Key trends Healthcare focussed funds Where people are investing - - PowerPoint PPT Presentation

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• Healthcare focussed funds
• Where people are investing
• Asset lite vs Asset Backed
• Who is investing
• Infra vs Private Equity

Key trends

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Sector focus

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The he UK an and EU ar are seeing healthc hcare re onl nly fund nds eme merge as as we well

Sector focus ?

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Healthcare Services - 83% of capital deployed

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Recent deal activity…

• 3 deals in 2019 already
• August Equity/Hallmarq Vetinary Imaging
• Waterland/Sandcastle Care
• Apposite Capital/Riverdale
• 2018 highlights included
• BCP/Vetpartners
• Genstar/CRF
• Core Equity/Portman
• Permira/Corin
• CapVest/Core/PICS (with CMA)

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…but a number of ongoing processes…

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Infra - Looking Ahead

• Infrastructure funds are looking for Core+ returns

and investing in “Social Infrastructure”

• Antin/Kisimul/Hesley
• Infravia/Mater
• AMP/Regard/CMG
• iCON/Choice Care Group
• Antin/Amedes/Inicia/Almaviva/Westerleigh

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Recent deal flow

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• Off market
• Buy & Build
• Leverage
• Operational improvement
• Political risk
• Cyclicality
• Management risk
• Higher growth
• Asset lite

Private e equi uity remains compe petitive b but ut ne needs t to work harder to find an n ang ngle

Private equity

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• Success stories
• Bain Capital with Bright Horizons
• Ontario Teachers’ Pension Plan (OTPP) with Busy Bees (Temasek now has 25%)
• New platforms emerging
• Innervation, Phoenix Capital Partners, Livingbridge, Foresight, BGF

Childcare as an example