Cerebus getting cooked
Anyone see Cerebus get absolutely cooked in the Axios Pro Rata email? Pretty funny imo, but a tough look for them
Anyone see Cerebus get absolutely cooked in the Axios Pro Rata email? Pretty funny imo, but a tough look for them
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Career Resources
Can you post an excerpt?
"Cerberus Capital Management is, in part, a private equity firm. That means it often buys companies, controls them, and then sells them.
Behind the scenes: Cerberus took issue with what I wrote on Wednesday about Steward Health, the hospital chain that it owned between 2010 and 2020.
Two things I wrote: "In 2014, Cerberus closed one of the Mass. hospitals it had acquired, despite having pledged not to do so for at least 10 years after the acquisition, as part of the state regulatory approval process."
How Cerberus replied, via a spokesperson:
"Neither of these statements are true. It is inaccurate to attribute either of these actions to Cerberus. Steward made its operating decisions. Cerberus did not have a majority of seats on the Board. And, at the risk of stating the obvious, Steward and Cerberus are separate companies."
Between the lines: First, Cerberus did indeed have a majority of seats on Steward's board, according to cached versions of the company's own website and public disclosures.
The bottom line: It isn't unusual for companies or investment firms to complain about something written here. But Cerberus might win the prize for unintentional comedy."
damn crazy read on Cerebus on their hospital investments
Which part is a tough look for them? Other than the fact that their PR team should exercise the common sense to simply stay silent.
Yeah agreed. Could always be island related or exiting infra team
Healthcare PE is a wild world, some of their statistics they monitor would be PR nightmares if they came to light
Which KPIs would be controversial?
Average lifetime customer value per underage leukemia patient
I used “statistics” intentionally due to that JAMA study and all the data they deep dived last year, I should clarify that I was specifically referencing hospitals. Their work is pretty damning from an ethical side, they lay out all the metrics, too.
How much increased incremental income per patient can squeeze out of Medicare/medicaid.
Lmao honestly why I love it.
As much I disagree with FTC on their antitrust litigations, especially Lina Khan's view on antitrust enforcement, I would say the investigation she is doing into Healthcare PE is a good thing, too many issues with hospitals/clinics run by PE.
Alright socialist
Capitalism slaps… but it’s not perfect. Sometimes you have to step in to deal with these types of externalities
Certain practices sure - PE-run staffing companies and hospital in general are close to as pure evil as you can get in healthcare. General Catalyst / Summa is probably an exception since it's more of a growth / tech play. Straight up buyouts? Definitely a lot of shady stuff going on there.
This is exactly why I picked a HC PE fund that doesn't invest in traditional HC services / brick & mortar healthcare... plus HCIT / pharma services is more interesting anyways.
Do you mind if I DM you? Interested in learning more about your experiences investing in HCIT
Do you mind if I DM you as well?
Eh I don't think outpatient services is as badly run as PE-backed in-patient / hospital facilities. Used to work at one pre-MBA and it was honestly really fun to work there. If it was still privately owned and in the growth phase, I would have 100% returned back post MBA as long as I got to join the corporate team I want.
Will agree though on HCIT / Pharma spaces being very interesting. Familiar with HCIT, not so much pharma (CROs etc).
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