The need for behavioral health care has only been heightened by the COVID-19 pandemic we are now experiencing. And TPG Capital is moving deeper into the space with its majority investment in LifeStance Health, a leading provider of outpatient behavioral health services. Existing investors Summit Partners and Silversmith Capital Partners remain as minority investors. TPG’s investment is reported to be $1.2 billion, according to PE Hub.
Founded in 2017, LifeStance offers a range of outpatient behavioral health services, delivered in-person and through telemedicine. The company focuses on creating and expanding low-cost outpatient access for patients seeking care for behavioral health conditions, on a commercially insured, in-network basis.
It has approximately 2,000 behavioral health clinicians across 15 states and 200 offices, with more than 1 million patient visits annually. The company currently delivers more than 25,000 visits a week through telemedicine, further lowering barriers for patients seeking care from home or from rural markets with limited in-person options. LifeStance’s team of psychiatrists, psychologists, nurse practitioners, and licensed therapists treat patients with a variety of behavioral health issues and across the age spectrum.
In 2019, TPG launched Kadient, a U.S.-based autism platform that was actively acquiring smaller autism programs. The California-based company announced seven add-ons that year, four in California and one each in Colorado, Georgia, and Ohio. No prices were disclosed in those deals.
The global PE firm also re-entered the hospital market in Southeast Asia last September, announcing a $1.2 billion deal for 17 hospitals in Southeast Asia, in partnership with the Hong Leong Group, a Malaysian conglomerate with interests in banking, financial services, manufacturing and distribution, property development, hospitality, and leisure. Columbia Asia Group, a portfolio company of Columbia Pacific Management, agreed to sell the 17 hospitals and one clinic with locations in Malaysia (12 hospitals), Indonesia (3) and Vietnam (2 and 1 clinic).
