Xavier Roux

M&A momentum in healthcare is rising, but success depends on more than just the deal. As non-traditional players enter the space, cultural integration is becoming one of the biggest risks to watch. In fact, cultural misalignment is one of the top reasons M&A deals fail across industries. Our latest predictions for the 2025 healthcare workforce highlight this trend and more, from the growing use of AI to the expansion of third-party shared services. Read the full report here:

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With the pressure to meet growth targets mounting, securing a top commercial leader in healthcare and life sciences is more critical than ever. In this insightful piece by my colleagues, Pam Zients and Kassandra Keller, they share 3 key hiring considerations to help firms navigate today’s market. Worth a read for anyone in the industry! Check it out here: https://lnkd.in/g69ijmte

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Wealth professionals looking to introduce private market investments into client portfolios are finding that client education is essential. Managing Director James Martin shares a key insight from our Global Private Wealth Survey that highlights how stronger education equips clients to confidently embrace private markets.

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At Milton Point Partners, we believe the best healthcare companies don’t just plan for growth, they plan for the outcome. Starting with the exit in mind sharpens strategy, clarifies value drivers, and helps avoid costly value leakage along the way. Whether it’s aligning on the right valuation metrics, understanding capital efficiency, or resisting short-term decisions that cap upside, discipline early creates leverage later. Build with the end in mind and you’ll raise and exit on your terms.

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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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Challenging macro conditions continue to temper M&A activity. I sat down with Bertrand Paulet to share my perspective on the factors that must evolve for dealmaking to rebound.

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Conversations at #JPM26 point to biopharma dealmaking accelerating in 2026 as innovation remains strong and market stability improves. Precision-led M&A, sustained premiums for differentiated science, and broader use of AI in diligence and deal structuring are shaping the landscape. Sharing a few takeaways from the conference. Glenn Hunzinger, Greg Rotz, James Woods, Meghan Boudreau, Jaymal Patel, Claude Fuhrer, Philip Sclafani

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What does the "new era" of private equity look like? This week at PEI NEXUS, Bain & Company's Chairman of Global Private Equity Practice Hugh MacArthur recapped the firm's latest Global Private Equity Report. Hugh noted that firms will need to focus on what they do well in a “new era” for private equity. These sentiments echoed much of what Private Wealth Forum speakers, including Arax Investment Partners Founder and CEO Haig Ariyan, Laird Norton Wetherby CIO Ron Albahary, CFA, Ardian Managing Director, US Private Wealth Solutions Ava Mallin, and Citi Wealth Head of Private Equity and Real Estate Jeffrey Locke, shared on stage at PEI. This week's AGM Alts Weekly dives into what a "new era" in private equity might look like, connecting dots and data points from Bain & Company and McKinsey & Company's 2026 reports on the state of the private equity industry. Some key themes defined the takeaways from both reports: ➡️ Returns will not be a dime a dozen: Bain's punchline? "12 is the new 5." ➡️ Megadeals, big questions: 2025 witnessed an increase in global buyout deal value. However, just 13 deals of $10B or more contributed 69% of the growth in 2025, accounting for $274B of the global gain. ➡️ A K-shaped industry: Private equity appears to turning into a K-shaped industry, with “a subset of elite funds [being] on the upswing while everyone else muddles through.” ➡️ No fun in fundraising: McKinsey noted that core, closed-end fundraising has “become more competitive, selective, and time consuming.” ➡️ Continuation nation: There’s been a marked rise in continuation vehicle activity, but only represents less than 10% of exit value. ➡️ Mid-sized deals not so mid: Megadeal activity grabbed the headlines. But deal sizes $1-5B deals grew 29%. Growth in the $1-5B deal size segment could be encouraging for specialist buyout funds. There are some key questions for allocators to grapple with as they think about what private equity might look like in the future. 1️⃣ Do allocators believe public markets will continue to outperform private markets? 2️⃣ Will fundraising bounce back? 3️⃣ Can firms kick value creation into motion? 4️⃣ Are both GPs and LPs ready to handle how investors might look to exit evergreen vehicles? 5️⃣ For LPs, are they finding managers that have an edge? Read on for more👇 This week's Alt Goes Mainstream's AGM Alts Weekly, brought to you by DealsPlus, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 💻 Who is hiring: Senior-level positions from companies Blackstone, KKR, Apollo Global Management, Inc., Ares Management, EQT Group, Blue Owl Capital, Franklin Templeton, Fortress Investment Group, iCapital, Goldman Sachs, Ultimus Fund Solutions, Krilogy, MSCI Inc. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/eRKN25jy

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We still treat healthcare as a personal issue. Until it affects performance. On the latest InsideCVC episode, Steve and I spoke with Prof. Dr. Katharina Janus. She has spent decades in global healthcare markets, served on supervisory boards, taught at Columbia University, and now founded FourthQuarterLife after navigating care in her own family. Her perspective is not theoretical. She recently conducted field research across pioneering healthcare regions in France to understand what actually makes population health management work. What she found is simple. Systems do not fail because we lack technology. They fail because we lack coordination and human connection. When care fragments, families absorb the shock. When employees become caregivers, companies absorb the productivity loss. By 2030, this will no longer be peripheral. If boards continue to treat care as a social topic, they will miss its strategic implications. Full conversation below in comments.

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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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What Investors Should Know About Evaluating Industrial Deep Tech The most important industrial technology companies of the next decade will be built on physical-world breakthroughs. Here is how to evaluate them. I've been spending time with sell-side analysts and institutional investors, and there's a clear signal emerging: the market is hungry for industrial deep tech companies with real revenue, real IP, and real defensibility.     Not pre-revenue science projects. Actual companies with customer traction in critical industries.     Here’s what I think investors should understand about evaluating industrial deep tech companies..     Platform vs. Point Solution. Platform companies that address multiple markets from a single technology core command premium multiples for good reason. ALD is that kind of platform. The same process capability that improves battery performance also enables advanced semiconductor nodes and aerospace coatings.     Proof Points Over Projections. Design wins in war programs, automaker qualifications, and government contracts are the leading indicators that matter. Revenue models are useful. Evidence of technical qualification is more useful.     Moats in Industrial Tech.. The moat is not just IP. It is process know-how, equipment design, application expertise, and customer switching costs that accumulate over years. These cannot be acquired quickly and do not erode the way software advantages can.     Critical Infrastructure Premium. Companies embedded in semiconductor, energy, and war supply chains operate in a different valuation context than general industrials. The performance requirements, qualification timelines, and switching costs justify it.     Industrial deep tech is a category that rewards patient, thesis-driven analysis. More on this framework ahead.     #InvestorRelations #DeepTech #IndustrialTech #ForgeNano #CapitalMarkets #Investing #ALD #AdvancedManufacturing 

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Catch all of the healthcare deal and investment news this week including the homecare and AI deals. New Mountain $32B sale of 5 port co’s in a consolidation is scrapped while RCM leader Ensemble ($100M EBITDA) hits the market. hims & hers is maybe back with their Novo Nordisk partnership. Subscribe to get these and more to your inbox. Or call us to discuss your valuation, funding needs or exit.

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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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One of the biggest takeaways from Highspring's Agility Index Report? High-agility organizations are better prepared for exits thanks to stronger talent alignment, faster decision-making, and fewer disruptions. What really stood out: early planning and cross-functional leadership help PE firms increase valuations and minimize risk across their portfolio companies. For PE firms, success isn’t just about reacting to market conditions—it's about building operational agility into portfolio companies from day one. If you're working with PE firms or supporting CFOs through change, this article’s worth a read. 👉 https://lnkd.in/eGbvJeXE

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Regulation doesn’t have to slow you down — with the right system, it accelerates you. After more than three years of development and optimization, our Easy13485 QM Service is now fully mature. — built on over 25 years of experience leading successful medical innovation projects. A unique part of our commitment: we take responsibility for all Framework Non-Conformities identified by the Notified Body — at our own cost 💵 . This keeps the regulatory risk for start-ups predictably low and allows them to focus on product and funding milestones. 2025 we added a comprehensive Academy to the Easy13485 QM Service Framework — more than 150 role-based trainings that allow every team member to become audit-ready independently. This closes one of the biggest gaps in regulatory reliability for early-stage companies and simplifies #onboarding for #fast-growing teams. 𝗢𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗺𝗼𝗱𝗲𝗹 𝗶𝘀 𝗱𝗲𝗹𝗶𝗯𝗲𝗿𝗮𝘁𝗲𝗹𝘆 𝘂𝗻𝗰𝗼𝗻𝘃𝗲𝗻𝘁𝗶𝗼𝗻𝗮𝗹 While most #eQMS systems focus on automating recurring documentation tasks, #Easy13485 eliminates them by design. 🦉 Instead of making regulatory work faster, we make most of it unnecessary — replacing traditional consultants and, in a way, 𝗰𝗮𝗻𝗻𝗶𝗯𝗮𝗹𝗶𝘇𝗶𝗻𝗴 𝗼𝘂𝗿𝘀𝗲𝗹𝘃𝗲𝘀. We’re excited for this year’s #4CUnplugged, of Medical Innovations Incubator GmbH not only to meet our existing customers but also to engage with new start-ups as a premium partner. Ready to take on new projects in 2026.

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In medtech, M&A isn’t optional—it’s a must. What sets leaders apart is their disciplined approach to targeting, integration, and execution. See Bain’s full analysis of medtech M&A transactions. https://bit.ly/4fPcpCD

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The pharma services narrative in 2025 is a study in divergence. Record deal value driven by a handful of scale gem assets, against a backdrop of deal volume that actually declined year over year. Bain's data shows pharma services buyout volume declining at an 11% CAGR from its 2023 peak, even as the rest of healthcare PE grew at 11% over the same period. The headwinds are real: moderated biotech VC funding, fewer clinical trial starts, policy uncertainty from tariffs and most-favored-nation pricing, and a persistent valuation gap between 2021-vintage assets and current buyer expectations. Yet 2025 set a value record, led by the PCI Pharma Services CDMO transaction, which alone represented more than a third of total pharma services deal value for the year. McKinsey's analysis of the pharmacy segment adds the operating layer. US gross drug expenditure is projected to reach $990 billion by 2029, growing at 8% annually, with GLP-1 therapies accounting for half of 2024's 11% spending surge. The fastest-growing subsegments are hospital specialty pharmacy at 21% annual EBITDA growth and ambulatory infusion at 9%. Traditional PBMs and retail dispensers face a different reality. Cost-plus pricing models, FTC scrutiny, and growing competition from pharma-owned direct-to-consumer channels are compressing margins structurally. The investment logic that emerges from reading both reports together: sponsor conviction is concentrating around assets with scale, revenue visibility, and exposure to large pharma sponsors rather than early-stage biotech. Business models insulated from policy volatility, including US-based manufacturing infrastructure, long-duration programs, and specialty pharmacy managed services, are commanding premium valuations despite the broader market softness. The leadership profiles driving the highest-performing pharma services platforms sit at a genuine intersection of clinical, commercial, and regulatory expertise. Finding executives who understand both the science of specialty drug management and the commercial economics of a scaling platform is among the more difficult search briefs in healthcare. Demand has outpaced the available talent pool for several years running.

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