In many ways, the third wave of private equity investment in physician-owned businesses is starting to mature. We view this third wave as having started around 2015 with investments in ophthalmology and dermatology practices. Earlier investments in radiology and emergency medicine, or pure-play ASCs, are really part of an earlier wave.
The FOCUS healthcare team represents medical practices and ancillary businesses in specialties where private equity-backed consolidation is occurring. We track activity in key verticals and maintain strong relationships with private equity firms and their portfolio companies.