Chris Koegel

Check out our most recent discussion on the quickly shifting payer AI landscape and a sample of our 2026 investment themes here at Flare - it was a privilege to sit with Matt Parker at Cohere Health to hit a few of the most important questions shaping this market - trust, implementation hurdles, and the stickiest GTM motion. If only we had more time!

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Healthcare isn’t evolving gradually anymore. It’s being forced forward. That was the consistent message from the 300+ CEOs and healthcare leaders we had the privilege of hosting at our Wing at JPM Summit. Following the event, my teammate, Ansuman Satpathy, and I put together a 2026 predictions survey to capture how leaders across pharma, providers, payors, regulators, technologists, and investors see the next phase of healthcare unfolding. 👉 The therapeutic modality predicted to have the most impact in the next 5 years? CELL AND GENE THERAPIES, voted #1 by a whopping 44% of leaders (small molecules only got 12% of the votes). Take note, early-stage investors! 👉 Drug development is accelerating, with leaders predicting a 52% INCREASE in FDA approvals over the next decade 👉 Cost pressure is intensifying, with a median 15% expected reduction in administrative costs from AI within three years What excited me most wasn’t just the numbers. It's the shared belief that this moment will unlock truly personalized medicine, better interventions earlier in the care journey, and real progress on access that goes far beyond prescriptions. This is no longer an experimentation phase. It’s an acceleration moment for healthcare and biotech. See how healthcare leaders are thinking about 2026 in the full survey: https://lnkd.in/gt3YREWk @Wing Venture Capital

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We’re proud to reinvest in Codoxo as the company raises its Series C to accelerate innovation in AI and generative AI for healthcare payment integrity. This milestone fuels their mission to help payers shift from reactive recovery to proactive, Point Zero cost containment. It’s been incredible to watch Codoxo grow and solve a real-world issue for the millions of Americans who interact with the U.S. healthcare system. We look forward to continuing to support the team’s efforts to reduce payment errors and improve affordability. QED Investors Musheer Ahmed Toby Shum James Brady Rena Bielinski Chris Downer Douglas Kim Justin Brock Krishna Shah Jose Guerola Michael Neril Chris Eng

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I’m stepping more directly into interim and operating CFO work. Over the past decade, I’ve consistently been brought into sponsor-backed and growth-stage platforms at inflection points — acquisitions, liquidity pressure, lender negotiations, audit remediation, capital raises, or operational scale. I build institutional-grade financial infrastructure fast. That means: • Liquidity visibility and covenant discipline • Clean audits and lender credibility • Transaction-ready reporting (QoE, data rooms, integrations) • Repeatable forecasting and KPI frameworks I work where capital and operations intersect — ensuring companies are positioned to access funding, execute deals, and scale without losing financial control. I’m open to select interim and fractional CFO mandates where execution speed and clarity matter. If you’re a sponsor, CEO, or investment partner navigating one of those moments, let’s connect. — Ken Anthony Stanford MBA | CPA | Growth Infrastructure CFO

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Great perspective from my colleagues, Scott May and Kassandra Keller, on how Centers of Excellence (COEs) are transforming go-to-market leadership in private equity. As deal flow returns, firms that embed operational rigor through COEs will be best positioned to accelerate growth and drive returns. https://lnkd.in/ezApqzMt

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With nearly 50 consultants across the U.S., our Investor-Backed Markets Team has grown into a global force supporting private equity and venture capital in M&A and growth initiatives. We’ve built a robust, integrated practice with the network, know-how, and people to deliver results in healthcare and life sciences. As the Interim Finance & Operations Specialist, it’s been incredible to contribute to solutions that span executive search, interim leadership, and advisory services. Personally, it's rewarding to be able to approach each client’s needs with specialized expertise through the mindset of true advisors. Our mission: to help clients build impactful leadership teams that deliver lasting value. From major markets coast to coast, our reach is national—but our impact is personal. ⛷️Grateful and proud to represent from Idaho as part of this purpose-built team supporting investor-backed organizations in healthcare and life sciences. #PrivateEquity #VentureCapital #HealthcareLeadership #InterimLeadership #ExecutiveSearch #InvestorBacked #GrowthStrategy #LeadershipSolutions Discover our expert team of consultants: https://lnkd.in/gW4uVfaj Learn more about our Global Investor Backed Markets: https://lnkd.in/g_UqRXyJ #PrivateEquity #VentureCapital #WittKieffer #TeamExcellence #GrowthStrategy

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At the FT Future of the Car Summit, Bain Partner Eric Zayer shares how leaders are tackling key EV adoption challenges—from infrastructure to regulation. Watch the video for insights on what’s next in the EV market - https://lnkd.in/eK-xwD3k

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Excited to announce Underscore’s investment in Quilt Health, a company on a mission to accelerate access to transformative care for millions of people living with complex diseases. Today, Quilt also announced a significant partnership with the National Alliance of Sickle Cell Centers (NASCC) to bring forward a bold new future for people navigating complex conditions. Quilt co-founders Andy Ellner MD and Jazmine Coleman's bring the required industry and digital health startup experience needed to execute on their vision. Andy’s experience co-founding and building Firefly Health combined with Jazmine’s expertise across health plans, clinical development, and health equity will enable Quilt to effectively navigate critical problems and stakeholders. We’re proud to support Quilt as they work to bridge care and research in service of better outcomes alongside MaC Venture Capital with participation from Meridian Street Capital, BoxGroup, Watershed VC, and Coalition Operators.

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Seeing this first-hand. The pressure on margins will push organizations to sharpen economics, rethink operating models, and invest in strategy. Those that do will be better positioned to preserve independence. https://lnkd.in/gbf7bHBq

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We announced our pre-seed investment in Conduit Health today, along with their $17M Series A. Adaptability is one of the traits we look hardest for in founders - the ability to read changing conditions and move decisively forward. Natan Wise and Rocky Seftel have it in abundance. I've learned so much from them and from watching Byron Ling as their consigliere - sleeves rolled up, acting as an extension of the founding team from day one. More on our investment thesis in his post below.

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I am excited to share our most recently closed transaction: the recapitalization of our client Cardiology Consultants of Philadelphia ("CCP") in its partnership with Cardiovascular Logistics. CCP has grown to become the largest independent cardiology practice in the United States, and our team is excited to see its continued success under this new partnership. https://lnkd.in/gSWGYx9w

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Peter Connolly joined Cobepa in 2015 after 11 years at Summit Partners co-leading their healthcare investment team. Most healthcare PE investors stay in their lane. Peter did something more sophisticated. He took pattern recognition from healthcare services and applied it across THREE fragmented sectors simultaneously. His portfolio (7+ board seats): Healthcare Services: BioAgilytix (bioanalytical testing) Reaction Biology (drug discovery) Precision Orthopedics (medical devices) Residential Services: Heartland Home Services (HVAC/plumbing/electrical) Ned's Home (exterior home services) Business Services: Corsearch (trademark protection) Eagle Fire (fire & life safety) SAX Advisory (accounting firm) What Peter saw that others missed: The SAME operational DNA: ✅ Recurring revenue models ✅ Fragmented markets (10,000+ targets) ✅ Defensive demand ✅ Local delivery requiring excellence ✅ Trust = switching costs = pricing power Different margins, same playbook. The Cobepa buy-and-build formula: Acquire founder-led businesses below market Add institutional infrastructure Expand services to existing customers Dominate geographies before expanding Roll up competitors systematically Exit at premium multiples or hold long-term Proof it works: Ned Stevens → Ned's Home: Started: Single-service gutter cleaning Now: 8-service platform (gutter, power washing, windows, pest, lawn, lights, roof, dryer vent) Result: 3-4x customer lifetime value Scale: ~$300M revenue, 9 acquisitions in 2024 Eagle Fire: 22 offices, 7 southeastern states 4,500+ customers annually High-complexity markets The economic leverage: A homeowner who trusts you with gutters will trust you with pest control, power washing, windows, lawn care. First service: $200-500 revenue, $150+ CAC Services 2-5: $800-2,000 revenue, $0-20 CAC LTV explodes. CAC stays flat. But here's what even sophisticated PE platforms miss: You've built platforms that CAN deliver 5-8 services. Do you have the systems that MAXIMIZE capture? Critical questions: Which customers have highest propensity for service #2, #3, #4? What's the optimal cross-sell sequence? How do you optimize ad spend based on FULL lifetime value? What triggers drive service expansion? Cobepa built platforms that can capture 3-4x lifetime value. I build the systems that ACTUALLY capture it. The offer: Pick one platform - Heartland or Ned's Home. Pick one test market. I'll build the customer acquisition hierarchy and LTV tracking infrastructure that: Maps every customer to their full service potential Optimizes acquisition spend on lifetime economics Sequences cross-sells via propensity modeling Creates defensible data advantages competitors can't replicate You've mastered buy-and-build through cross-sector pattern recognition. I'll show you how to exponentially accelerate the "build" part through systematic customer acquisition that compounds value. Peter Connolly - let's talk.

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🚨 In Today’s Private Equity Market, Talent Is the Ultimate Competitive Advantage — and Boutique Executive Search Firms Are Built to Deliver It Ropes & Gray’s latest U.S. PE Market Recap reveals a market that’s evolving fast: 🔍 Key Takeaways +Deal counts down ~5% YTD vs 2024, but optimism is rising amid signs of deal flow recovering.  +Deal value up ~30% YTD, with nearly 40% of deals crossing the $1B threshold.  +Liquidity remains the biggest bottleneck: extended holding periods, weak distributions, and a backlog of portfolio exits.  +Secondaries are booming: H1 2025 already surpassed $100B in transaction value, with capital raising pacing ahead of 2024.  +PE‑backed IPOs are on the upswing, though still behind pre‑pandemic benchmarks. Why performing in today’s PE environment is fundamentally different: 🔹 Longer Holds Mean Leadership Must Deliver Sustained Transformation This isn’t about quick wins anymore. PE-backed companies need executives who thrive in ambiguity, drive continuous innovation, and scale businesses through shifting market landscapes over years — not quarters. 🔹 Big Deals Require Leaders with Deep Domain Expertise and a Growth Mindset Billion-dollar-plus deals involve complex operational challenges — tech integrations, ESG imperatives, and global expansions. These leaders aren’t found in generic talent pools; they require precision search and deep market insight. 🔹 Talent Is a Pre-Deal and Post-Deal Value Lever  Leadership quality is no longer a “nice to have.” It’s a strategic imperative. PE sponsors demand search partners who understand deal economics and can deliver talent fast, accurately, and with strategic context. Here’s why boutique executive search firms are built for this: ⚡ Senior-Led, High-Touch Execution: Boutique firms like Cultura offer hands-on senior-level involvement, ensuring every search is tailored to the unique cultural and strategic needs of the portfolio company. ⚡ Built for the Hard-to-Find Fit: We don’t just fill roles — we dig deep to surface the leaders who actually move the needle. We focus on running tailored, rigorous searches that prioritize business outcomes, cultural alignment, and long-term value creation. ⚡ Agility and Alignment: Without layers of bureaucracy, boutique firms move at the speed of PE deals, collaborating tightly with sponsors and operators to adapt quickly as strategies evolve. The PE landscape has changed. Capital alone isn’t enough anymore. Success depends on leaders who can transform businesses in complex, evolving markets — and on search partners who understand this nuance deeply. Boutique executive search firms aren’t just filling seats, we’re helping PE firms win in a new era of value creation. #CulturaExecutiveSearch #PrivateEquity #TalentStrategy #ExecutiveSearch #BoutiqueSearch #ValueCreation #Leadership #PELeadership 

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How does network drive value in private equity investing? We sat down with private equity veteran and Partner, Global Co-Head of Private Equity, Goldman Sachs Asset Management Michael Bruun to discuss the current state of private equity. In the latest Alt Goes Mainstream AGM Unscripted podcast, Michael and I had a fascinating conversation about private equity, today’s investing environment, the hardest part about investing today, and how product innovation is impacting private equity’s market structure. We covered: ➡️ How investors can approach allocating to private equity today. ➡️ The toolkit required to generate returns in private equity today. ➡️ The importance of network and operating partners in value creation. ➡️ How new product innovation and new structures like evergreens and continuation vehicles are changing growth equity and private equity. ➡️ The importance of understanding macro in a new world order of geopolitics and a new world order of investing. ➡️ The skillsets that investors need to have to be a good investor in today’s investing environment. ➡️ The hardest part about investing today. Thanks Michael for sharing your wisdom, expertise, and passion about private equity. https://lnkd.in/evBthMD8

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Alan - this was another great Inside Reproductive Health podcast with Griffin discussing the importance of re-focusing on the underlying economics of IVF to help lower cost to baby to increase affordability and expand access to many more with Bret, Heather and Shruti. Bret is on the money in saying "over the last decade or so, there has probably been a greater focus on the revenue side and less so on the cost side." I have seen the same issue in many high growth industries where true demand exceeds the capacity to serve, leading to a much higher price that balances supply with demand. It also leads to a greater focus on acquiring new customers than on retaining existing customers, who are churning out because their expectations were not properly set and met. Given the range of cycles needed to have a baby, you would expect more multi-cycle bundles being offered with better economics to retain patients until they achieve what they started the process of fertility treatment for - having a baby! Not only do few clinics understand their true activity-based economics to properly price multi-cycle bundles given the value of retention, few clinics also know what % of their patients churn out after a failed cycle.

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A fantastic discussion with Glenn Oken, Dan Herr and Matt Rooney on the evolution of a dedicated BD team in private equity. The conversation explores how deal sourcing has transformed over his 30+ year career, examining what truly drives credibility in the market, the importance of empowering genuine decision-makers, and his journey to co-founding one of the first operationally focused private equity funds in the lower middle market. #DealSourceryPodcast

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In honor of the Health of Women Investor Summit today in NYC, excited to share that the Visana Health team released its second Total Cost of Care study. Women who used Visana Health for their care had $3,429 lower cost in the first six months - driven by avoidance of unnecessary procedures, fewer cycling through specialists without answers and lower high-cost facility fees. The experience is top-notch too with a 97% satisfaction score. Our model at Frist Cressey Ventures is to find companies that are truly moving the needle for patients - from an access, affordability and quality of care lens. Proud to work alongside the Visana Health team as they continuously try to raise the standard of care for all women by focusing on true outcomes. See many of you at Nasdaq HQ later! Read more here: https://lnkd.in/eCGmYNQw 

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💡"Focusing on women-specific outcomes offers a real opportunity to create alpha by investing where competitors have not spent much time or capital, creating room for differentiation and early leadership." Kudos to Millie Nelson and BioXconomy for drawing attention to the positive impact of investing in women's health!

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Private equity-backed healthcare is evolving, and talent strategy is at the center of it. I’ve outlined 5 key trends we’re seeing across the sector. Read more here: https://lnkd.in/e_KKUwvv

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