Tag Archives: healthcare

Carlyle Acquires Knack RCM and EqualizeRCM to Create an AI-Native, Global Multi-Specialty Healthcare RCM Platform

Carlyle

WOODBRIDGE, N.J., AUSTIN, Texas, and MUMBAI, India – May 4, 2026 – Global investment firm Carlyle (NASDAQ: CG) today announced it has acquired a majority stake in Knack RCM (“Knack”) and EqualizeRCM (“Equalize”), two leading U.S. healthcare revenue cycle management (“RCM”) providers, to create an AI-native, global, multi-specialty RCM platform. Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners VI (CAP VI) and Carlyle Asia Partners Growth II (CAPG II). The terms of the transaction are not disclosed. Rajiv Sharma, Founder of Knack RCM, and Nagi Rao, Founder of EqualizeRCM, will remain invested in the platform through a reinvestment of a portion of their proceeds.

 

Knack and Equalize are complementary healthcare RCM providers serving physician groups, durable medical equipment (“DME”) providers, rural hospitals, and other specialty provider segments. Together, they bring deep, specialty-specific expertise across DME, anaesthesia, eyecare, behavioural health, rural hospitals, urgent care, and multi-specialty physician groups.

 

The combined platform is expected to enhance operational scale and diversification, broaden the delivery footprint, strengthen leadership depth and help accelerate AI capabilities to enhance outcomes for clients. Knack contributes scaled, global delivery across the U.S., India, and the Philippines, anchored by an intelligent, end-to-end revenue engine powered by its orchestration platform, Workmate. EqualizeRCM complements this with its established delivery scale in the U.S. and India, alongside a proprietary payer enrollment platform and advanced AI-driven tools—such as Bill Smart for denial prediction and avoidance— that are purpose-built for hospitals, urgent care, and targeted specialty segments. Equalize’s AI-native platform, built on large language models and agentic AI, has demonstrated proven commercial traction, including the displacement of established, large-scale vendor contracts at leading DME manufacturers.

 

Kapil Modi, Partner at Carlyle India Advisors, said: “The U.S. healthcare revenue cycle market is growing rapidly, driven by margin compression, workforce shortages, and the shift to value-based care. Carlyle has significant experience in scaling RCM platforms to achieve market leadership and we believe Knack and Equalize stand out as leaders with their AI-native, specialty‑focused, and outcomes‑driven approach, which aligns well with the growing needs and demand in healthcare RCM.”

 

Rajiv Sharma, Founder, Knack RCM, said: “Carlyle has been a trusted partner to Knack, bringing not only capital but also valuable expertise in healthcare and RCM. The addition of Equalize is a progression of this partnership and strengthens the value we provide to our clients.”

 

Nagi Rao, Founder, EqualizeRCM, said: “Our clients, particularly rural hospitals and behavioural health providers, face immense pressure in sustaining margins and ensuring access to care. Partnering with Knack enables us to integrate our advisory expertise with their advanced analytics and global operations, to deliver more robust and tailored solutions. We are excited to work with Knack and Carlyle to drive wider adoption of our AI-native platform to support healthcare providers.”

 

Gautam Barai, CEO, Knack RCM, said: “Healthcare providers measure success by their ability to meet payroll, preserve services, and support their communities—not by the amount of automation deployed. Coming together with Equalize allows us to combine our strengths to tackle the most complex parts of the revenue cycle, including rural cost reports, DME intake, and challenging anaesthesia cases. For us, success is not about automating simple workflows but about addressing the most critical financial risks faced by our clients, which ultimately translates into improved financial health and better patient care.”

 

Amit Jain, Partner and Head of Carlyle India Advisors, concluded: “One of the core tenets of this investment is to build a scaled, strategically attractive physician and rural hospital RCM platform in a fragmented industry. Carlyle has a track record of executing similar strategies in sectors such as auto components and pharmaceuticals. This investment extends our India for the World thesis and builds on our experience investing in technology and tech-enabled services. We have invested in healthcare technology platforms including Indegene, Visionary RCM, and CorroHealth, and we will bring this expertise and execution capability to scale the combined Knack and Equalize platform.”

 

Carlyle intends to build on this platform strategy by pursuing additional opportunities in the RCM industry and will continue to seek to add synergistic assets with complementary offerings to the RCM platform.

 

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About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 27 offices across four continents. Further information is available at carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

About Knack RCM
Knack RCM is an AI-native, specialty‑focused revenue cycle management leader that helps healthcare organizations operating in complex clinical, financial and technology environments unlock the full value of reimbursement, safeguard margin and strengthen the delivery of care, so providers can better serve the communities that depend on them. Headquartered in Woodbridge, New Jersey, Knack RCM has over 8,000 employees across 10 delivery centers in India, the Philippines and the United States.

 

About EqualizeRCM
EqualizeRCM is a U.S.‑based revenue cycle management company serving physicians, hospitals, ambulatory surgery centers, laboratories and rural providers. The company is known for its work with Critical Access Hospitals, rural PPS Hospitals and Rural Health Clinics, providing specialized support in cost reports, reimbursement strategies and education forums that help clients navigate evolving payer and regulatory environments. The Company’s 1st Credentialing division is a leading provider of payor enrollment services across the nation.

 

 

Media Contacts

 

Carlyle
Lonna Leong
+852 9023 1157
lonna.leong@carlyle.com

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McKesson Signs Agreement with Apollo Funds for Strategic Minority Interest in Medical-Surgical Solutions

Apollo logo

IRVING, Texas, April 20, 2026 – McKesson Corporation (NYSE: MCK), a leading Healthcare Services company, today announced it has entered into a definitive agreement with funds managed by affiliates of Apollo (“Apollo Funds”), under which Apollo Funds will acquire a minority ownership interest in McKesson’s Medical-Surgical Solutions (“MMS”) business. This transaction represents a meaningful milestone as McKesson executes its separation strategy of MMS in preparation of a planned initial public offering.

Apollo Funds will invest $1.25 billion in convertible preferred equity of MMS to acquire an approximately 13% minority interest in MMS. The transaction values MMS at approximately $13 billion total enterprise valuation. McKesson will retain operating control and majority ownership of MMS and consolidate the results for financial reporting. The transaction is subject to regulatory approvals and customary closing conditions.

“This transaction marks a key milestone in McKesson’s planned separation of MMS,” said Brian Tyler, chief executive officer of McKesson. “We are pleased to welcome Apollo as an important strategic and financial partner. Apollo’s experience in supporting complex carve-out and public market transactions will be additive as we position MMS for success, while maintaining McKesson’s financial and strategic flexibility. We look forward to working together to execute the separation in a manner that maximizes shareholder value, and establishing a well-capitalized, world-class medical surgical supply and solutions company.”

“MMS is a leading healthcare platform with a talented team and strong market position, playing a key role in healthcare supply chain resiliency across non-acute care settings,” said Apollo Partner Maxwell David and Managing Director Jeff Armstrong. “We believe the business is well positioned for continued growth, and that Apollo’s Hybrid platform enables us to provide flexible, scaled capital to support the next phase of development as MMS prepares to operate as a standalone company.”

Cautionary Statements

Statements in this press release about of the anticipated completion of Apollo’s investment in MMS, McKesson’s intent to separate MMS into an independent company, the planned initial public offering (“IPO”) of MMS, and the expected benefits of the transactions described, including anticipated timing, plans, expectations, commitments and intentions, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers should not place undue reliance on forward-looking statements, which speak only as of the date they are first made. Except to the extent required by law, the company undertakes no obligation to publicly update forward-looking statements.

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied. Although it is not possible to predict or identify all such risks and uncertainties, risk factors include, but are not limited to: Apollo’s investment and the planned separation and IPO of MMS are contingent upon the satisfaction of certain conditions, may not be completed on the currently contemplated terms or timeline, or at all, and, if completed, may not achieve the intended financial and strategic benefits; unanticipated business, market, governmental, or other developments could delay or prevent completion of Apollo’s investment, the separation, or the IPO, or cause any of the transactions to occur on less favorable terms; the transactions described are subject to conditions that may not be satisfied on the expected timeline, or at all, which could delay or prevent closing; we may be unsuccessful in achieving our strategic growth objectives; we might be adversely impacted by changes in the economic environments in which we operate; and we might be adversely impacted by events outside of our control, such as widespread public health issues, natural disasters, political events, and other catastrophic events. We encourage investors to read the important risk factors described in McKesson’s most recent Form 10-K filed with the Securities and Exchange Commission.

About McKesson Corporation

McKesson Corporation is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products and services to help make quality care more accessible and affordable. Learn more about how McKesson is impacting virtually every aspect of healthcare at McKesson.com and read Stories & Insights.

About Apollo

Apollo is a high-growth, global alternative asset manager. Apollo’s asset management business  seeks to provide its clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, Apollo’s investing expertise across its fully integrated platform has served the financial return needs of its clients and provided businesses with innovative capital solutions for growth. Athene, Apollo’s retirement services business, specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Apollo’s patient, creative, and knowledgeable approach to investing aligns its clients, the businesses it invests in, its employees, and the communities it impacts, to expand opportunity and achieve positive outcomes. As of December 31, 2025, Apollo had approximately $938 billion of assets under management. To learn more, please visit www.apollo.com

Contacts

McKesson Corporation

Investors
Investors@McKesson.com

Media Relations
MediaRelations@McKesson.com

Apollo

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

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Bain Capital and Evergreen Medical Properties Acquire Portfolio of Six Medical Outpatient Facilities in Atlanta Metropolitan Area

BainCapital

ATLANTA and BOSTON – April 9, 2026 – Bain Capital’s Real Estate team (“Bain Capital”) and Evergreen Medical Properties (“Evergreen”) today announced the acquisition of a medical outpatient building portfolio consisting of six assets totaling approximately 665,000 square feet in the Atlanta metropolitan area.  The private, off-market purchase was completed via a partnership between Bain Capital and Evergreen that focuses on acquiring, renovating, and operating mission-critical medical outpatient buildings.

The Class-A medical outpatient buildings are anchored by Northside Hospital, a leading, award-winning healthcare provider operating five acute-care hospitals and nearly 500 outpatient facilities across 25 counties in the Atlanta MSA. Northside leads the U.S. in newborn deliveries and is among Georgia’s top providers of cancer care, sports medicine, cardiovascular and surgical services. The portfolio is 93% leased and features other dynamic tenants spanning diverse specialties and high-acuity services.  The assets are located in “Pill Hill” and Alpharetta, two high-demand, affluent Atlanta submarkets.

“We’re pleased to expand our presence in Atlanta, a high-conviction market, as well as our relationship with Northside Hospital as we execute a value creation plan alongside the Evergreen team that enhances the facilities’ ability to better serve patients across the Atlanta area,” said Lukas Gregg, a Managing Director at Bain Capital.  “This transaction is an attractive opportunity to acquire a high-quality portfolio of mission-critical assets supported by strong market dynamics and we are grateful to be the new stewards of it.”

“We’re ecstatic Northside chose to expand our relationship with some of the health system’s most strategically important medical outpatient buildings,” said Joshua Richmond, President of Evergreen Medical Properties. “We look forward to working closely with Northside as we build upon Evergreen’s strong track record of aligning capital and healthcare partners through the stewardship of mission-critical real estate.”

The acquisition of these buildings follows the partnership’s recent purchase of a two-asset portfolio in Lawrenceville, GA, also anchored by Northside Hospital.  Bain Capital and Evergreen have curated a portfolio of institutional quality medical outpatient buildings in select markets throughout the U.S. and are actively seeking to grow its 2M square foot footprint.

Northside was advised by Realty Trust Group, a national healthcare advisory firm.

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About Bain Capital Real Estate
Bain Capital Real Estate pursues investments in often difficult-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has invested and committed over $10.7 billion of equity across multiple sectors as of September 30, 2025. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms, with approximately $219 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

About Evergreen Medical Properties  
Evergreen Medical Properties, with offices in both Denver and Atlanta, is a full-service real estate operating company that invests, leases and manages healthcare facilities across the United States. Evergreen uses a collaborative approach to invest in strategic healthcare real estate in order to align interests and build genuine relationships with health systems and providers.  Evergreen seeks to unlock capital, enhance the operating flexibility of its partners and create durable, long-term value in each of its healthcare real estate investments.

About Northside Hospital
The Northside Hospital healthcare system is one of Georgia’s leading healthcare providers with five acute-care hospitals in Atlanta, Canton, Cumming, Duluth, and Lawrenceville and nearly 500 outpatient locations across the state. Northside Hospital leads the U.S. in newborn deliveries and is among the state’s top providers of cancer care, sports medicine, cardiovascular, and surgical services. For more information, visit: www.Northside.com.

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Axon Diagnostics joins Medica Group to enhance UK diagnostic services

IK Partners

On 13 February Axon Diagnostics joined Medica Group, marking an exciting new chapter for our organisation and for the future of remote diagnostics in the UK.

By joining forces, we will become the UK’s largest clinical reporting network, supporting more than 2.5 million patients each year across the majority of NHS Trusts. This step reflects our shared ambition to accelerate innovation and gives us the scale, and capability, to support even more patients with faster, accurate reporting.

As part of this integration, Axon’s sister company, MITIS Health, will also join Medica. MITIS brings its Clinical Desktop technology, already trusted by many NHS Trusts, to support high fidelity remote diagnostic reporting.

Strengthening our capabilities together

For more than 20 years, we have built a robust network of specialist clinicians, supported by strong clinical governance and advanced infrastructure. By welcoming Axon and MITIS into the Medica Group, we are enhancing this foundation even further.

Axon is known for its innovative technology platform, agile workflows, and secure, high-performance remote desktop solutions powered by MITIS Clinical Desktop. These tools allow clinicians to work with complete flexibility, seamlessly and securely, from any appropriate location. Axon also brings a team of highly skilled clinicians who have earned a reputation for their quality and responsiveness.

Together, these strengths mean we can offer:

  • More capacity for clients across the UK
  • Faster turnaround times for routine and urgent cases
  • An enhanced experience for both healthcare partners and patients
  • A stronger platform for innovation, including AI-enabled reporting and optimised workflows

The UK’s largest clinical reporting network

With Axon joining Medica, we will be working with the majority of NHS Trusts and covering a broad range of diagnostic subspecialties.

Both organisations share the same commitment: to act as trusted strategic partners and deliver consistent, transparent, high-quality diagnostic services. Our clients will continue to work with the same familiar teams, while gradually benefiting from enhanced tools, streamlined workflows, and increased flexibility as our systems integrate.

Leadership insights

Andrew Cannon, Chief Executive Officer of Medica Group, said: “This merger marks a significant milestone for Medica, and we are proud to welcome Axon into the Medica Group. The Axon team has built an exceptional business in a remarkably short time, earning the trust of clients through first-rate service, agility and a deep commitment to quality. Bringing Axon into Medica strengthens our position as the UK’s leading diagnostics provider. Clients will continue to receive the excellent service they rely on, now supported by greater capacity and advanced reporting technology. We look forward to building a compelling future together, driving further innovation and delivering outstanding patient care at the core of our mission.”

Rahul Mehta, Chief Executive Officer of Axon Diagnostics, said: “Axon was founded to push the boundaries of diagnostic innovation, and joining Medica enables us to amplify that mission. This merger combines our technology and agile approach with Medica’s scale and clinical excellence, meaning more patients will benefit from faster and smarter reporting. We’re excited to enter this next chapter together, bringing our teams and clients with us into the Medica Group as we continue building trusted, high-quality diagnostic services.”

What happens next

We are now working through a phased integration plan that will bring together our systems, teams, and best practices in a structured and transparent way. While this integration progresses, our focus remains firmly on delivering reliable, high-quality diagnostic services that place patients at the centre of every decision we make. We look forward to the opportunities this partnership will unlock as we continue working together to deliver the highest standards of diagnostic care.

Contacts

Medica
Helen Lawton
Group Head of Marketing, Communications and Events
Email: Helen.lawton@medica.co.uk
Tel: 07950179069

FTI Consulting
Ben Atwell / Sam Purewal
Email : medica@fticonsulting.com
Tel: +44 (0) 203 727 1000

About Medica

Medica Group is the UK’s largest telemedicine diagnostics provider, delivering expert teleradiology and telepathology services to over half of NHS hospitals nationwide. With more than 20 years’ experience in remote diagnostics, Medica provides 24/7 coverage for urgent and routine imaging via a network of 800+ specialist clinicians across the UK, Ireland and the US. Its innovative platforms and use of AI-enhanced workflows help healthcare providers reduce imaging backlogs and improve patient outcomes. Headquartered in Hastings, UK, Medica Group also encompasses Medica Ireland (managed radiology and pathology services in Ireland) and RadMD in the USA (clinical trial imaging), underscoring its international reach and commitment to “improving lives through excellence in diagnostics and research.”

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About Axon Diagnostics

Axon Diagnostics is a UK-based, clinically led diagnostics services provider delivering radiology, teleradiology and digital pathology services to the NHS and private healthcare organisations. Axon offers a suite of solutions to support the needs of modern diagnostic imaging services, underpinned by innovative, secure streaming technology that enables efficient reporting, supports clinicians, and delivers tangible benefits for patient care. Axon Diagnostics – Radiology Reimagined.

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About MITIS Health

MITIS Health is a UK-based technology provider focused on improving diagnostic workflows. MITIS Health has built the Next Generation Home and inHospital Reporting Solution for Radiology, Pathology and Clinical Desktops. The Company’s Secure Gateway allows clinicians working remotely to securely project a desktop located in the hospital or datacentre, directly to any appropriate remote location. Complete lossless transmission / zero degradation of images is supported for all light-based scans such as: Plain Film, CT, MRI, PET, Ultrasound and Histopathology.

Read More 

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EQT Foundation announces Rare Disease Science Grant recipients

eqt

EQT Foundation is proud to announce the recipients of its Rare Disease Science Grants, a funding initiative designed to accelerate transformative deeptech solutions for the diagnosis, treatment, and management of rare conditions. The selected projects span gene and RNA therapies, regenerative medicine, AI-enabled diagnostics, novel drug delivery platforms, and precision immunotherapy, each addressing urgent unmet needs in diseases that disproportionately affect children and underserved patient populations.

Together, these projects exemplify the power of rare disease research to generate breakthroughs with impact far beyond individual conditions, advancing new platforms, tools, and approaches that can reshape medicine more broadly.

Meet the Grantees

Spencer Shelton – Modulating metabolic flux by hematopoietic stem cell engineering to ameliorate porphyrias

A broadly applicable genetic therapy for erythropoietic protoporphyria that targets blood stem cells to restore balance in heme biosynthesis. By intervening at a shared regulatory point rather than correcting individual mutations, this approach aims to deliver a mutation-agnostic therapy capable of reaching clinical testing by the end of the project.

Daniel Bauer – Prime editing gene therapy for Shwachman-Diamond syndrome

This project advances a first-in-class prime editing strategy to treat Shwachman-Diamond syndrome, a rare inherited bone marrow failure disorder with no targeted therapies. Building on strong proof-of-concept data, the team will generate the preclinical and genotoxicity evidence needed to support a pre-IND meeting with the FDA, with the longer-term goal of establishing a gene-editing platform for blood and immune diseases.

Rhian Stavely – Autologous enteric neural stem cells for Hirschsprung disease

A curative regenerative medicine approach for children with Hirschsprung disease, which is caused by the absence of enteric neurons in the gut. Using a patient’s own cells, this project aims to regenerate functional enteric neural networks, restore gut motility, and reduce lifelong complications, while preparing the therapy for first-in-human clinical translation.

Marta M. Alonso and Iker Ausejo-Mauleón –Developing new generation oncolytic virus for pediatric brain tumors

This project is developing next-generation oncolytic virus therapies for otherwise incurable pediatric brain tumors, with a focus on diffuse midline gliomas. The grant will support advanced preclinical validation of POP-02, alongside regulatory planning toward first-in-human studies in Europe and the United States, with the ambition to initiate a Phase I trial in children.

Guei-Sheung Liu – Transformative RNA editing therapy for Usher syndrome

This project from the Centre for Eye Research Australia, is developing a first-in-class RNA editing therapy to directly correct the genetic cause of Usher syndrome, a condition that leads to irreversible vision loss and early-onset hearing impairment. By restoring essential retinal proteins, the approach has the potential to halt retinal degeneration and transform outcomes for up to 300,000 people worldwide.

Timothy Jenkins – AI-designed T-cell engagers for virus-driven Merkel cell carcinoma

Using de novo protein design, this project creates highly selective bispecific T-cell engagers that target viral peptide–MHC complexes in Merkel cell carcinoma, a rare and aggressive skin cancer. The platform combines generative AI with in vitro and in vivo validation to deliver a preclinical lead with a clear path toward IND-enabling studies and broader applicability to other virus-associated cancers.

Wouter van Rheenen and Vamshidhar R. Vangoor – ATTAIN: Antisense therapies targeting ALS in induced neurons

ATTAIN aims to rapidly translate genetic discoveries into gene-targeted therapies for ALS. By building a scalable pipeline using patient-derived motor neurons, the team will screen and optimize allele-specific antisense oligonucleotides, nominating lead candidates for safety testing and future first-in-human precision therapies.

Stefan Marciniak – AI-enabled diagnosis of Birt-Hogg-Dubé syndrome

This project applies federated learning and artificial intelligence to improve CT-based diagnosis of Birt-Hogg-Dubé syndrome using multi-institutional data without sharing patient information. By combining imaging, radiomics, and molecular data, the approach aims to improve diagnostic accuracy in non-specialist settings and establish a scalable, privacy-preserving framework for rare disease diagnostics.

Feyisayo Eweje – ENTER: Elastin-based nanoparticles for therapeutic delivery

This project is developing a non-viral protein nanoparticle system for targeted in vivo delivery of gene editors to hematopoietic stem cells. By overcoming key limitations of ex vivo gene editing, this platform aims to enable scalable genetic medicines for inherited blood and immune disorders such as sickle cell disease and beta-thalassemia.

Ana Topf – Latin-SEQ

Latin-SEQ is a multi-centre consortium focused on rare neuromuscular diseases in Latin America. The project integrates diagnosis, gene discovery, and translational development while building sustainable, locally owned scientific infrastructure. By enabling federated analyses and cross-site learning, Latin-SEQ promotes equitable collaboration and long-term capacity building in the region.

Annelisa Cornel – MetaboCAR

MetaboCAR is developing next-generation CAR-T therapies that exploit shared metabolic vulnerabilities across childhood cancers. By targeting metabolic stress signals rather than tumor-specific antigens, this approach aims to unlock new, broadly applicable immunotherapies for pediatric oncology.

Kim Fabiano Marquart – Nerai Bioscience

Nerai Bioscience combines AI with high-throughput directed evolution to engineer customized CRISPR gene-editing tools capable of targeting disease mutations currently beyond reach. With applications in rare genetic liver and metabolic diseases such as citrullinemia type I and phenylketonuria, the project seeks to expand access to first-in-class genome medicines.

Contact

EQT Press Office

press@eqtpartners.com

About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of more than three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has €‌​​270​‌ billion in total assets under management (€141​‌ billion in fee-generating assets under management) as of 31 December 2025, within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

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Ondal Medical Systems to acquire Völker Video- und Datentechnik GmbH

Hünfeld, Germany – 3rd February 2026 – Ondal Medical Systems GmbH (“Ondal”), a portfolio company of IK Partners (“IK”), has signed an agreement to acquire Völker Video- und Datentechnik GmbH (“Völker”), a founder-led specialist in high-definition and ultra-high definition (4K) video solutions for medical applications with a focus on cameras for surgical lights.

The acquisition marks the third add-on in Ondal’s buy-and-build strategy during IK’s ownership and represents an important step in broadening its offering beyond medical suspension systems, while further strengthening its position as a technology partner to leading MedTech Original Equipment Manufacturers (“OEMs”) and hospital integrators. Video solutions for medical applications, particularly surgical light systems, represent a highly complementary segment, supported by the growing need to document surgical procedures as well as the increasing importance of live training, remote collaboration and minimally invasive procedures. Völker founder Thomas Völker will remain with the business of Ondal Group, demonstrating his strong commitment to the long-term development of the combined platform.

The combination will enable Ondal to accelerate the development and scaling of this new segment by leveraging (i) an increasing share of wallet with complementary customers, including major MedTech OEMs and (ii) Völker’s electronics expertise in low-latency image processing, including capabilities relevant for 3D image representation in applications such as surgery, diagnostic, microscopy or endoscopy.

Dr. Markus Schneider, CEO of Ondal Medical Systems, commented: “The acquisition of Völker is a significant milestone for Ondal as we expand into video solutions for medical applications, a segment with clear clinical relevance and attractive long-term demand drivers. Völker’s technology and electronics expertise are highly complementary to Ondal’s platform, including its customer relationships and we look forward to working together to accelerate innovation and scale the offering globally.”

Thomas Völker, CEO / Founder of Völker, added: “I am very pleased to have found a strong and highly synergetic long-term home for Völker. Together with the Ondal team, we will build on our shared technological strengths, further develop our medical video solutions and actively shape the next phase of growth for the combined group.”

About Ondal Medical Systems

Ondal is a globally leading original design manufacturer of medical suspension systems for operating rooms, intensive care units and diagnostic environments, serving a blue-chip customer base of MedTech OEMs and hospital integrators.

About Völker Video- und Datentechnik GmbH

Völker is a founder-led specialist in high-definition and ultra-high definition (4K) video solutions for multiple medical applications with focus on cameras for surgical lights, serving a blue-chip customer base of MedTech OEMs.

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WindRose Health Investors Makes Investment in Avalon Healthcare Solutions

Franciso Partners

New York, NY, January 12, 2026 – WindRose Health Investors, LLC (“WindRose”), the New York-based healthcare private equity firm, announced that it has completed an investment in Avalon Healthcare Solutions (“Avalon” or the “Company”), a platform that integrates laboratory science and data to power real-time, lab-driven insights on behalf of health plan clients. Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses, has also made an additional investment in the company. Avalon helps to ensure the appropriate use of routine and genetic lab tests and manages a national network of independent test providers.

WindRose’s investment and deep experience scaling tech-enabled payer services solutions will enable Avalon to accelerate its growth trajectory, invest in novel product offerings and further develop its next-generation technology platform. Avalon is uniquely positioned to address the complex and evolving needs of payers with its proprietary technology that automatically reviews and enforces lab test claims against client-adopted, clinically-derived policies. Avalon’s management team, headed by CEO Bill Kerr, will continue to lead the Company in its next phase of growth.

“We are grateful for Francisco Partners’ continued support and are excited to partner with WindRose and begin this next chapter,” said Mr. Kerr. “Francisco Partners has enabled us to grow and scale Avalon to where it is today, and we believe WindRose is a perfect additional partner to support the Company’s growth strategy of delivering an end-to-end lab benefit management platform. With the help of WindRose’s investment and strategic involvement, Avalon will continue to drive meaningful efficiencies on behalf of its health plan clients while also focusing on investing in innovation and building out its suite of capabilities.”

“Avalon has built a leadership position as a preferred partner to health plans that seek operational efficiencies while managing increasingly complex lab benefits. Avalon’s purpose-built lab insights platform uniquely combines lab benefits management, clinical science, and analytics to deliver value to its clients. We are thrilled to partner with Bill and the team to scale the business and continue to support product innovation,” said David Pontius, Partner at WindRose.

“Avalon has evolved into a differentiated, mission-critical partner for health plans by combining deep clinical expertise with a highly scalable technology platform,” said Ezra Perlman, Co-President of Francisco Partners. “We are excited to continue supporting Bill and the Avalon team as they invest in new product capabilities and drive meaningful impact for payers navigating an increasingly complex diagnostics landscape.”

William Blair acted as financial advisor to Avalon. McDermott Will & Schulte LLP acted as legal advisor to WindRose, Kirkland and Ellis acted as legal advisor to Francisco Partners and Davis Polk & Wardwell LLP acted as legal advisor to Avalon.

About WindRose Health Investors

New York City-based WindRose makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. With approximately $7 billion under management, WindRose invests in companies throughout the United States. For more information, please email us at info@windrose.com.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in over 500 technology companies, making it one of the most active and longstanding investors in the technology industry. With over $50 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

About Avalon Healthcare Solutions

Headquartered in Tampa, Florida, Avalon is a healthcare technology company focused on managing the appropriate use of thousands of routine and genetic diagnostic laboratory tests on behalf of health plan clients. Avalon’s library of evidence-based lab policies is actively managed by a team of scientists and encoded into its proprietary platform to help payers reduce avoidable costs and improve clinical outcomes. For more information, please visit www.avalonhcs.com.

Contact:
Lambert by LLYC
Caroline Luz
cluz@lambert.com
203-570-6462

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EQT Life Sciences backs Kinaset Therapeutics’ USD103 million Series B to advance inhaled therapeutic for treatment of respiratory diseases

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EQT Life Science

EQT Life Sciences x Kinaset Therapeutics

  • EQT Life Sciences invests in U.S.-based Kinaset Therapeutics – a clinical-stage biopharma company developing a novel and differentiated inhaled therapeutic to treat serious respiratory diseases
  • Proceeds from the oversubscribed USD 103 million Series B round to help advance frevecitinib – a single-capsule dry powder inhaler delivering therapeutic lung concentrations, with the potential to treat the broad asthma population
  • EQT Life Sciences’ Daniela Begolo to join Kinaset Therapeutics’ Board of Directors

EQT Life Sciences is pleased to announce that the LSP 7 Fund has invested in Kinaset Therapeutics (the “Company”), a clinical-stage biopharmaceutical company based in Boston, U.S. developing a novel and differentiated inhaled therapeutic to treat serious respiratory diseases.

The investment was made as part of Kinaset’s oversubscribed USD 103 million Series B financing, led by RA Capital Management and Forge Life Science Partners, with participation from new investors EQT Life Sciences, Vivo, Schroders, Willett Advisors, Pictet, and Sixty Degree Capital, as well as existing investors Atlas Venture, 5AM Ventures, and Gimv.

Asthma affects millions of patients worldwide, yet a significant proportion remains inadequately controlled on existing therapies. Today’s biologic treatments mainly help patients with certain types of inflammation, leaving many with severe asthma without effective options. This has created a clear unmet need for broadly effective, safe, and inhaled anti-inflammatory therapies that can address the full spectrum of asthma disease.

Kinaset Therapeutics’s Series B will be used to help advance frevecitinib, a novel inhaled dry powder in development for patients with asthma that remains inadequately controlled by standard of care inhaled maintenance therapies. Frevecitinib is an inhaled pan-JAK inhibitor – an immune-modulating medication – designed to deliver therapeutic concentrations directly to the lungs via a single-capsule dry powder inhaler, while minimizing systemic exposure.
Daniela Begolo, Managing Director at EQT Life Sciences, who will join Kinaset’s Board of Directors, said: “Kinaset is taking a highly differentiated approach to asthma by pairing validated JAK biology with an inhaled delivery designed to maximize lung exposure while minimizing systemic risk. Backed by a strong and experienced management team, Kinaset has the potential to address a broad asthma population, including patients not well served by current therapies, making frevecitinib a particularly compelling program to advance into later-stage development.”

Robert Clarke, CEO of Kinaset Therapeutics, said: “Since day one, our goal has been to establish a best-in-class therapeutic for the treatment of severe inflammatory respiratory diseases. Critically, and unlike the majority of existing therapeutics, frevecitinib can provide benefit to all patients with severe asthma including those with a non-eosinophilic phenotype who continue to suffer from an absence of safe and effective therapies. This financing marks a significant milestone for Kinaset to execute our vision of advancing frevecitinib through a Phase 2 dose-ranging clinical study in severe asthma and potentially beyond. The participation of leading life science investors underscores both the strength of our team and the critical unmet need we aim to address.”

Contact
EQT Press Office, press@eqtpartners.com

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About EQT Life Sciences
EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences aims to back the smartest inventors who have ideas that could truly make a difference for patients.

More information: www.eqtgroup.com/private-capital/eqt-life-sciences

About Kinaset Therapeutics, Inc.
Kinaset Therapeutics is focused on developing inhaled therapeutics to address significant unmet medical needs in respiratory diseases. With founding investors 5AM Ventures, Atlas Venture and Gimv, the Company is pursuing a patient-focused approach to build a leading respiratory therapeutics company.

See more information at the Company’s website 

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819 Capital Partners acquires significant minority stake in RiverD

819 Capital Partners

Deventer, 5 January 2026 – 819 Capital Partners has acquired a significant minority participation in RiverD International. The investment, through 819 Evergreen Fund, is aimed at supporting RiverD’s long-term growth and development.

RiverD is a Dutch high-tech company developing and manufacturing advanced instruments for non-invasive molecular analysis of human skin and tissue using Raman spectroscopy. Its skin analysis technology enables real-time, reagentless measurement of skin tissue composition. RiverD’s other R&D-focus area is Raman-guided surgery based on fiber-optic technology.

The company’s solutions are used globally in medical and dermatological research, and cosmetic and pharmaceutical R&D.

RiverD was founded by Gerwin Puppels, who is widely regarded as one of the world’s leading experts in Raman spectroscopy and a pioneer in its application to biomedical research. As founder and CEO, he has been the driving force behind RiverD’s scientific vision, technological leadership, and international reputation.

The transaction reflects 819 Capital’s confidence in RiverD’s technology, market position, and long-term potential. Through the investment from the 819 Evergreen Fund, RiverD gains access to growth capital and strategic support to accelerate product development, international expansion, and further market adoption.

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With WA Beveiliging attracts Karmijn Kapitaal as growth partner for further growth within care security and public safety

Karmijn Kapitaal

Zeist, 5 january 2026 – Investor Karmijn Kapitaal is taking a majority stake in security organization Met WA Beveiliging. The Zeist-based company specializes in safety within care environments and community settings. The collaboration, which has been established under the guidance of Marktlink, is aimed at further growth in a consolidating market. Met WA Beveiliging and Karmijn Kapitaal want to realize growth through both organic growth and acquisitions.

Since 2016, Met WA has been providing security solutions in, among others, mental health care (GGZ), hospitals, youth care, reception locations and distribution centers. Security guards and Care & Safety employees work daily at locations where rapid signaling, maintaining calm and careful action are essential. In close collaboration with care professionals and other chain partners, they combine safety with practical support on the work floor, such as accompanying clients, supporting care providers and carrying out daily work activities within care institutions.

Own academy

Through its own Met WA Academy, employees receive practice-oriented training in, among other things, de-escalation, dealing with special behavior, risk management, aggression regulation and emergency response (BHV). This broad base makes teams deployable at diverse locations, from closed departments to the emergency room. The organization consists of 21 staff members and several hundred security professionals.

In recent years, Met WA expanded its field of work, among other things through the acquisition of the Nederlandse Veiligheidsgroep (NVG) in 2023. With this, in addition to care security, public safety also became a permanent part of the service provision.

Investment with positive social impact

Karmijn Kapitaal supports the further professionalization and growth of Met WA. As an investor, Karmijn focuses on SME companies with a positive social impact, among others within the themes of care and safety. “We have carefully prepared this step and consciously searched for a partner who shares our vision,” says founder Michiel Broeksma. “Together with Marktlink, we actively explored the market. In Karmijn Kapitaal, we have found the right party to further develop Met WA. This acquisition enables us to accelerate building a professional, scalable organization that is ready for the future.”

Karmijn underlines the distinctive character of the organization. “The need for safety in care and public domains continues to increase. At the same time, this requires different solutions than traditional security,” according to Nicole Zomerhuis of Karmijn Kapitaal. “Met WA offers a professional and people-oriented model that is scalable and broadly applicable. We are pleased to support the organization in increasing its positive impact on care and other social environments.”

Buy-and-build as growth path

The collaboration with Karmijn forms the starting point of a buy-and-build strategy. Met WA aims for targeted acquisitions of security companies within care, hospitality or public safety. “This transaction is a logical step within the consolidation wave in this sector,” says Jeffrey Scholtens, partner at Marktlink. “We see an increasing demand for security services that match the complexity of care and public environments, whereby tightened legislation and regulations around self-employed (zzp) constructions strengthen this demand. Met WA is a mature and distinctive player who is excellently positioned to play a central role in this dynamic. We facilitate the connection with parties that match the profile and ambitions of the organization through our network. Within the group that arises from this, the companies strengthen each other to become a leading player within (care) security.”

 

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