| Why The Oncology Institute's merger with Deerfield's SPAC is the first of its kind, PSG-backed Lumaverse is the first of its kind Morning, everybody!
The last few years have produced a number of illustrious transactions involving value-based primary care. Activity has only accelerated through covid, with such assets gaining even more traction amid the proliferation of SPACs and a receptive IPO market. But TOI, backed by Havencrest Capital Management, ROCA Partners and M33 Growth, is arguably the first of its kind. The SPAC transaction – assigning the combined company an enterprise value of approximately $842 million – could spark a wave of new investment around value-based specialty healthcare groups, PE Hub sources predict.
“To me, there’s going to be three waves of value-based care,” Brad Hively, who joined TOI as CEO in late 2019 after spending years in private equity (most recently RLH Equity), told PE Hub. “Primary care has led it; that’s the first wave. The second wave we’ve kicked off with specialty value-based care. The facilities will be the third to come onboard.”
Read more on the deal’s importance on PE Hub, with more commentary from Hively, as well as DFP Healthcare Acquisitions Corp.'s Richard Barasch, ROCA’s Ravi Sarin and Havencrest’s Christopher Hersey.
Read the full wire commentary on PE Hub...
That's it! Have a beautiful rest of the week and as always, hit me up with updates on deals, your comments, feedback or whatever at springle@buyoutsinsider.com.
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Also of note (may require subscriptions) Broadening: Martin Laguerre, Caisse de dépôt et placement du Québec’s new private equity chief, aims to widen the scope of the pension system’s investing in a post-covid market. Laguerre, who took the top job in December, inherited a PE strategy that looks quite different today compared with just a few years ago. One area of post-pandemic opportunity, Laguerre said, is Asia, which “is growing faster than the West” thanks to “a lot of innovation.” Read more on Buyouts.
Secondaries: Oaktree Capital Group is running a process to expand its hold period over assets out of an older European special situations fund, three sources told Buyouts. The deal is one of several run by established managers helping to drive secondaries volume to what several professionals believe will be record levels this year. Read more here.
En route: Morgan Stanley has held an interim close on its second fund dedicated to GP-led secondaries, writes Secondaries Investor. Ashbridge Transformational Secondaries Fund II has collected $1.37 billion against a target of $3.5 billion, according to a filing with the US Securities and Exchange Commission. The fund made a first sale in June last year, the filing shows. Read it on Secondaries Investor.
PE Deals 
They said it “ Successful SPACs will have SPAC sponsors who are experienced, know what it takes to get good transactions done, and higher quality companies.” Richard Barasch of DFP Healthcare Acquisitions Corp. speaks to PE Hub on The Oncology Institute's recent business combination with a SPAC he sponsored alongside Deerfield Management.
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 
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