2026年全球医疗健康行业私募股权报告（英文版）

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GlobalHealthcarePrivateEquityReport2026

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GlobalHealthcarePrivateEquityReport2026

Contents

HealthcarePrivateEquityMarket2025:

ResurgenceandRecordGrowth 2

WhatDifferentiatesWinningHealthcareITInvestments 12

NewModelsofValueCreationforPhysicianGroups 18

PlayingtheLongGameinPharmaServices 22

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HealthcarePrivateEquityMarket2025:

ResurgenceandRecordGrowth

Healthcareprivateequityinvestmentpostedaverystrongyearfordealvalueandvolume,pairedwithastrongreboundinexits.

BytheHealthcarePrivateEquityTeam

AtaGlance

Despiteasecond-quartertariff-relatedpause,globalhealthcareprivateequityactivitysetarecord,withmorethan$190billioninestimateddealvalue,whiledealvolumeloggedits

second-bestyearever.

Anuptickindealsexceeding$1billiondrovetherecordvalue,butdealcountsgrewacrossalldealsizes.

Exitsalsosurgedassponsor-to-sponsordealsreboundedfrompost-Covidlows,butpublicmarketopportunitiesremainanactivehuntinggroundforprivateequity.

Providerandbiopharmaremainthelargestmarketsegments,drivenbyhealthcareITactivity,whilemedtechhasshownoutsizedgrowthsince2020.

Healthcareprivateequity(PE)deliveredarecordperformancein2025,withdiscloseddealvalue

exceedinganestimated$191billion,surpassingtheprevioushighin2021.Dealactivitywassimilarlyrobust:Investorsannouncedanestimated445buyouts,markingthesecond-highestannualtotalonrecordbehind2021(seeFigure1).

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GlobalHealthcarePrivateEquityReport2026

Figure1:Healthcaredealactivitypostedanotherstrongyearin2025

Notes:Basedonannouncementdate;includesannounceddealsthatarecompletedorpending,withdata

subjecttochange;dealcountanddealvalueexcludeadd-ondealsbelow$250million;2025ErepresentsactualdatathroughNovember30,2025,annualizedfortherestoftheyear;somedealsshowas$0Bduetorounding;bartotalsmaynotequalsumofsegmentsduetorounding

Sources:Dealogic;AVCJ;Bainanalysis

Theyearalsosawareboundinexits.Exitvaluereacheditssecond-highestyearever,whileexitvolumerankedthirdall-time(seeFigure2).Theleapinexitvalue—from$54billionin2024toanexpected

$156billionfor2025—wassimilarlypropelledbyasharpincreaseinlargedeals.In2024,only16exitsexceeded$1billionindisclosedvalue;in2025,morethan40dealshaveclearedthishurdle.

StrongactivityreflectstwokeythemeswithinPE:highlevelsofdrypowdertodeployandagrowingcohortofsponsor-ownedassetsreachingtheendoftheirfundlives.Thesetrendssignalcontinuedtailwindsfortheindustryandsetthestageforanactive2026.

Resurgentperformanceovercameasecond-quarterpullback

GlobalgrowthwaspropelledbyEurope’ssustainedactivityandaninflectionafterthesecondquarterinNorthAmericaandAsia-Pacific.

Theyearstartedonahotstreak,withfirst-quarterdealvolumeuparound21%relativetothefirstquarterof2024.MomentuminNorthAmericaandAsia-Pacificslowedinthesecondquarteramidpolicyshifts,tradetensions,andtariffuncertainty,whileactivityinEuroperemainedstrongthroughout,inpartduetolimitedexposuretotheseshocks(seeFigure3).Despitethemidyearturbulence,themarketregaineditsfootinginthesecondhalfoftheyear.Dealactivityrebounded,withvolumerising39%betweenthe

secondandthirdquarters,andthesecondhalffinishinganestimated17%higherthanthefirsthalf,asmomentuminEuropecontinuedanddealactivityreboundedinNorthAmericaandAsia-Pacific.

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GlobalHealthcarePrivateEquityReport2026

Figure2:Exitcountandvaluerosesharply

Sponsor-to-sponsorpercentageoftotal

34%31%39%41%50%69%28%18%49%23%54%76%

Notes:Basedonannouncementdate;includesannounceddealsthatarecompletedorpending,withdatasubjecttochange;dealcountanddealvalueexcludeadd-ondealsbelow$250million;2025Erepresentsactualdata

throughNovember30,2025,annualizedfortherestoftheyear;bartotalsmaynotequalsumofsegmentsduetorounding;2025annualizationdoesnotinclude$6billion-plusMedlineIPOatavaluationofmorethan$50billionSources:Dealogic;AVCJ;Bainanalysis

Figure3:Dealtrajectoriesplayedoutdifferentlyineachregion

Q1Q2Q3Q4EAnnualized

2025buyoutdealcount2025buyoutdealvalue,$billions

66

59

48

39

44

28

23

16

11

39

3131

40

33

22

20

14

1514

10

10

5

5

3

NorthAmericaEuropeAsia-PacificNorthAmericaEuropeAsia-Pacific

Notes:Basedonannouncementdate;includesannounceddealsthatarecompletedorpending,withdatasubjecttochange;dealcountanddealvalueexcludeadd-ondealsbelow$250million;2025ErepresentsactualdatathroughNovember30,2025,annualizedfortherestoftheyear

Sources:Dealogic;AVCJ;Bainanalysis

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GlobalHealthcarePrivateEquityReport2026

Europewasfueledbybiopharmaandproviderdeals

DealmakinginEuroperosesharplyin2025,withdealvaluedoublingtoanestimated$59billion.

Biopharmacontinuedtoleadbuyoutactivity,makingupthetopfivedealsthataccountedfor65%oftotaldealvalueinEurope.Some15dealsexceeding$1billionin2025reflectareemergenceoflarge-cap

activitycomparedwithjust3and4dealstopping$1billionin2023and2024,respectively.Dealcount

similarlygrew,outpacing2024’shigh-watermarkandcontinuinganupwardtrendbegunin2022.Exitactivityalsorosesubstantially,toanestimated$53billion,afterasteepdropin2024.Thesewereledbylargesponsor-to-sponsortransactionssuchastheannouncedsalebyBainCapitalandCinvenofa

majoritystakeinSTADAArzneimittelAG,aGermany-basedglobalpharmaceuticalcompany,toagroupledbyCapVestPartners.

LargetransactionspropelledNorthAmerica

MacroeconomicandpolicyuncertaintiesinthesecondquarterdroveamajorpullbackinNorthAmerica,withdealcountandvaluedown19%and37%,respectively,fromthefirstquarter.Despitethetemporaryretreat,NorthAmericadeliveredahealthy2025,bolsteredbyanuptickindealsexceeding$1billion;26transactionssurpassedthisthresholdthroughNovember2025,comparedwith14infull-year2024.Of

thesedeals,morethan70%weresponsor-to-sponsorsales.TotalNorthAmericandealvolumeswereslightlyupvs.2024butremainbelowtheprevioushighsetin2021.Exitactivityin2025rosetoan

expected$90billion,wellabove2024’s$35billion.

Asia-Pacificshowedbroadstrengthacrossmarkets

InAsia-Pacific,dealvaluesetarecordfortheyear,exceeding2021’shighbymorethan30%despitea

second-quarterslowdown.Investmentspannedagreaterbreadthanddepthacrosscountriesandsectors:

BiopharmaandprovidercontinuetodrivemostofthehealthcarePEmarket,butwealsosawgrowthinmedtechandhealthcareIT.Providerandhospitaldealsremainapersistenttheme,withdealvalue

expectedtodoublefrom$5billionin2024tomorethan$10billionexpectedforfull-year2025.Theregion’sexitvaluealsorosemorethan20%,withvolumeincreasingbyaround6%.

Theyear2025underscoredboththedurabilityandevolutionofhealthcarePE,withbiopharmaandprovideranchoringactivityandmedtechgainingmomentumasanewgrowthengine.

Japan,India,andAustraliaandNewZealandsawnotablegrowthsince2024,andactivityinGreaterChinamorethandoubledits2024performanceintermsofbothvolumeandvalue(seeFigure4).

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Figure4:MostcountriesinAsia-Pacificsawdealvaluespickup

Notes:Basedonannouncementdate;includesannounceddealsthatarecompletedorpending,withdatasubjecttochange;GreaterChinaincludesChina,HongKong,andTaiwan;dealcountanddealvalueexcludeadd-ondealsbelow$250million;2025ErepresentsactualdatathroughNovember30,2025,annualizedfortherestoftheyear;somedealsshowas$0Bduetorounding;bartotalsmaynotequalsumofsegmentsduetorounding

Sources:Dealogic;AVCJ;Bainanalysis

China’sreboundwasdrivenbybiopharmaandmedtech,althoughoverallactivityisstillbelowrecenthistoricalhighs.

Turningtosectors,theyear2025underscoredboththedurabilityandevolutionofhealthcarePE,withbiopharmaandprovideranchoringactivityandmedtechgainingmomentumasanewgrowthengine.

Biopharmacommandingalargeshareofdealvalue

Biopharmadealvaluerosetoanestimated$80billionfrom2024’s$55billion,andvolumeisexpectedtoincreasenearly20%tomorethan130deals.Thissectorcontinuedtobeamajorfocusforinvestors,

accountingforabout30%ofoveralldealvolumeandatleast22%ofdealvalueeachyearsince2020.

Europedrovemuchofthismomentum,witha40%increaseindealvolumeanda70%increaseindeal

valuesince2024(seeFigure5).Exitactivitywassimilarlyrobust,especiallywithinpharmaIT:Onelarge,notablecorporateexitwasNordicCapitalandAstorg’ssaleofClario,atech-drivencontractresearch

organization(CRO),toThermoFisherScientificfornearly$9billion;anotherisInsightPartners’saleofDotmatics,aproviderofcloudsoftwareforpharmaceuticalR&D,toSiemensformorethan$5billion.

GrowthinNorthAmericawasmoremixedin2025,withvalueup20%andvolumeflatrelativeto2024.

Acrossbiopharmaglobally,investorscontinuetopursuefamiliarthemessuchascontractdevelopmentandmanufacturingorganizations(CDMOs)whilescalingearlier-stageopportunitieslikesite

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GlobalHealthcarePrivateEquityReport2026

Figure5:Europe’sshareofbiopharmaactivityhassteadilyincreasedsince2023

Europedealvalueasapercentageoftotalannouncedvalue

18%35%52%38%43%49%

Notes:Basedonannouncementdate;includesannounceddealsthatarecompletedorpending,withdatasubjecttochange;dealvalueoutsideoftheseregionstotaledlessthan$200millionforeachyearandisexcludedfrom

chartpresentation;dealvalueexcludesadd-ondealsbelow$250million;2025Erepresentsactualdatathrough

November30,2025,annualizedfortherestoftheyear;bartotalsmaynotequalsumofsegmentsduetorounding

Sources:Dealogic;AVCJ;Bainanalysis

managementorganizations(SMOs),withgrowingactivity,especiallyinEurope,insegmentslessexposedtopayerpressuresandpolicyuncertainty,includinggenerics,consumerhealth,andanimalhealth.

ProviderdealsspurredbyservicesandIT

Providerandrelatedservicesdealvaluejumped57%overlastyear,toanestimated$62billionin2025.

Volumeremainedflatfromtheprioryear,reflectingmorehigh-valuedeals.ProviderITandservicesdrove2025’sgrowth,whilepureproviderinvestmentdidnotseethesameacceleration.In2025,investors

sharpenedtheirfocusontechnology-enabledassets,suchasanalytics,workforceoptimization,and

platformsolutions.HealthcareITdealvaluewithintheprovidersegmentdoubledin2025,toan

estimated$32billion.ThiswasledbyWarburgPincus’ssaleofitsmajorityinterestinModMed,aproviderITcompany,toClearlakeCapital,whichvaluedtheassetatmorethan$5billion.Broaderprovider

dealmakingtrendsincludedcontinuedsite-of-caremigration,retailhealthcareM&A(suchasdentalandveterinary),labanddiagnosticplatforms,andworkforceandstaffingsolutions.

Medtechleadsthepackinpost-Covidgrowth

Medtech,meanwhile,isgainingmomentumasinvestorsseeopportunitiestodeployprovenvalue-creationplaybooks:focusingonrevenuegrowth,marginexpansion,andmultipleexpansion,whilemanaging

downsiderisk.Thisisespeciallytrueinlarge-scaleassetsthathaveoriginsinpublicmarkets,whetheras

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GlobalHealthcarePrivateEquityReport2026

Figure6:Thebiopharmaandprovidersegmentsstilldominatedeals,butmedtechexpanded

Notes:Basedonannouncementdate;includesannounceddealsthatarecompletedorpending,withdatasubjecttochange;dealcountanddealvalueexcludeadd-ondealsbelow$250million;2025Erepresentsactualdata

throughNovember30,2025,annualizedfortherestoftheyear;somedealsshowas$0Bduetorounding;bartotalsmaynotequalsumofsegmentsduetorounding

Sources:Dealogic;AVCJ;Bainanalysis

take-privatesorcarve-outs.AnotableexampleisCarlyleGroup’sacquisitionofVantive,aglobalrenal

carebusinesscarvedoutfromBaxter,whichclosedinearly2025.Medtechdealvaluenearlydoubledovertheprioryeartoanestimated$33billion,andvolumeincreasednearly20%toanestsimated88deals

(seeFigure6).BlackstoneandTPG’sacquisitionofHologicinan$18.3billiontake-privatedealaccountedformorethanhalfofprojectedmedtechbuyoutactivityfortheyear.

Atthetimeofwriting,Medlinehadjustraisedmorethan$6billioninanIPOatavaluationofmorethan$50billion,whichisnotincludedinourexitstatisticsgivenannouncementtiming.Medlinewasacquiredin2021forapproximately$34billionbyaconsortiumledbyBlackstone,theCarlyleGroup,

andHellman&Friedman.

Sponsor-to-sponsordealssurged;publicmarketsrisingasanopportunity

Afteraslowdownin2023and2024,sponsor-to-sponsordealscontinuetosurgeasabuyoutdealtype.Bothvolumeandvaluehitrecordhighsin2025,withmorethan150sponsor-to-sponsordealsexpectedandmorethan$110billioninestimatedvalue.Theoveralluptickinsponsor-to-sponsoractivitysignalsthehealthcarePEmarket’sstrength.Weseehigheraveragedealvalueaswell,withmorethan30sponsor-to-sponsor

dealsexceeding$1billionfor2025,asharprisefromtheeightsponsor-to-sponsordealsgreaterthan

$1billionin2024.Inaddition,public-to-privatedealsandcarve-outscontinuetopresentalternativepathsforwardforinvestors;bothhavegrownonanabsolutebasissince2023(seeFigure7).

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GlobalHealthcarePrivateEquityReport2026

Figure7:Sponsor-to-sponsordealssoared

Sponsor-to-sponsordealsaspercentageoftotal

38%40%48%23%30%49%52%45%51%19%33%65%

Notes:Basedonannouncementdate;includesannounceddealsthatarecompletedorpending,withdatasubjecttochange;dealcountanddealvalueexcludeadd-ondealsbelow$250million;2025ErepresentsactualdatathroughNovember30,2025,annualizedfortherestoftheyear;bartotalsmaynotequalsumofsegmentsduetorounding

Sources:Dealogic;AVCJ;Bainanalysis

Figure8:Dealvolumesgrew,withvaluespikinginlargecaps

Notes:Basedonannouncementdate;includesannounceddealsthatarecompletedorpending,withdatasubjecttochange;dealcountanddealvalueexcludeadd-ondealsbelow$250million;2025ErepresentsactualdatathroughNovember30,2025,annualizedfortherestoftheyear;bartotalsmaynotequalsumofsegmentsduetorounding

Sources:Dealogic;AVCJ;Bainanalysis

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High-valuedealactivityfuelsoutsizedaveragedealsizegrowth

Dealvaluesawasignificantboostcomparedwithvolume,largelydrivenbygrowthindealsexceeding$1billion(seeFigure8).Thegrowthinlarge-capactivityreflectsinterestinhigh-valuedsegmentssuchasmedtechandhealthcareIT.Fordealslessthan$1billion,volumerose56%fortheyear,albeitstillwell

belowtheprevioushigh-watermarkin2021.

OctoberbroughttheannouncementofthelargestdealwithinhealthcarePE:BlackstoneandTPGwillacquirealloutstandingsharesofHologic,awomen’shealthmedtech.Ataround$18billion,thisdealrepresentsabout9%oftotalhealthcarePEdealvaluein2025.

SycamorePartners’take-privateacquisitionofWalgreensBootsAlliancealsorepresentsasignificantdealvalueataround$24billion,althoughitisprimarilyclassifiedasaretaildealandisthereforeexcluded

fromthesetotals.

HealthcarePEtrendsin2025

Threemajortrendsemergedoverthepastyear:

•HealthcareITisripeforopportunisticvaluecreation.Buyoutdealvolumeandvalueinthis

segmenthaveremainedonanupwardtrendsince2023,indicatingcontinuedinvestorinterest.

Investorswhostayfocusedonafewtargetedvalue-creationlevers—suchasdevelopinga

comprehensivepricing-and-packagingstrategyorpursuinglarge-scaleM&Atobuildsynergistic

platforms—arebestpositionedtodistinguishtheirbidsandultimatelydeliversuperiorexitoutcomesamidstconsistentlyhighvaluationsandcompetitivedealdynamics.

•Reshapingthepharmaservicesinvestmentlandscape.Whilepharmaserviceshaslongbeenasizableandattractivespace,recentheadwindshavepushedsomeinvestorstothesidelines.

Butothershaveleanedinbydeployingamoreselectiveapproach,prioritizingpremiumand

high-potentialassetsthathaveroomforoperationalimprovement,aswellasbusinessmodelsinsulatedfrombroaderinstability.

•Physiciangroupsinnovateontraditionalmodels.Whileactivityremainsbelowitspeakofa

fewyearsago,interestinphysiciangroupspersistsamongUSinvestors,withleadingplatforms

distinguishingthemselvesviamovesbeyondtraditionalbuy-and-buildmodelsandtowardintegrated,clinician-centricapproachesthatelevatecarequality.Thoseinvestinginnext-generationmodels

builtaroundattractivethemessuchaspharmaexposureorvalue-basedcarewillfind

attractiveopportunities.

Keyquestionstoshapethefuture

ManyfacetsofthehealthcarePEmarketsuggestacautiouslyoptimisticoutlookfor2026.Despiteaslowsecondquarter,globaldealmakingreachedrecordlevelsin2025,underscoringinvestorconfidenceinthe

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GlobalHealthcarePrivateEquityReport2026

fundamentals.Continuedgrowthinpublic-to-privateandcarve-outtransactions,alongwiththereturnofsponsor-to-sponsoractivity,alsopointstorobustactivity.Asportfoliosmatureandexitpipelinesbuild,

thestageissetforanactive2026.Investorscanbenefitbyaddressingafewkeyquestions:

•WillEuropesustainitsrecentmomentum?Asmacroeconomicandpoliticallandscapesevolve,

willinvestorscontinuetofindnear-termopportunityinEuropewhileridingouttheebbsandflowsofpolicychangesintheUS?

•WhatisthenextactforhealthcareIT?WillpharmaITactivityaccelerate?WillcombinatoryM&Acontinuetobeavalue-creationplayasplatformsbecomescarcerinthehealthcareITmarket?WilltheuseofgenerativeAItoolsdrivingefficiencyanddata-enabledcaredeliverycontinuetogrow?

•Withmacropressureseasing,willbiopharmaactivityopenup?Whatimpactwillthathaveontheglobalbiopharmaecosystem?Willpharmaservicesseeamplifiedstrategicdemandiffundingconditionsreturntopreviouslevels?

•Howwillinvestorshonetheirvalue-creationplaybookstodeliveroutsizedreturnsinthisnextchapterofprivateequity?Willtherebeshiftsinfocusareas,fromsectorstobusinessmodelsandassettypes?

•Willthedambreakin2026withextendeddealandexitmomentum,giventheincreasingweightedageofPEportfoliosandinvestors’pushfordistribution?Aftertwoyearsofstrongactivityovercomingmacroeconomicandpolicyheadwinds,will2026markayearofsustained

performanceacrossallfourquarters?

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WhatDifferentiatesWinning

HealthcareITInvestments

Amidstcontinuedhigh-valuationmultiplesandcompetitivedealprocesses,adisciplinedfocusonvalue-creationleversdistinguisheswinningbidsandsuccessfulexits.

BytheHealthcarePrivateEquityTeam

AtaGlance

HealthcareITremainsatop-performingsegmentforinvestors,outpacingtherestofhealthcareandmostotherindustries.

LeadinginvestorsareachievingRuleof60outcomesthroughpricingandpackaging,

cross-selling,andAI-enabledgrowthandmarginexpansion,asend-useradoptionisnolongerenoughtogeneratestrongreturns.

Consistent,disciplinedfocusonvaluecreation,fromunderwritingtoexit,setsapartthehighest-returningdeals.

GenerativeAIofferstop-andbottom-linevaluecreationopportunityforhealthcareITproviders—aswellaspossibledownsiderisktobenavigated.

HealthcareIT(HCIT)continuestoattractprivateequity(PE)investmentthroughvariedmacroeconomicconditions,supportedbystrongfundamentals.Returnshaveoutpacedothersubsectorswithinhealthcaresince2017(seeFigure1).Meanwhile,dealvolumeshaveremainedrobust,accountingfornearly20%of

healthcaretransactionsin2025comparedwith15%in2021,underscoringincreasinginvestorinterest(seeFigure2).

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Figure1:InvestmentreturnsinhealthcareIThavehistoricallyoutperformedtherestofhealthcare

Medianinternalrateofreturn

26%22%20%17%

Source:SPIbyStepStoneasofDecember2025

Figure2:RobusttransactionactivityunderscoreshealthcareIT’sdurabilityagainstmacrouncertainty

HCITpercentageoftotal

12%12%12%16%16%13%15%15%11%18%19%

Notes:Basedonannouncementdate;includesannounceddealsthatarecompletedorpending,withdatasubjecttochange;excludesadd-ondealsbelow$250million;2025ErepresentsactualdatathroughNovember30,2025,annualizedfortherestoftheyear

Sources:Dealogic;AVCJ;Bainanalysis

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Figure3:TheRuleof60isemergingasthenewRuleof40forHCITinvestments

Note:Dataisfrom2022–2023or2023–2024,whicheveristhelatestavailable

Sources:Companyfilings;Bainanalysis

Severalflagshiptransactionsstandoutin2025,ayearthatprovedstrongforlarge-scale,tailoredsystemsofrecordacrosspayers,providers,andlifesciences.InNorthAmerica,afewheadlinersincludeWarburgPincussellingamajorityinterestinModMed(providerIT)—aspecialty-focusedelectronicmedical

records(EMR)provider—toClearlakeCapitalandBainCapitalacquiringHealthEdgefromBlackstoneandmergingitwithHealthProof(payerIT).InEurope,BainCapitalinvestedinSoftwayMedicalGroup,a

healthinformationsystemandEMRproviderbasedinFrance.InAsia,severalnotabletransactions

involvedrevenuecyclemanagement(RCM)platformswithastrongpresenceinIndia,including

Blackstone’sacquisitionofAGSHealthfromEQTandNewMountainCapital’sinvestmentinAccess

Healthcare,which,combinedwithSmarterDxandThoughtful.ai,formedSmarterTechnologies,anAI-enabledRCMplatform.

Oflate,top-performingHCITbusinessesarebeingmeasuredagainstahighbaronbothgrowthand

profit.Historically,theRuleof40—anoperatingmeasuresuggestingthatthesumofacompany’sannualrevenuegrowthandEBITDAmarginshouldsurpass40%—hasbeenahigh-levelgaugeofperformanceforsoftwarebusinesses.Whileatallorder,top-performingHCITbusinessesnowexceed60%onthismetric(seeFigure3),raisingthequestionofwhethertheRuleof60willbecomethenewstandard.

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Asectorpoisedforcontinuedrobustdealactivity

HealthcareITisexpectedtoremainactiveforinvestors,reflectingbothseculartailwindsandahealthy

pipelineofdealopportunities.ArecentBainpublicationwithKLASnotedthatITremainsakeypriorityforbothprovidersandpayers(seeFigure4).Fuelingthistrendhasbeenincreasedbillingcomplexity,

workflowdigitization,interoperability,andvalue-basedcare.Additionally,thepipelineofattractiveassetsisexpectedtoremainrobustasmanysponsor-ownedbusinessesapproachtheendoftheirtypical

holdingperiods(seeFigure5).

Emergingtrendstocreatevalue

Whiletransactionvolumeremainsstrong,thenatureofvaluecreationinHCITischanging.Adecadeago,growthmostoftenreliedonacceleratingend-useradoptionoftechnology,asseen,forexample,inthe

rapidadoptionofEMRsystemsfollowingpassageofthe2009HITECHActintheUS.

Today’svalue-creationplaybookisdifferent.Asvaluationmultiplesremainhigh,PEfundsare

increasinglyunderwritingoneormorevalue-generatingstrategiesaspartoftheirbase-casescenario.

Notabletrendsinclude:

•usinggenerativeAIproductsorinternalworkflowtechnologytodriverevenuegrowthorreducecosts,aswellastofuture-proofthebusinessfromdownsideriskanddisruption;

Figure4:ITremainsatoppriorityforprovidersandpayers,withbudgets

continuingtoincrease

PercentageofUSrespondentsstatingimportanceofsoftwareanddigital

technologywithintheirorganization

SomewhatimportantTop-5priorityTop-3priorityToppriority

ProvidersPayers

PercentageofUSrespondentsby

indicateddegreeofchangeinIT

investmentsinthepastandnextyear

FarfewerFewerNochangeMoreFarmore

ProvidersPayers

100%

80

60

40

20

0

100%

80

60

40

20

0

PastyearNextyearPastyearNextyear

Note:Sumofbarsegmentsmaynotequal100%duetorounding

Sources:BainProviderandPayerHCITSurvey2025(n=228);KLASResearch

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Figure5:Moresponsor-ownedhealthcareITbusinessesareapproachingtheendoftheirholdingperiods

Notes:Fortimeinportfoliofor2024,0–3yearsmeanstheinvestmentsweremadein2021onward;4–6years

meanstheinvestmentsweremadein2018–2020;and6+yearsmeanstheinvestmentsweremadepriorto2018;

2025barincludesdataasofSeptember30,2025Source:PitchBookData,Inc

•developingacomprehensivepricingandpackagingprogramtodriveupsellopportunityviaproduct/featurebundlingandsecurecontinuedlike-for-likepricinguplift;

•expandingupsellandcross-sellgo-to-marketstrategiestoenablesalesteamsandbettermanagepipelineopportunities;and

•leveragingmergersandacquisitionstopositionportfoliocompaniesforgrowthaccelerationortoachievesignificantcostsynergies.

Successfuldealsrequiredisciplinedfocusonvaluecreationacrossthedeallifecycletoensurethat

thevalueidentifiedduringdiligencetranslatesintostrongmomentumandperformancewhenitcomestimetoexit