By Ankit Shrivastava, Managing Partner, Enventure

In the global landscape of healthcare, India and the United States stand on opposite ends in terms of infrastructure, regulation, and capital intensity. Yet, both countries share a growing trend—the rising influence of private equity (PE) and the persistent role of family-led enterprises in shaping the healthcare narrative.

India: PE-Fueled Growth in Family-Run Healthcare

India’s healthcare sector has traditionally been dominated by family-led hospital chains, diagnostic labs, and pharmaceutical companies. From Apollo Hospitals to Dr. Lal PathLabs, family ownership has long provided stability, continuity, and a strong patient-centric culture. However, the past two decades have seen an influx of private equity investments that are rapidly transforming these legacy businesses.

PE firms bring more than just capital. They inject operational expertise, technology enablement, professional management, and a push toward scalability. For example:

• Manipal Hospitals, a family-founded chain, has scaled exponentially with the backing of PE giant TPG.

• MedGenome, a genomics-based diagnostics company, received investment from Sequoia and Sofina, allowing expansion into newer geographies and deeper tech integration.

The challenge for PE firms in India remains balancing professional governance with the deeply rooted values of family-led business models. Often, family owners are reluctant to dilute control. However, those that succeed in collaboration see exponential growth and IPO readiness.

United States: Institutional PE Meets Generational Medicine

In the U.S., the healthcare system is more corporatized, but family-run practices, clinics, and even hospital groups continue to exist—especially in rural America or niche specialties. Private equity has significantly increased its stake in U.S. healthcare, especially in the past decade, with investments in:

• Urgent care centers

• Physician groups and dental chains

• Home health and hospice services

• Behavioral health and addiction treatment

Firms like Blackstone, KKR, and Bain Capital have poured billions into healthcare verticals, drawn by stable returns and demographic trends like an aging population. However, the entry of PE into U.S. family-run healthcare practices is more transactional—often resulting in consolidation, reduced autonomy for physicians, and in some cases, concerns over patient care prioritization.

A growing debate in the U.S. centers around whether PE is compromising care quality in favor of profit. Nonetheless, for many second- or third-generation medical entrepreneurs, selling to or partnering with PE offers a viable exit or growth path in an increasingly regulated and cost-intensive environment.

Contrasts and Convergence

Conclusion: Toward a Hybrid Healthcare Future

As healthcare becomes more consumer-driven, tech-reliant, and capital-intensive, the fusion of family values and private equity precision can lead to resilient, scalable healthcare solutions. In India, this synergy is just gaining momentum. In the U.S., it’s redefining healthcare ownership. For both, the road ahead lies in balancing purpose with profit, ensuring that care remains at the core—even as capital takes the wheel.

About Author

Ankit Shrivastava is the Managing Partner at Enventure, where he leads investment and strategic advisory across the U.S. and India. His work bridges global innovation in healthcare, space, and sustainability through data-driven decision-making and long-term partnerships