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EQT, InTandem, Partners Group pursue neurology deals; KKR-backed healthcare company narrows focus with divestiture

Morning Hubsters,

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

Let’s start with a 5-deal listicle I wrote on neurology, a segment that has caught the attention of EQT, InTandem Capital and Partners Group.

Next up is Friday Focus, our new section of the Wire, which highlights a deal that stood out from others in PE Hub’s weekly coverage. This week, we’re looking at an $835 million divestiture by a KKR-backed healthcare company that went public last year.

To finish, I’ll feature a few appointments and promotions that PE Hub reported this week, including the appointment of a new partner at Braemont Capital.

The diversity of neurology

The number of people living with neurological disorders, such as Alzheimer's disease, epilepsy, multiple sclerosis and Parkinson's disease, has increased as the population has aged. At the same time, technological developments, such as brain mapping, have improved.

Private equity firms are investing in a wide range of companies involved in treatments, including drug development, infusion services and medical devices. PE Hub rounded up five deals that reflect PE’s attraction to the neurology sector.

Upgrade to read the full list.

Friday Focus

To narrow in and focus on their core interests and lower their overhead, companies have increasingly announced divestments of non-core assets and divisions.

This week, BrightSpring Health Services, a KKR-backed home and community-based pharmacy and health services provider for complex populations, announced it would be divesting its community living business, ResCare Community Living, to home and community-based specialty healthcare provider Sevita for $835 million in cash consideration.

KKR invested in BrightSpring in 2019 and remained an investor in the company after helping it launch an IPO in January 2024.

Premium subscribers to the Wire can learn more.

New year, new roles

January often brings fresh faces and new roles. This week, PE Hub covered a number of appointments and promotions, including the appointment of Wali Bacdayan as a partner at Braemont Capital.

Here are some other appointments and promotions that PE Hub covered this week:

• HIG Capital recruits Nelson as managing director
• Transom Capital taps Jorge as managing director
• HKW promotes Luker and Johnson to VP
• Vision Ridge Partners recruits Jannuzzi as managing director and asset management head
• Elsewhere Partners promotes Child and Stoffregen to partner

Become a premium subscriber to learn more about the roles of Bacdayan and these other new appointees.

Well, that’s it for me. As always, if you have any questions, thoughts or want to chat, please email me at john.fischer@pei.group.

Nina Lindholm will be on Europe Wire duty 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)

The problem with UK private equity: To reach its full potential, the UK’s private capital ecosystem must battle through public misconception, an incoming tax increase and ‘quirks’ not shared by other markets, UK MP Gareth Davies told PEI Group staff this week. (Private Equity International)

The California Public Employees’ Retirement System, the US’s biggest public pension, has closed a multi-billion-dollar secondaries sale three years after its previous massive deal, Secondaries Investor has learned. Ardian, AlpInvest Partners and Partners Group were anchor investors in the transaction, Secondaries Investor understands.

Los Angeles City Employees’ Retirement System plans on building exposure to infrastructure and private credit, along with pursuing its steady pace in private equity, to try to boost returns. (Buyouts)

KKR’s top real estate and infrastructure executives have been elevated to new roles at the firm as part of a restructuring of the two businesses into a combined real assets group, according to a memo sent to investors and seen by PERE.

Jefferies’ global head of its private capital group Matthew Wesley is departing the investment bank to join Moelis & Co. Wesley is set to take over as head of private funds advisory at Moelis. (Secondaries Investor)

PE Hub did a roundup of seven January PE-backed deals in the education sector in Europe, the US and Canada.

Vesper’s debut fund in €570m interim close during the "worst fundraising environment ever," in the words of CEO Livio Fenati, who says the newcomer will focus on the "underserved" lower rungs of Europe’s mid-market. (Infrastructure Investor)

BNP Paribas Asset Management has closed its first climate tech venture capital fund on €172 million. (Agri Investor)

Deals

They said it

“The [antibody] market itself is currently growing at 15-17 percent and within that FairJourney is clearly taking market share.”

— Pascal Noth, head of private equity health and life, Europe at Partners Group, on the acquisition of FairJourney

Today's letter was prepared by John R Fischer

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