O'Neill Nicholas, Mercille Julien
Geary Institute for Public Policy, University College Dublin, Ireland.
School of Geography and Geary Institute for Public Policy, University College Dublin, Ireland.
Health Policy. 2025 Sep;159:105378. doi: 10.1016/j.healthpol.2025.105378. Epub 2025 Jun 14.
Private equity (PE) firms are key actors in the financialisation of health care systems. Yet, research rarely focuses directly on these firms and related private for-profit actors involved in financialisation. Moreover, existing work mostly concerns the United States, while several key health care sectors remain under-researched.
This study examines the factors driving PE investment in long-term care (LTC) and the strategies PE firms use to enter and expand within the sector.
We conduct a thematic analysis of 20 in-depth interviews with expert informants, including senior executives from PE firms, financial investors and private for-profit providers. These interviews shed light on the role of PE in Ireland's LTC sector, specifically within nursing homes and home care.
Five key factors attract PE investment in Irish LTC: demographic trends, market composition, risk diversification, and the characteristics of state funding and regulation. In nursing homes, PE uses the "OpCo/PropCo" (operating company/property company) model. In home care, PE enters via global investments in parent companies, direct acquisitions of Irish firms, and master franchise agreements.
Examining private for-profit actors through key officials central to PE growth in LTC provides valuable insights into the financialisation of health care systems. This approach enhances our understanding of business interests driving investment in European LTC.
私募股权（PE）公司是医疗保健系统金融化的关键参与者。然而，研究很少直接关注这些公司以及参与金融化的相关私营营利性参与者。此外，现有工作大多关注美国，而几个关键的医疗保健部门仍未得到充分研究。
本研究考察推动私募股权投资长期护理（LTC）的因素以及私募股权公司在该领域进入和扩张所采用的策略。
我们对20名专家 informant 进行了主题分析访谈，其中包括私募股权公司的高级管理人员、金融投资者和私营营利性提供者。这些访谈揭示了私募股权在爱尔兰长期护理领域的作用，特别是在养老院和家庭护理方面。
五个关键因素吸引私募股权对爱尔兰长期护理进行投资：人口趋势、市场构成、风险多样化以及国家资金和监管的特点。在养老院，私募股权采用“运营公司/物业公 司”（OpCo/PropCo）模式。在家庭护理方面，私募股权通过对母公司的全球投资、直接收购爱尔兰公司以及主特许经营协议进入该领域。
通过长期护理领域私募股权增长的关键官员来考察私营营利性参与者，为医疗保健系统的金融化提供了有价值的见解。这种方法增强了我们对推动欧洲长期护理投资的商业利益的理解。
