deals

News (w/e 12/12/25)

Lee McCabe

15 Dec 2025 — 1 min read

Heightened State Oversight Signals Investors to Refresh Health-Care Investment Playbooks

Starting January 1, 2026, California is rolling out new laws (AB 1415 and SB 351) that significantly tighten regulation of private-equity and hedge-fund involvement in health-care transactions. The rules restrict non-clinical entities from influencing medical decision-making, expand oversight of Management Service Organizations (MSOs), and codify Corporate Practice of Medicine doctrines to keep licensed professionals in the driver’s seat. This is more than red tape – it’s a structural inflection point. GPs chasing health-care platforms will need multi-state compliance playbooks, governance overhaul, and exit contingencies that respect a fractured regulatory landscape. Link

U.S. Private Equity Exit Deals Poised for Second Year of Recovery

According to PitchBook, U.S. private equity exit activity — sales, IPOs, and GP-led liquidity — is on track for a second consecutive year of recovery in 2025. While total aggregate numbers remain below the peak years, the pace is meaningful enough that LPs are beginning to see capital returned after a multi-year drought. That return of distributions feeds the top of the funnel: LPs with fresh capital are easier to court, and fundraising narratives tighten from “when” to “how much.” Details show concentration of fundraising among the largest firms, but the trend lifts the entire asset class. Link

Tiger Global Shifts Back to ‘High-Conviction’ Fundraising Roots

Tiger Global, the $50 billion alternative asset manager, is launching its next private investment fund, PIP 17, with a much smaller target (~$2 billion) and a return to concentrated, high-conviction bets — a stark pivot from the sprawling deployment of recent years. For PE watchers, this is signal noise with a clear message: the broader capital ecosystem is chilly enough that even big allocators are tightening sails and pivoting toward quality over quantity. That’s not a micro trend; it’s a recalibration of risk appetite for private capital chasing outsized returns. Link

News (w/e 1/9/26)

Eir Partners Closes $1 Billion Fund Focused on Healthcare Technology Miami-based Eir Partners closed its third fund at $1 billion, blowing past its $800 million target in just a few months. The raise reinforces a clear LP preference: specialist healthcare investors with repeatable playbooks still get paid attention, even as

Deals (w/e 1/9/26)

Veritas Capital Buys Majority Stake in Global Healthcare ExchangeVeritas Capital is acquiring a majority stake in Global Healthcare Exchange (GHX), the healthcare supply-chain software platform used by hospitals and suppliers across the U.S. GHX sits in the unglamorous but essential plumbing of healthcare, where scale and data matter more

Private equity has quietly entered a new sport: competitive talent hoarding.

Every firm now appears to be stockpiling operators the way children collected Pokémon cards. Operating Partners, Senior Advisors, Venture Partners, EIRs—hand out a title, add them to a slide, declare victory. LPs love the imagery. It signals “capability.” It looks sophisticated. It gives the impression of a tightly coordinated

AI isn’t coming for middle management. It’s already rearranging the job description.

The layer of people whose primary function is aggregating information, writing summaries, building decks, and “managing up” is about to feel the shift first. Not because AI is more insightful than they are, but because it’s cheaper, faster, and doesn’t need three pre-meetings to prepare for the meeting.