Private equity firms were involved in 280 physician medical group transactions in 2024, accounting for 59% of total healthcare deals that year, according to VMG Health’s 2025 Healthcare M&A Report released April 22. This marks the lowest share of private equity participation since 2018, reflecting a gradual decline from a peak of 80% in 2019.
Here’s a breakdown of private equity physician group deals since 2018:
| Year | Total deals | PE and PE-backed deals | Share of total |
| 2018 | 258 | 191 | 74% |
| 2019 | 245 | 195 | 80% |
| 2020 | 188 | 133 | 71% |
| 2021 | 461 | 325 | 70% |
| 2022 | 607 | 424 | 70% |
| 2023 | 535 | 338 | 63% |
| 2024 | 430 | 280 | 59% |
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