THEHEALTHCAREPULSE
INSIGHTSFROMFENGATEPRIVATEEQUITY
Healthcarecontinuestobeoneofthemostcomplexand dynamicsectorsforprivatecapital.Structuraltailwinds–ranging fromdemographicshiftstoregulatorychange–createlong-term opportunities,butsuccessincreasinglydependsonnavigating operationalandclinicalcomplexity,reimbursementpressure,and evolvingpatient,provider,andpayorexpectations.
FengatePrivateEquityfocusesonservice-basedbusinessesthatenableproviders,payors,and lifesciencecompaniestodeliverbetteroutcomes Wefocusongrowth-orientedinvestments wheredemandisdurableandscalecanbebuiltthoughtfullyovertime–limitingexposuretodrug developmentandreimbursementrisk.Weleveragedeepindustryexpertiseandarobustadvisor networkthatsupportsplatformbuilding,incollaborationwithourmanagementteams.
The Pulse isournewinsightsseriesexploringpartsofthehealthcareinvestinglandscape.
EacheditionsharesperspectivesfromourteamandOperatingAdvisorsonsubsectorsofinterest, macrothemes,andcasestudiesthatreflecthowweapproachhealthcareinvesting.Theseinsights provideadeeperviewintothethemesshapingourstrategyandwhereweseelong-termvalue creationopportunitiesahead.
Webeginthisserieswithalookat2026,informedbydiscussionscomingoutoftheJP Morgan HealthcareConferenceandtheareasweexpecttoremainfocusedintheyearahead.
Meettheteam
Fengate’sPrivateEquityteamiscomprisedofmorethan20investmentprofessionals,eachwith dedicatedsectorfocus BackedbythebroaderFengateAssetManagementplatform,ourPE strategybringstogetherdeepoperating,assetmanagement,andstrategicexpertiseacross sectorsandfunctions.Withinhealthcare,ourteambringsacollaborative,thematicapproach supplementedbydeepinternalresearchandastrongbenchofindustryadvisors.
MaximTcherner ManagingDirector,PrivateEquity
MaximleadsFengatePrivate Equity’shealthcareteamand strategy,withresponsibilityfor sourcing,executing,and monitoringinvestments He currentlyservesontheboardof eMAXHealthandGraceMed PriortoFengate,Maximspenta decadeinPrivateEquityat OntarioTeachers’PensionPlan, mostrecentlyco-leading coverageinNorthAmerican healthcaresectorwith experienceinvestingacross businessservicesand consumer
EmilieGranger VicePresident,PrivateEquity
Emiliefocusesonsourcing, executing,andmanaging healthcareinvestments,leading theteam’scoverageinEmployer Health Shebringsexperience acrossbusinessservices, healthcareservices,and consumerhealthfrompriorroles atAtlasPartnersandHoulihan Lokey Emiliecurrentlyserveson theboardofGraceMedandis involvedinvaluecreation initiativesateMAXHealth She alsoleadsthetechnologyandAI strategyforFengate’sPEteam
SarahPeccia Origination,Healthcare
Sarahisresponsibleforbusiness development,portfoliosupport, andongoingsectorresearch withinFengate’shealthcare strategy Sheleadsplatform sourcingandadd-onM&A, workingcloselywithour managementteamstoidentify andevaluatestrategic opportunities Sarahalso managesrelationshipswith healthcare-focused intermediariesandOperating Advisorstomaintainaforwardlookingviewofemerging investmentthemes
EmergingthemesfromJPM2026
ThetoneatJPMwasnotablyoptimistic(andalthoughyoucouldsaythesamethingforthepast~3years,our glassesare“halffull”!),withthreekeymacrothemesemergingfromourdiscussions:
Improvingregulatoryandfundingenvironment:Increasedcomfortaroundregulatoryriskhasimproved investorconfidencerelativetothistimelastyear.Biotechfundingisre-accelerating,drivingdownstreamspend anddemandforservicesacrossthevaluechain.
AIisdrivingmeasurablevaluecreation:AIadoptionismovingbeyondexperimentationandisincreasingly perceivedasavaluedriver.PlatformsusedJPMtolaunchnewtoolsandcollaborationsdedicatedfor healthcare(i.e.,AnthropicannouncedClaudeforHealthcare).Usecasesspanclinicalimpact,costcontainment, callcentreautomation,andefficiencygainsforpayorsandproviders
Capitalmarketsshowingcautiousoptimism:Sentimentaround2026transactionvolumeremainsoptimistic, supportedbyvisiblepipelineactivityandgrowingurgencytoexecute Whilethemarketisseeingsomegreen shootsinIPOactivity,valuationdisciplineisbackandheretostay
WhereFengatePEwillbefocused
Againstthisbackdrop,Fengate’shealthcareinvestmentfocusin2026willcentreonfourcoreareas.
EmployerH
Payorsandemploy increasedscrutiny, whilebenefitstruct complex Inrespon partyadministrato solutionsacrossm compliance,andim withoutintroducin
Fengateisfocused enablementplatfor segmentsandcom employers,Taft-Ha arrangements,and Webelieveplatform segmentswhilema group’suniquenee continuedshiftsin
Regulatoryandcomplianceservices
Regulationremainsadefiningfeatureofthehealthcarelandscape Fromregulatorystrategytoadvertisingand promotionaloversight,lifesciencesorganizationsarenavigatinganincreasinglycomplexandevolvingregulatory framework.
Fengateisfocusedonplatformsthatprovideessentialregulatorystrategy,submissions,andcompliancesupport acrossthepharmaceuticalvaluechain.Webelievetheleadersinthesecategorieswillbenefitfromtechnologyand AIadoptiontoenhanceaccuracy,scalabilityandspeed,whilepreservingdomainexpertisethatclientsrelyon.We areparticularlyfocusedoncategorieswheredemandisdrivenbyregulatoryobligationratherthanbudgetcycles, suchasCMCstrategy.
Commercializationservices
Aslate-stagelifesciencespipelinesremainrobustandtherapiesbecomemore specialized,commercializationhasbecomemorecomplexandexecutionintensive Thesedynamicscontinuetodrivedemandforoutsourcedexpertise thatcanadapttoevolvingregulatoryandmarketexpectations
ThisviewisreflectedinourrecentinvestmentineMAXHealth(“eMAX”) eMAX isatechnology-enabledcommercializationservicesplatformspanningmarket access,real-worldevidence,andpatientservices,supportedbythree proprietarytechnologyplatforms Weobservedheightenedinvestmentactivity acrossthecommercializationecosystemin2025andexpecttoremainactivein thespacethroughadd-onacquisitionsthatfurtherexpandandstrengthenthe eMAXplatform.
PORTFOLIOCOMPANY SPOTLIGHT
A leader in market access innovation, real‑world evidence research, and digitally connected patient access solutions
InvestmentYear: 2025
Headquarters:DelrayBeach,FL
Website: emaxhealth.net
Healthcaresupplychainservices
Astherapeuticsmovefromdevelopmenttocommercialization,supply chainsbecomeincreasinglycomplex,individualized,andlogistically demanding.Targetedtherapies,specialtyproducts,andtemperaturesensitivetreatmentsrequireprecisionhandlingandcoordination acrossahighlyregulatedsupplychain.Thesedynamicsareelevating theimportanceofspecializedpartnersthatcansupportthefull lifecycleofaproductasitmovesfromthelabtopatients.
Wearefocusedonhealthcaresupplychainservicesthatprovide criticalinfrastructureacrossthisevolvingvaluechain,including clinicaltrialkitting,packaging,distribution,andcoldchainstorage. Webelievethestrongestplatformsinthisspacecombineoperational rigourwithtechnology-enabledprocessesthatenhancetraceability andqualitycontrol.
Lookingahead
Ashealthcareservicescontinuetoevolve,webelievethemostcompellinginvestment opportunitieswillbefoundinbusinessesthatoperateatcriticalpointsinthe ecosystem.Fengateremainsfocusedonbuildinglong-termpartnershipswithfounders andmanagementteamstodevelopdurable,scalableplatformsthatenableessential healthcareservices.
Infutureeditionsof The Pulse,wewilldiveintoeachofthesefocusareas,share perspectivesfromourOperatingAdvisors,andexplorecasestudiesfromourportfolio thatillustrateourinvestmentconvictionacrosshealthcare.
Canada|TorontoandOakville UnitedStates|MiamiandHouston
