Healthcare PE Investors Proceed with Caution in 2024

Healthcare-focused private equity managers were less active in 2023 than years prior, and they’re likely to maintain caution in 2024. From its 2021 peak to the end of 2023, total healthcare-related PE deal value fell 60.4%—reaching its lowest point since 2016, according to PitchBook’s 2023 Annual US PE Breakdown. As the industry moves into the new year, analysts anticipate a further decline. Healthcare deals as a share of global PE deal count peaked at 13.7% in 2020, but, by the end of 2023, that figure fell to 10.8%. While analysts expect PE healthcare managers to continue to deploy capital into current portfolio companies and into lower-middle-market acquisitions, they also note that the nature of PE healthcare investing is changing.

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