In November 2025, a private equity firm best known for backing consumer brands made a move that looked more like a retail deal than a healthcare one: a 42.5% stake in a 121-clinic physician network spanning 20 states.
L Catterton, the firm behind stakes in Peloton and other consumer names, became co-lead investor in US Fertility alongside existing owner Amulet Capital Partners, which reduced its ownership stake by half, to 42.5%, while remaining a co-lead investor and increasing its dollar commitment to the company. Physicians and management retained 15% ownership. The deal came with up to $1.7 billion in combined capital, including a $120 million revolving credit line and a $125 million growth loan, per S&P Global.
US Fertility, built when Amulet backed Shady Grove Fertility in 2020 and later merged with Ovation Fertility and partnered with Reproductive Medicine Associates, is projected to bring in roughly $969 million in revenue in 2026, 14% growth over the prior year.
Fertility care behaves more like a retail business than most specialties. It’s heavily self-pay, price-sensitive and won or lost on marketing and patient experience. The firm has said its interest centers on “better access, better experiences and better outcomes,” built on top of a physician-led clinical model it intends to keep in place.
L Catterton isn’t early to this. Private equity already controls a majority of the US IVF market. By the end of 2023, roughly a third of SART-member fertility clinics were PE-affiliated, and those clinics performed 54% of all IVF cycles nationally, according to peer-reviewed research. At least 11 PE-backed fertility platforms are now active in North America, including KKR-backed IVI RMA Global and Webster Equity Partners’ Pinnacle Fertility.
A single IVF cycle typically runs $15,000 to $30,000 or more out of pocket once medications are included. Twenty-five states and Washington, D.C. now mandate some form of fertility insurance coverage, but the mandates vary widely in what they cover and often don’t apply to self-insured employer plans, leaving significant cash-pay exposure even in “mandate” states. High per-episode spend paired with thin insurance coverage is exactly the consumer-facing, marketing-sensitive economics a firm built on Peloton and other direct-to-consumer brands knows how to run.
Fertility isn’t the only reproductive health corner drawing serious money. Unified Women’s Healthcare has been consolidating OB-GYN groups nationally, including its 2021 acquisition of Women’s Health USA.
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