Our new report considers how shifting US regulation offers both headwinds and tailwinds for healthcare investors.

The research explores the regulatory landscape and its influence on the competitive positioning of healthcare companies, discussing how:

1) Regulatory forces can act as strong headwinds, particularly for businesses involved in the provision of medical care services or insurance. In our view these sub-sectors are less attractive than other areas of healthcare

2) Some of these same regulatory forces can act as tailwinds for healthcare companies, especially for growth focused technology businesses where long-term success is more dependent on widespread adoption than on payer rates.

3) In these select cases long-term regulatory shifts can create asymmetry to the upside for companies’ return profile.

‘Examining Healthcare’ argues for a nuanced approach to effective capital allocation in the healthcare sector, including a dual focus on limiting disruption from risks that are difficult to quantify and finding opportunities where regulatory shifts can accelerate the adoption of proprietary science or technology.

Hayfin today announces that, through its Private Equity Solutions strategy, it is acting as lead investor, together with Eurazeo, in the €220 million Continuation Fund raised by 21 Invest France to support the next phase of its ownership of ProductLife Group (“PLG”).

PLG is a global expert in regulatory affairs and compliance consulting for the healthcare industry. Serving more than 1,000 clients ranging from pharmaceutical companies, biotech and medtech companies, the group covers the entire lifecycle of pharmaceutical products, from development to post-marketing vigilance, across more than 150 countries. The company has expanded rapidly, driven by double-digit organic growth and 16 acquisitions in nine countries since 2020.

In addition to its management team, which is reinvesting significantly, PLG will be jointly controlled by Oakley Capital and 21 Invest France, which is reinvesting through its sixth fund vintage and the newly established Continuation Fund led by Hayfin and Eurazeo. Other investors are joining in syndication.

Gonzalo Erroz, Managing Director, Private Equity Solutions at Hayfin, commented: “We are delighted to partner with 21 Invest France to help support the continued growth of PLG at an exciting time for the business, as it seeks to expand its global presence and offering. The Continuation Fund will provide PLG with substantial resources to execute organic growth initiatives and pursue strategic acquisitions.”

Severin de Mortemart, Director, Private Equity Solutions at Hayfin, added: “This transaction further adds to our teams strong track record of identifying and supporting established sponsors in local markets on the continued growth trajectory of marquee assets in Hayfin’s core sectors of focus.”