked? Dawn Owens, CEO and partner at healthcare investor Truehelm, gives the model a “C” overall. 

In this conversation with McGuireWoods partner and host Geoff Cockrell, Dawn explains why this model — in which providers are rewarded for better outcomes and lower costs rather than more services — works better for stable, concentrated populations such as seniors than for commercially insured patients who move between employers and payers. She also discusses why specialist investors are positioned to navigate the sector, how Medicare Advantage disruption is reshaping the market and where AI can ease administrative burdens on primary care physicians.

HealthSpan Partners, an affiliate of Bon Secours Mercy Health, has entered into a definitive agreement to acquire Surgery Partners, with Bain Capital Private Equity rolling over its stake, according to a news release.

Surgery Partners (NASDAQ:SGRY), founded in 2004 and based in Brentwood, Tennessee, is a national short-stay surgical facility owner and operator.

Bain Capital Private Equity, founded in 1984 and based in Boston, focuses on making control and minority equity investments and prefers to make more substantial investments from a dollars perspective. The firm invests in healthcare and several other industries. Within healthcare, Bain Capital Private Equity targets companies in the provider services, hospital/major facilities, life sciences/pharmaceutical and non-reimbursement industries.

HealthSpan Partners is a contractual affiliate and supporting organization of Bon Secours Mercy Health. Bon Secours Mercy Health, founded in 2018 and based in Cincinnati, is a nonprofit Catholic health system created through the merger of Bon Secours Health System and Mercy Health.

McGuireWoods served as healthcare regulatory counsel to HealthSpan Partners.

The all-cash transaction, valued at approximately $5.7 billion in enterprise value, is expected to close in the first quarter of 2027.

Sheridan Capital Partners has announced the closing of a new fund.

The fund, Sheridan Capital Partners Fund IV, reached its hard cap with $1.1 billion of total commitments.

Sheridan also closed its Healthcare IT Fund I with $245 million in capital commitments.

Sheridan, founded in 2012 and based in Chicago, is a healthcare-focused firm that takes control positions, including buyouts and partial recapitalizations, in the lower middle market. The firm concentrates on providers, outsourced services, products and manufacturing, and software and technology.

Arcventis Health Partners has made a majority growth investment in Aligned Modern Health (AMH), according to a news release.

AMH, based in Chicago, offers functional medicine and hormone healthcare through virtual care in over 20 states and 16 Chicago-area clinics.

Arcventis, founded in 2025 and based in New York, is a U.S.-focused healthcare investment firm pursuing growth equity and growth buyout strategies. It invests in healthcare IT, digital health, medical products, and healthcare infrastructure and supporting services.

Harbour Point Capital remains an investor in AMH.

Terms of the investment were not disclosed.

Sheridan Capital Partners recently announced that it invested in PtEverywhere (PtE).

PtE, founded in 2015 and based in Cary, North Carolina, is a practice management and integrated payments software platform serving outpatient physical therapy and related rehabilitation providers.

Sheridan, founded in 2012 and based in Chicago, is a healthcare-focused firm that takes control positions, including buyouts and partial recapitalizations, in the lower middle market. The firm concentrates on providers, outsourced services, products and manufacturing, and software and technology.

Terms of the investment were not disclosed.

Amulet Capital Partners recently announced the closing of a recapitalization of US Fertility through a new continuation vehicle.

US Fertility, founded in 2020 and based in Rockville, Maryland, is a fertility services platform.

Amulet, founded in 2015 and based in Greenwich, Connecticut, is a middle market private equity investment firm focused exclusively on the healthcare sector. The firm typically invests between $75 million and $150 million in companies within segments that include life sciences outsourcing, payors and payor services, and providers and outsourced services.

StepStone Group, a global private markets investment firm, acted as the sole lead investor, supported by other existing and new investors. L Catterton, which joined Amulet as a co-lead investor in US Fertility in 2025, remains invested.

Terms of the transaction were not disclosed.

1315 Capital has acquired the Life Sciences and Diagnostics (LSDx) division of Argonaut Manufacturing Services, according to a news release.

The LSDx business will operate independently as Aluris Sciences. Aluris is a contract manufacturing partner providing manufacturing solutions for life sciences, diagnostics and combination drug product customers. 

1315 Capital, founded in 2014 and based in Philadelphia, is a healthcare-focused growth equity firm that invests in commercial-stage companies across healthcare services, pharma/medtech products, pharma/medtech outsourcing, and health and wellness. The firm makes equity investments of $15 million to $50 million in businesses with the potential to scale to $50 million to $200 million of revenue.

Terms of the transaction were not disclosed.