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Alternative Market Briefing

Private equity goes long healthcare in 2019

Wednesday, January 02, 2019

Bailey McCann, Opalesque New York:

Going small is getting big in private equity. As big buyout deals have become expensive and harder to find more capital and investing activity is going into the middle and small end of the market. In 2019, funds are likely to continue with this trend. Investing in healthcare emerged as one of the key sectors for middle market investors.

"We're very bullish on the middle and lower middle market next year," said Lee Gardella, Head of Risk Management and Head of Adveq U.S. at Schroder Adveq during a recent end of year outlook presentation. "We think the opportunity set at that end of the market is stronger then what you're seeing in big companies. There is better potential for multiple expansion." Schroder Adveq invests in private equity funds globally across strategies.

In his outlook, Gardella sees potential in most sectors across the middle and lower middle markets. There is also a global play as countries like China continue to develop their economies and support a growing consumer class.

Healthcare has emerged as a key sector of interest for middle-market private equity investors in the US and worldwide. According to data from Preqin, 2018 is on pace to be a record year for private equity healthcare investments. As at November 2018, 585 deals have been announced worth a total of $56bn. 2018 also saw the announcement of the largest healthcare-focused deal since the Global Financial Crisis - KKR ......................

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