Holly Buckley

Thanks, Scott, and thanks for having me on. I'm actually coming at you live today from the KO 2025 Women's Healthcare Private Equity Summit here in Chicago. So I apologize if there's any background noise. So it's actually great to be at a conference right now and hear some of the discussion around what folks are seeing and how they're viewing the market.

And so I have a few thoughts just from hot takes from the conference so far and then a few thoughts on the federal level. In terms of what we're seeing in the market, I mean, I think one interesting observation is that healthcare provider services investing is likely somewhat tariff resistant.

And so I have a few thoughts just from hot takes from the conference so far and then a few thoughts on the federal level. In terms of what we're seeing in the market, I mean, I think one interesting observation is that healthcare provider services investing is likely somewhat tariff resistant.

While I think the overall market conditions are going to have somewhat of an impact in terms of the specific sector, it may be a better sector to be in than some others that are going to be much more greatly impacted. I think, though, there are very strong headwinds and or strong headwinds in terms of the regulatory environment at both the federal and state level for different reasons.

While I think the overall market conditions are going to have somewhat of an impact in terms of the specific sector, it may be a better sector to be in than some others that are going to be much more greatly impacted. I think, though, there are very strong headwinds and or strong headwinds in terms of the regulatory environment at both the federal and state level for different reasons.

The federal level, it's really the uncertainty of the new administration. And on the state level, it's really around the transaction notices, both notice and consent that we're seeing a proliferation of. And we've talked about a number of other times. I think one of the other big headwinds we're seeing a lot of discussion around is just continued staff shortages and labor market issues.

The federal level, it's really the uncertainty of the new administration. And on the state level, it's really around the transaction notices, both notice and consent that we're seeing a proliferation of. And we've talked about a number of other times. I think one of the other big headwinds we're seeing a lot of discussion around is just continued staff shortages and labor market issues.

But we're maybe seeing some reduction in competition around certain assets, just given some reluctance to invest. I think we're seeing a lot of investors looking for investments with little or no exposure to government reimbursement. I think there's just so much uncertainty right now in terms of government reimbursement that

But we're maybe seeing some reduction in competition around certain assets, just given some reluctance to invest. I think we're seeing a lot of investors looking for investments with little or no exposure to government reimbursement. I think there's just so much uncertainty right now in terms of government reimbursement that

Investors are looking for areas where they're either a degree removed or in a different sector. One area that may not be surprising to have a lot of discussion at KO is women's health.

Investors are looking for areas where they're either a degree removed or in a different sector. One area that may not be surprising to have a lot of discussion at KO is women's health.

It's an area that I think that folks view as having a lot of potential, but a lot of assets are still more at the VC size, but a lot of interest in assets around women's behavioral health, lactation, apps, menopause, just I think a lot of potential in this area.

It's an area that I think that folks view as having a lot of potential, but a lot of assets are still more at the VC size, but a lot of interest in assets around women's behavioral health, lactation, apps, menopause, just I think a lot of potential in this area.

and then med spa we've talked about that's still an area with a lot of opportunity infusion and there's still a big focus on value-based care and then in terms of ppm where we've seen a fair amount of pullback the themes really are that it needs to be ppm plus like just rolling up businesses is not enough there needs to be a strong angle in addition to that as well as the key focus on

and then med spa we've talked about that's still an area with a lot of opportunity infusion and there's still a big focus on value-based care and then in terms of ppm where we've seen a fair amount of pullback the themes really are that it needs to be ppm plus like just rolling up businesses is not enough there needs to be a strong angle in addition to that as well as the key focus on

on culture and vision. But let me pause there and see if there are questions on any of those.

on culture and vision. But let me pause there and see if there are questions on any of those.

Yeah, I mean, look, I think there's always a general great vibe when you get to a women's investor conference. I think it's just an area where there frankly is not enough female representation yet. And so anytime you get a bunch of women together who are passionate about healthcare investing, there's a great vibe and a great excitement about visiting.

Yeah, I mean, look, I think there's always a general great vibe when you get to a women's investor conference. I think it's just an area where there frankly is not enough female representation yet. And so anytime you get a bunch of women together who are passionate about healthcare investing, there's a great vibe and a great excitement about visiting.

But I think in terms of the market, I mean, I don't think anyone's excited about it. I think that there's a huge amount of trepidation and anxiety. I think that the current environment is one where No one quite knows what any day is going to bring and folks are watching their stock portfolio crater or wildly bounce around.