TPG

Private equity is expanding its physician roll-up strategy into specialties that combine clinical practices with procedures and ancillary services.

As credit secondaries scale and GP-led continuation vehicles gain traction, the secondaries market is splitting in two—buyers still demand discounts from LP sellers, while trophy assets controlled by GPs increasingly clear at par or better.

Institutional capital is flowing into the next generation of private markets, with insurers leading the charge into RIA investing and private credit secondaries.