Life in India · Long View 6: Private equity in health

Private Equity’s Growing Presence in Health Care—Promise or Peril?: A Healthy Dialogue With Sneha Kannan

Fri, 02 Oct 2026 00:00:00 GMT

JAMA’s summary of a podcast in which Derek Angus talks to Sneha Kannan, a critical care physician at the University of Pittsburgh. It puts private equity’s share at almost 10% of American hospitals, and calls the research mixed and often troubling: staffing cuts, price rises, worries over quality and falling satisfaction, with a few neutral results. It explains the split of a hospital into a property company and an operating company, and notes that funds sell within three to ten years. JAMA says GPT-4.1 drafted the text, which Angus reviewed.

Podcast · added 02.10.2026

By Derek C. Angus and Matthew B. O’Connor.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to JAMA.

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Who owns your hospitals? Private equity’s growing grip on Kerala’s healthcare

Fri, 02 Oct 2026 00:00:00 GMT

Kerala, where 65 to 70% of people rely on private hospitals, has become a favourite of private equity, with more than ₹20,000 crore reportedly invested in five years. The report opens with Chazhikattu Hospital in Thodupuzha, run by one family for 91 years and bought in October 2024 by Baby Memorial Hospital of Kozhikode, months after KKR took control of Baby Memorial. It sets this against Kerala’s health spending: households there spend ₹8,388 a year on health, three times the Indian average of ₹2,767. Only the opening is free to read.

Reporting · added 02.10.2026

By Jisha Surya.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Newslaundry.

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Healthcare, bought and sold

Fri, 02 Oct 2026 00:00:00 GMT

Abantika Ghosh, a journalist who has written her own book on hospital costs, reviews Ameer Shahul’s The Silent Syndicate: How Big Finance Is Destroying India’s Healthcare (Hachette India). Shahul traces how funds such as Blackstone, KKR, Carlyle and Temasek came to own Indian hospitals, pharmacies and laboratories, and how measures such as EBITDA and revenue per occupied bed displaced patient outcomes in the way these businesses are run. Ghosh praises the money trail but finds the effects on patients more implied than shown, except in the chapters on insurance and patents.

Book review · added 02.10.2026

By Abantika Ghosh.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Frontline.

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National Family Health Survey (NFHS-6), 2023-24: India and State/UT Fact Sheets

Fri, 02 Oct 2026 00:00:00 GMT

The sixth national family health survey, which reached 679,238 households. Households with someone covered by a health insurance or financing scheme rose to 60.2% from 41.0% in the round before, 2019–21. Births in private health facilities were far more often by caesarean section: 54.1%, against 16.9% in public facilities, both up from 47.4% and 14.3%. The fact sheets sort facilities only as public or private.

Data · added 02.10.2026

By International Institute for Population Sciences.

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TPG to Invest in Manipal Health Enterprises

Thu, 01 Oct 2026 00:00:00 GMT

TPG, an investment firm founded in 1992 whose work includes leveraged buyouts, growth investments and restructurings, takes a significant minority stake in Manipal Health Enterprises for ₹900 crore. Manipal then owned and ran ten multi-specialty hospitals in five states and was part of the Manipal Education and Medical Group. The release presents the money as a way to grow and to draw on TPG’s know-how.

Press release · added 01.10.2026

By TPG.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to TPG.

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Surprise! Out-of-Network Billing for Emergency Care in the United States

Thu, 01 Oct 2026 00:00:00 GMT

How surprise bills worked in American emergency rooms: a patient goes to a hospital in their insurer’s network but is treated by a doctor outside it, who bills at full price. When EmCare, a company that staffs emergency departments, took over a hospital’s emergency room, its doctors left insurers’ networks and raised charges by 96%. KKR, a private equity firm, bought EmCare in 2018; the data predate that.

Research paper · added 01.10.2026

By Zack Cooper and Fiona Scott Morton and Nathan Shekita.

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Office Memorandum on overcharging by four private hospitals in Delhi/NCR

Thu, 01 Oct 2026 00:00:00 GMT

The government’s drug price regulator analysed the bills of patients who died at four well-known private hospitals in Delhi and the National Capital Region, after families complained of inflated bills. Medicines, devices and tests made up 46% of the bills; families said the initial estimates had grown three to four times; and some margins were, in its word, exorbitant. NPPA concluded the hospitals, not the manufacturers, took the profit. It looked at four hospitals, and the memorandum does not discuss who owned them.

Government memorandum · added 01.10.2026

By National Pharmaceutical Pricing Authority.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Office Memorandum, File No. 27(2)/ 2017-Div-III/NPPA.

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Key Indicators of Social Consumption in India: Health, NSS 75th Round (July 2017 – June 2018)

Thu, 01 Oct 2026 00:00:00 GMT

The government’s household survey of illness and treatment, for July 2017 to June 2018. Private hospitals handled 55.3% of hospital stays other than for childbirth across India, 61.4% in towns and cities. An average stay in a private hospital cost a family ₹31,845 in medical bills, against ₹4,452 in a government hospital. These tables do not separate corporate chains from small private hospitals, so they cannot show what investor ownership adds.

Data · added 01.10.2026

By National Statistical Office.

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Plugging the leaks in the UK care home industry: Strategies for resolving the financial crisis in the residential and nursing home sector

Thu, 01 Oct 2026 00:00:00 GMT

A study of the accounts of 830 British care home companies, by the Centre for Health and the Public Interest, a think tank, part-funded by the union UNISON. One finding is about debt. The five largest private equity care home groups had borrowed £35,072 for each bed and paid £102 a bed each week in interest, 16% of the average weekly fee; other large for-profit chains paid £14. It recalls that Southern Cross and Four Seasons, which together cared for 45,000 residents, had left the industry or gone into administration.

Reporting · added 01.10.2026

By Vivek Kotecha.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Centre for Health and the Public Interest.

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The impacts of corporatisation of healthcare on medical practice and professionals in Maharashtra, India

Thu, 01 Oct 2026 00:00:00 GMT

What the shift to large corporate hospitals has done to doctors in two large cities of Maharashtra, from interviews with 43 people who know the system well. Doctors increasingly train in expensive private colleges and then work as salaried staff in corporate hospitals, under revenue targets and with less say over their own practice. Respondents tied this to rising costs, malpractice and mistrust between doctors and patients. These are people’s accounts, not measurements.

Research paper · added 01.10.2026

By Shweta Marathe and Benjamin M Hunter and Indira Chakravarthi and Abhay Shukla and Susan F Murray.

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Private Equity Buyouts in Healthcare: Who Wins, Who Loses?

Thu, 01 Oct 2026 00:00:00 GMT

Eileen Appelbaum and Rosemary Batt’s account of the private equity method in American health care, drawn from a wide range of sources. An extended example is Steward Health Care, which Cerberus built in 2010 from Catholic hospitals in Massachusetts and loaded with sale-and-leaseback deals: selling the hospitals’ buildings and renting them back. By 2020, they wrote, Steward’s finances were in ruins while Cerberus had more than recovered its investment.

Reporting · added 01.10.2026

By Eileen Appelbaum and Rosemary Batt.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Institute for New Economic Thinking Working Paper No. 118.

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Investment Opportunities in India’s Healthcare Sector

Thu, 01 Oct 2026 00:00:00 GMT

NITI Aayog’s report on investment opportunities in health care. It sets out the shortage that private money is meant to fill: 1.3 hospital beds for every 1,000 Indians, less than half the global average of three. It presents PM-JAY, the national scheme that pays for hospital care for poorer families, as a chance to use the private sector to treat the poor, and points private hospitals towards smaller cities, where competition and land cost less.

Reporting · added 01.10.2026

By NITI Aayog.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to NITI Aayog.

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Prevalence and Performance of Private Equity-Affiliated Fertility Practices in the United States

Thu, 01 Oct 2026 00:00:00 GMT

Fertility care is where private equity holds the largest share of any American medical specialty, the authors find. In 2018, 14.7% of fertility practices were tied to private equity but did 29.3% of IVF cycles. Their patients were more likely to have embryos genetically tested before transfer, and success rates for women under 35 were no different. It is a snapshot of one year, not a before-and-after study.

Research paper · added 01.10.2026

By Alexander Borsa and Joseph Dov Bruch.

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Association of Private Equity Investment in US Nursing Homes With the Quality and Cost of Care for Long-Stay Residents

Thu, 01 Oct 2026 00:00:00 GMT

Long-term residents of American nursing homes, followed before and after 302 homes were bought by private equity, against residents of other for-profit homes. Emergency visits for conditions good care should prevent rose 11.1%, hospital admissions for them 8.7%, and the cost to Medicare 3.9%. Use of antipsychotic drugs, severe pain and bedsores did not change measurably.

Research paper · added 01.10.2026

By Robert Tyler Braun and Hye-Young Jung and Lawrence P. Casalino and Zachary Myslinski and Mark Aaron Unruh.

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Children's social care market study: final report

Thu, 01 Oct 2026 00:00:00 GMT

Britain’s competition regulator on the companies that run children’s homes in England. It found steady operating profit margins of 22.6% among the largest providers. On private equity its finding is about fragility rather than price: private equity owners’ profits covered their interest only 1.07 times, against 9 times for other providers, leaving homes for vulnerable children exposed if a company failed. Prices at private equity homes were only slightly higher.

Reporting · added 01.10.2026

By Competition and Markets Authority.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Competition and Markets Authority.

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Association Between Hospital Private Equity Acquisition and Outcomes of Acute Medical Conditions Among Medicare Beneficiaries

Thu, 01 Oct 2026 00:00:00 GMT

A large study that found little change. It follows 21 million older Americans admitted through emergency departments for heart attacks, strokes, heart failure, lung disease and pneumonia between 2001 and 2018, at hospitals that private equity did and did not buy. Outcomes mostly did not change; deaths after heart attacks fell more at private equity hospitals.

Research paper · added 01.10.2026

By Marcelo Cerullo and Kelly Yang and Karen E. Joynt Maddox and Ryan C. McDevitt and James W. Roberts and Anaeze C. Offodile.

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Association of Physician Management Companies and Private Equity Investment With Commercial Health Care Prices Paid to Anesthesia Practitioners

Thu, 01 Oct 2026 00:00:00 GMT

Many American hospitals and surgery centres get their anaesthetists through management companies; half of those in this study were backed by private equity. Using claims from commercial insurers, the authors find prices rose after a hospital or surgery centre signed with such a company, and rose twice as much when the company was backed by private equity: 26.0% against 12.9%. It measures prices only, not patients’ outcomes.

Research paper · added 01.10.2026

By Ambar La Forgia and Amelia M Bond and Robert Tyler Braun and Leah Z Yao and Klaus Kjaer and Manyao Zhang and Lawrence P Casalino.

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General Atlantic and Kedaara Capital Lead INR 1,500 Crore Investment in ASG Eye Hospitals

Thu, 01 Oct 2026 00:00:00 GMT

The largest private equity deal in single-specialty care at the time: ₹1,500 crore from General Atlantic and Kedaara into ASG, an eye-hospital chain founded in Jodhpur in 2005. It gives Investcorp, which came in in 2017, a way out. ASG had doubled its hospitals in three years, and its backers spell out the roll-up plan in so many words: a pipeline of regional chains to buy.

Press release · added 01.10.2026

By General Atlantic.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to General Atlantic.

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KKR Sells 27% Stake Worth Rs 9,185 Crore In Max Healthcare Institute

Thu, 01 Oct 2026 00:00:00 GMT

How a private equity firm can leave a hospital chain once it is listed on the stock market: in blocks of shares sold to other investors. In 2018 Radiant Life Care, a hospital firm backed by KKR, announced a deal to take a majority of Max Healthcare. Here KKR sells 27% in a single day for ₹9,185 crore, to buyers that include the government of Singapore and several investment funds. Its stake had fallen from 47.24% in June 2021 to 27.54% in June 2022.

Reporting · added 01.10.2026

By Outlook Business.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Outlook Business.

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Ontario Teachers' Announces Agreement to Acquire a Significant Majority Stake in Sahyadri Hospitals from the Everstone Group

Thu, 01 Oct 2026 00:00:00 GMT

Ontario Teachers’ Pension Plan agrees to buy a significant majority of Sahyadri Hospitals, which it calls the largest private hospital chain in Maharashtra, from the Everstone Group, which keeps a minority stake with the founders. Sahyadri then had eight hospitals with about 900 operating beds, concentrated around Pune. The pension fund calls it its first private equity buyout of control in India. The release also quotes thanks to Everstone for executing the playbook of consolidation and growth.

Press release · added 01.10.2026

By Ontario Teachers' Pension Plan Board.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to CNW Group.

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Association of Private Equity Acquisition of Physician Practices With Changes in Health Care Spending and Utilization

Thu, 01 Oct 2026 00:00:00 GMT

What happened at 578 dermatology, gastroenterology and eye practices in America after private equity bought them, compared with 2,874 similar practices, over two years. Charges per claim rose 20.2% and what insurers paid rose 11.0%. The practices also saw 25.8% more patients and billed more visits as long ones. The patients were no sicker than before. The study uses commercial insurance claims only and measures no outcomes of care.

Research paper · added 01.10.2026

By Yashaswini Singh and Zirui Song and Daniel Polsky and Joseph D Bruch and Jane M Zhu.

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Effects of chain ownership and private equity financing on quality in the English care home sector: retrospective observational study

Thu, 01 Oct 2026 00:00:00 GMT

The inspection ratings of 10,803 English care homes for older people, by who owned them. Homes in private equity chains were 6.6 percentage points more likely than not-for-profit homes to be rated as needing improvement or inadequate. Independent for-profit homes did about as badly. The study takes a single moment and could not account for staffing or for how sick residents were, and its list of private equity chains came from a 2019 think tank report.

Research paper · added 01.10.2026

By Sharvari Patwardhan and Matthew Sutton and Marcello Morciano.

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Manipal Health Enterprises announces agreement for Temasek to acquire 41% stake

Thu, 01 Oct 2026 00:00:00 GMT

Eight years after TPG invested, Temasek, the Singapore investment company, agreed to buy a further 41% of Manipal, adding to the 18% it already held through Sheares Healthcare. TPG said its 2015 fund would fully exit while its newer fund would hold 11%, and the National Investment and Infrastructure Fund, which invested during the pandemic, would exit too. Manipal by then had 29 hospitals and more than 8,300 beds, after buying Columbia Asia’s Indian hospitals and Vikram Hospital in Bengaluru.

Press release · added 01.10.2026

By TPG.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to TPG.

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Sick Development: How rich-country government and World Bank funding to for-profit private hospitals causes harm, and why it should be stopped

Thu, 01 Oct 2026 00:00:00 GMT

Oxfam’s case against public development banks that fund private hospitals, including through private equity funds. In India it looked at CARE Hospitals, then held by an Abraaj fund later run by TPG, and Narayana Health. In five interviews in Chhattisgarh and Odisha, three patients said they were blocked from using their government health insurance cards altogether. The India evidence rests on five interviews. TPG and Narayana deny that their hospitals reject the cards.

Reporting · added 01.10.2026

By Anna Marriott.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Oxfam briefing paper.

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Monetizing Medicine: Private Equity and Competition in Physician Practice Markets

Thu, 01 Oct 2026 00:00:00 GMT

How private equity bought up American doctors’ practices, and what happened to prices. Deals rose from 75 in 2012 to 484 in 2021. Using insurance claims, the authors compare practices bought by private equity with similar ones that were not: prices rose in eight of ten specialties, by 4% in primary care up to 16% in cancer care. Increases were larger where one firm held more than 30% of a local market.

Reporting · added 01.10.2026

By Richard M. Scheffler and Laura Alexander and Brent D. Fulton and Daniel R. Arnold and Ola A. Abdelhadi.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to American Antitrust Institute, Petris Center and Washington Center for Equitable Growth.

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Evaluating trends in private equity ownership and impacts on health outcomes, costs, and quality: systematic review

Thu, 01 Oct 2026 00:00:00 GMT

The standard summary of the evidence: 55 studies from eight countries, 47 of them American. Across outcomes, private equity ownership was most consistently tied to higher costs for patients or insurers; nine of the 12 studies on costs found them higher, and none lower. Effects on quality were mixed to harmful. No study was judged at low risk of bias. The authors warn the findings may not carry to countries where the state pays for most care.

Research paper · added 01.10.2026

By Alexander Borsa and Geronimo Bejarano and Moriah Ellen and Joseph Dov Bruch.

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BPEA EQT to acquire a majority stake in Indira IVF – India’s largest chain of fertility clinics

Thu, 01 Oct 2026 00:00:00 GMT

EQT’s Asian private equity fund takes control of Indira IVF, India’s largest fertility chain, from TA Associates and the founding Murdia family, who keep a minority stake. Started as one clinic in Udaipur in 1988, the chain had 116 centres in 20 states and did about 40,000 IVF cycles a year. The fund says it will widen that footprint across India and into neighbouring countries.

Press release · added 01.10.2026

By EQT.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to EQT.

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Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes

Thu, 01 Oct 2026 00:00:00 GMT

A study of what private equity did to patients in American nursing homes. It follows about 4.2 million short-stay Medicare patients in American for-profit nursing homes, in data running from 2000 to 2017. After buyouts, homes took in healthier patients, so the authors use distance to compare patients who went to a private equity home only because it was nearer. On that comparison, deaths during the stay and the 90 days after rose 11%. Staff hours from nursing assistants fell 3%, and interest payments rose by over 200%.

Research paper · added 01.10.2026

By Atul Gupta and Sabrina T. Howell and Constantine Yannelis and Abhinav Gupta.

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Blackstone to acquire CARE Hospitals and KIMSHEALTH creating largest healthcare platform

Thu, 01 Oct 2026 00:00:00 GMT

CARE Hospitals has passed from one private equity fund to another. Here funds managed by Blackstone buy a majority of it from Evercare, a TPG platform, which keeps a significant minority stake, and CARE agrees to buy a majority of KIMSHEALTH, whose investor True North sells its entire stake. The release gives the combined size, more than 4,000 beds in 23 facilities, and quotes Blackstone’s aim to build a patient-centric hospital platform.

Press release · added 01.10.2026

By Blackstone.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Blackstone.

Read the release, as BioSpectrum reprinted it

Changes in Hospital Adverse Events and Patient Outcomes Associated With Private Equity Acquisition

Thu, 01 Oct 2026 00:00:00 GMT

A study of harm to patients in American hospitals. It compares 51 hospitals bought by private equity with 259 similar hospitals, before and after the purchase, using Medicare claims for all stays at those hospitals. Harm caused by the hospital stay itself, such as falls and infections from central lines, rose 25.4%. Deaths in hospital fell slightly, which the authors link to younger, healthier patients being admitted; 30 days after discharge there was no difference.

Research paper · added 01.10.2026

By Sneha Kannan and Joseph Dov Bruch and Zirui Song.

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Private equity investment in Europe’s primary care sector—a call for research and policy action

Thu, 01 Oct 2026 00:00:00 GMT

Researchers at the European Observatory on Health Systems and Policies on private equity buying doctors’ and outpatient practices across Europe. In Germany, about 750 of 3,800 outpatient centres were estimated to be held by private equity funds in 2020, despite rules meant to stop it. A third of Sweden’s private for-profit primary care practices belong to international private equity firms. Robust data on who owns Germany’s centres, they write, do not exist.

Editorial · added 01.10.2026

By Bernd Rechel and Florian Tille and Peter Groenewegen and Rob Timans and Giovanni Fattore and Katja Rohrer-Herold and Dheepa Rajan and Sophie Lopes.

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India’s Healthcare Industry Comes of Age

Thu, 01 Oct 2026 00:00:00 GMT

Bain & Company’s case for investing in Indian health care. Bain names the attractions: a middle class willing to pay for private care, insurance spreading, and hospitals that are fragmented and too few. It reports that more deals now buy control, as founders grow comfortable handing over the reins, and that investors earned generous returns on their exits. It closes that the risk-return profile is very favorable.

Reporting · added 01.10.2026

By Homer Paneri and Vikram Kapur and Nirad Jain and Kara Murphy and Dmitry Podpolny and Franz-Robert Klingan and Alex Boulton.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Bain & Company.

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Apollo 24|7 to raise INR 2,475 Crores from Advent International; Merge Keimed with Apollo 24|7

Thu, 01 Oct 2026 00:00:00 GMT

Advent International agrees to put ₹2,475 crore into Apollo HealthCo, which runs the Apollo 24|7 online health business, for 12.1% once it merges with Keimed, a large wholesale medicine distributor. Apollo Hospitals keeps control. The deal joins the selling of medicines, wholesale and retail, online and in shops, in one company valued at ₹22,481 crore.

Press release · added 01.10.2026

By Advent International.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Advent International.

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KKR to Acquire Healthium from Apax Funds

Thu, 01 Oct 2026 00:00:00 GMT

A secondary buyout, in which one private equity owner sells a company to another. Apax bought Healthium, an Indian maker of sutures and surgical products founded in 1992, in 2018 and here sells control to KKR. Apax credits itself with turning a domestic suture company into a global one, sold in more than 90 countries. KKR promises to grow it further by building and by buying. The price was not disclosed.

Press release · added 01.10.2026

By Apax Partners.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Apax Partners.

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Trends in the financialisation of outpatient care

Thu, 01 Oct 2026 00:00:00 GMT

A survey of 20 OECD countries on investors buying clinics, laboratories, dental and eye practices. Half of 20 countries saw the trend as high or moderate. In France the share of laboratories owned by financial investors rose from 16% in 2010 to 78% in 2022. Only two of 20 countries could add up who owns their health practices. The evidence on what this does to quality, cost and access, it says, is scarce and mostly American.

Reporting · added 01.10.2026

By OECD Health Committee.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to OECD Directorate for Employment, Labour and Social Affairs.

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Aster DM and Blackstone-backed Quality Care to merge: Investor Presentation

Thu, 01 Oct 2026 00:00:00 GMT

How a private equity owner can stay in after a stock-market listing. Blackstone merges Quality Care into the listed Aster DM Healthcare, and with Aster’s founders jointly controls the merged company. The deck prices the two hospital businesses at 36.6 and 25.2 times a year’s operating profit.

Investor presentation · added 01.10.2026

By Aster DM Healthcare Limited.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Investor Presentation.

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Fortis Healthcare: disclosure on acquiring shares of Agilus Diagnostics from IFC

Thu, 01 Oct 2026 00:00:00 GMT

How investors left one of India’s largest diagnostic chains. Agilus ran 407 laboratories. Fortis Healthcare, of which Agilus is a subsidiary, agreed to buy 31.52% from its financial investors: the International Finance Corporation, the NYLIM Jacob Ballas India Fund and Resurgence PE Investments. This filing records the first tranche, IFC’s 7.61%, at ₹719.2 a share.

Stock exchange filing · added 01.10.2026

By Fortis Healthcare Limited.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Disclosure under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015.

Read the filing

Dr. Agarwal’s Health Care Limited: Abridged Prospectus

Thu, 01 Oct 2026 00:00:00 GMT

The eye-hospital chain’s summary for investors before its 2025 share sale, in which its investors sold part of their holdings. It shows how fast the chain grew: 209 facilities by September 2024 and about 25% of the market for eye-care chains. Up to 35% of the money raised was set aside for general purposes and acquisitions not yet identified. In every period it reports, about three in five rupees of revenue came from patients paying cash rather than through insurance.

Prospectus · added 01.10.2026

By Dr. Agarwal’s Health Care Limited.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Abridged Prospectus.

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Profits Over Patients: The Harmful Effects of Private Equity on the U.S. Health Care System

Thu, 01 Oct 2026 00:00:00 GMT

An American Senate committee’s bipartisan staff report of two private equity hospital owners, based in part on more than a million pages of documents. At Prospect Medical, the fund Leonard Green took $424 million of $645 million paid out in dividends and preferred stock redemptions and left the company in severe financial distress. It also summarises the research: in the first three years, private equity hospitals showed lower quality, fewer staff and higher prices.

Reporting · added 01.10.2026

By Senate Budget Committee.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to United States Senate Committee on the Budget, bipartisan staff report.

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CVC agrees the sale of up to 54% stake in Healthcare Global Enterprises for up to US$400m

Thu, 01 Oct 2026 00:00:00 GMT

Another handover from one fund to the next. CVC, which took control of HCG, a cancer hospital chain founded in 1989, in 2020, sells up to 54% to KKR at ₹445 a share. HCG then had 25 centres in 19 cities and 2,500 beds. CVC lists what its ownership did: a transformational value creation program to raise revenue, improve key performance indicators and buy other hospitals. The founder becomes non-executive chairman.

Press release · added 01.10.2026

By CVC.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to CVC.

Read the announcement

Private Equity and Venture Capital Trendbook 2025

Thu, 01 Oct 2026 00:00:00 GMT

The yearly tally of private equity and venture deals by the accounting firm EY and the industry association IVCA, from VCCEdge deal data. It shows 2023 as the peak for India’s life sciences, US$6.2 billion across 79 deals, and 2024 down 31%. In 2024 hospitals and clinics took 39% of healthcare investment. This record charts the healthcare line from this and the other editions.

Data · added 01.10.2026

By EY.

Read the trend book

Private hospitals to add ~10,000 beds over this fiscal and next

Thu, 01 Oct 2026 00:00:00 GMT

A credit rating agency’s view of why money flows to private hospitals, from its study of 91 of them. Revenue grew about 18% a year from 2019–20 to 2023–24 with healthy profit margins, and India has few beds for its population. That combination, it says, drew ₹55,000 to 60,000 crore from private equity and share sales since 2021–22, which in turn paid for new beds.

Press release · added 01.10.2026

By Crisil Ratings.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Crisil Ratings.

Read the release

Financialisation and the Reshaping of Private Healthcare: A Case Study in India

Thu, 01 Oct 2026 00:00:00 GMT

A study of how private equity works inside Indian hospitals, from interviews in Maharashtra that include private equity investors themselves. They describe a cycle of three to seven years: grow the chain fast, often by buying smaller hospitals in debt, then sell to the next investor at a higher value. One investor said almost every corporate chain had taken private equity money. The study is qualitative. It measures no prices or patient outcomes, and does not claim to.

Research paper · added 01.10.2026

By Benjamin M. Hunter and Indira Chakravarthi and Shweta Marathe and Susan F. Murray.

Read the paper

Ontario Teachers’ announces sale of Sahyadri Hospitals

Thu, 01 Oct 2026 00:00:00 GMT

Three years after acquiring a majority of Sahyadri, Ontario Teachers’ Pension Plan agrees to sell its stake to Manipal Hospitals, which is backed by Temasek. By then the chain had 11 hospitals and more than 1,400 beds in Pune, Nashik, Ahilyanagar and Karad, grown by building and by buying. An Ontario Teachers’ director describes the partnership as focused on unlocking long-term value. The sale awaited regulatory approval.

Press release · added 01.10.2026

By Ontario Teachers’ Pension Plan.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Ontario Teachers’ Pension Plan.

Read the announcement

Indira IVF Hospital Limited: Rating reaffirmed and assigned for enhanced amount

Thu, 01 Oct 2026 00:00:00 GMT

In 2025 a rating agency’s note shows where Indira IVF’s growth came from; the chain had grown to 186 centres by July 2025. IVF cycles barely moved, 42,622 against 42,484, but revenue rose 8.7% because the average price per cycle went up to about ₹3.7 lakh from ₹3.5 lakh. When a 2021 law raised the cost of donors, the company passed the increase on to patients. Its operating margin was 33.4%. The ₹1,150 crore borrowed to buy out earlier shareholders was moved onto the company’s own books.

Rating · added 01.10.2026

By ICRA.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to ICRA rating rationale.

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Nephrocare Health Services Limited: Basis of Allotment

Thu, 01 Oct 2026 00:00:00 GMT

NephroPlus, a dialysis chain, was due to start trading on the stock exchanges on or about 17 December 2025; its promoters include Investcorp private equity funds and Bessemer Venture Partners. In September 2025 it ran 519 dialysis clinics, 180 of them under public-private partnership contracts with government agencies. Its own list of risks gives its staff turnover: the share of its nephrologists and duty doctors who left in a year was 61.23% and 53.05% in the two years before the listing.

Prospectus notice · added 01.10.2026

By Nephrocare Health Services Limited.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Public announcement filed with NSE.

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Private Equity in the Hospital Industry

Thu, 01 Oct 2026 00:00:00 GMT

A study that found private equity did American hospitals no clear harm, in its May 2025 version. Comparing hospitals bought by private equity with similar ones bought by others, the authors find the targets survived as often, and cut jobs, mostly administrative ones, and wages. Using insurance claims, they find no significant change in inpatient prices or in patients, and no rise in deaths or readmissions, though patient satisfaction fell.

Research paper · added 01.10.2026

By Janet Gao and Yong Seok Kim and Merih Sevilir.

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Vitals for growth: Decoding healthcare financing and funding in India

Thu, 01 Oct 2026 00:00:00 GMT

A summary of a report by Grant Thornton Bharat with the Association of Healthcare Providers India. It counts the money: 594 deals worth more than US$30 billion in healthcare and pharmaceuticals from 2022 to 2024, mergers, acquisitions and private equity deals together, with hospitals taking about 40% of the value. It also tells hospital owners what investors expect: returns of 20 to 30% a year on equity and prices of 20 to 30 times operating profit.

Reporting · added 01.10.2026

By Grant Thornton Bharat.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Grant Thornton Bharat.

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Healthy occupancy, rising realisations to drive 14-15% growth in private hospitals

Thu, 01 Oct 2026 00:00:00 GMT

Where hospital earnings grow, according to a study of 98 private hospitals with nearly two-thirds of the sector’s revenue. Revenue per occupied bed, the average a hospital earns from a bed each day, is set to rise 5 to 7%, as the mix shifts to complex treatments in cardiology, oncology and the like and more patients come with insurance. Large chains spent about ₹11,000 crore buying 4,300 beds in three years, paying about 2.2 times what building them would cost.

Press release · added 01.10.2026

By Crisil Ratings.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Crisil Ratings.

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Indian Hospital Sector: Private sector investments driving capacity growth; outlay of Rs. 40,000 crore seen over FY2026 to FY2030 towards 34,000+ bed additions

Thu, 01 Oct 2026 00:00:00 GMT

A useful check on scale. Private hospitals hold 59 to 60% of India’s hospital beds, ICRA says, because public spending on health is only 3 to 3.5% of GDP. Its 18 large chains plan more than 34,000 new beds by 2030, half again what they have, yet that adds only 2.3 to 2.5% to all private beds. Against all private beds, even the biggest chains’ plans are small.

Research summary · added 01.10.2026

By ICRA.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to ICRA research.

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Quality Care India Limited: Rating assigned and Placed on Rating Watch with Positive Implications

Thu, 01 Oct 2026 00:00:00 GMT

A credit rating agency’s report on Quality Care India, the Blackstone-controlled company that runs CARE Hospitals and KIMS Health, and its plain account of where the money comes from. Occupancy rose to 64% from 59%, revenue per occupied bed grew 5 to 6% a year, and the operating margin climbed to 20.2%, which ICRA credits partly to a better case mix and revised tariffs. Some new beds and stake purchases are funded with debt. Among the risks it lists: restrictive government pricing of treatments and medicines.

Rating · added 01.10.2026

By ICRA.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to ICRA rating rationale.

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Manipal Health Enterprises Limited: Draft Abridged Prospectus

Thu, 01 Oct 2026 00:00:00 GMT

The summary of Manipal’s draft prospectus of 23 March 2026, for its proposed share sale to the public. It describes the largest pan-India multi-specialty network by beds: 48 hospitals and 12,367 licensed beds in 14 states and union territories in September 2025. Its promoters include three Singapore companies beside Ranjan Pai and the Manipal group. Imperius Healthcare Investments, a promoter, had paid ₹68.73 a share on average, and TPG’s company ₹265.23.

Prospectus · added 01.10.2026

By Manipal Health Enterprises Limited.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Draft Abridged Prospectus.

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National Health Accounts Estimates for India 2022-23

Thu, 01 Oct 2026 00:00:00 GMT

The government’s count of who pays for health care in India. In 2022–23 households paid 43.41% of all health spending out of their own pockets, ₹3,82,629 crore. Private health insurance paid 9.19%. Of the money spent on care, 30.83% went to private hospitals, close to twice the 16.73% spent in government hospitals. Households’ out-of-pocket spending was 49.90% of current health spending.

Data · added 01.10.2026

By National Health Accounts Technical Secretariat, National Health Systems Resource Centre.

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Financialization of Healthcare sector in India: Emerging Trends in Private Investment and Profits in Healthcare services

Thu, 01 Oct 2026 00:00:00 GMT

An Indian count of the money, from deal records and the accounts of 274 corporate hospitals between 2000 and 2024. From April 2020 to March 2024, 38 private equity and venture deals put US$5,378.65 million into hospitals, and the average deal was four times the size of those before Covid. Fifteen big hospital companies took 56.3% of the profits. The authors read profits outpacing sales as possible signs of market power, while noting another explanation: a shift to costlier treatments.

Research paper · added 01.10.2026

By Satyaki Roy and Sonia Sebastian and Indranil Mukhopadhyay.

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Aster DM Quality Care Limited: Earnings Presentation Q1 FY27

Thu, 01 Oct 2026 00:00:00 GMT

The merged company’s results presentation records that the merger of Aster DM Healthcare and Blackstone’s Quality Care took effect on 1 July 2026. It gives the combined chain’s size as 10,898 capacity beds and calls it one of the top three hospital chains in India, strongest in the south and centre of the country.

Investor presentation · added 01.10.2026

By Aster DM Quality Care Limited.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Earnings Presentation Q1 FY27.

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How India's private hospitals are expanding in different forms

Thu, 01 Oct 2026 00:00:00 GMT

A full account of the boom as it stood in August 2026. Manipal had just opened its ₹9,275 crore share sale, and its shares opened 11% above the issue price. Chains are adding beds and buying regional rivals, insurance is bringing in patients, and investors have paid for much of it. The article lists the funds behind at least nine changes of ownership since 2021, and sets the boom against medical inflation of 12 to 14% a year. Evidence of better clinical care, it notes, remains limited.

Reporting · added 01.10.2026

By Neetu Chandra Sharma.

Excerpt quoted for review under section 52 of the Copyright Act, 1957. The report belongs to Business Today.

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A quiet gap: why private equity in primary care remains under-researched in the global south, and why that matters

Thu, 01 Oct 2026 00:00:00 GMT

This opinion piece from University College London describes a gap in research. Of about 232 articles on private equity in health care indexed by the medical database PubMed since 2000, 84% are about the United States and only three are about the Global South, none of them about India. The authors argue that governments paying private equity-owned providers should ask about ownership, debt and exit, not only services and volumes.

Opinion · added 01.10.2026

By Marc Kitten and Chiara Berardi.

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