Behavioral health private equity activity declined in 2023

Overall healthcare-focused private equity activity saw a 16.2% year-over-year decrease in 2023, according to PitchBook's "Healthcare Services Report" published Feb. 8.

Meanwhile, skilled care and behavioral health-focused private equity faced a similar decline after rising in 2021. The number of deals between 2020 and 2021 rose from 162 to 216, before declining to 165 deals in 2022 and down to just 100 in 2023.

The first quarter was the most active for behavioral health activity, with 33 deals. Both the second and third quarters saw 23 deals each, which decreased to 21 in the final quarter of the year.

Add-on deals were the most popular in the behavioral health field, accounting for 62 of the deals made in 2023. Meanwhile, 26 were growth deals, while another 12 across the year were platform deals.

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