Today’s newsletter is part 1 of the series on healthcare roll-up playbooks. If there’s a topic you’d like me to explore, drop me a note at [email protected].
State of Play
In the last decade, private equity firms have moved swiftly to consolidate the fertility clinic industry—across the U.S., Europe, and parts of Asia.
By 2018, nearly 30% of all assisted reproductive technology (ART) cycles in the U.S. were performed by clinics affiliated with private equity platforms. Today, that share is even higher.
And while the headlines around PE in healthcare often skew negative—citing stories of over-levered hospital groups and underfunded staffing—a 2023 academic study from professors at UC Berkeley and Copenhagen Business School painted a more nuanced picture for fertility clinics. Their findings? IVF success rates increased by 13.6% following a clinic’s acquisition by a fertility platform.
Let’s unpack what’s driving private equity interest in this space—and how firms are building scale.
Private Equity Course Launch
We’ve already welcomed students from top firms like Evercore, Barclays, Deutsche Bank, Carlyle, and Apax—and we’re still accepting founding cohort participants.
If you're looking to build deal experience across the full lifecycle—from NDA to model to memo to funds flow—this course is built for you.
🎓 Check out the course at www.roadtocarry.com
🎓 Join the waitlist to receive 50% off: resources.roadtocarry.com/course-waitlist
Feel free to email me if you have questions or want help getting it reimbursed by your firm.