Private Equity Principal

M&A Principal — Healthcare (Home-Based Care)

Company: Mid-size Private Equity firm
Focus: Home-based care services (home health, personal care, hospice, HCBS, behavioral home services, ancillary/home-infusion, tech-enabled care)
Location: New York City • Type: Full-time • Travel: ~25–40%

Role Summary

Lead end-to-end deal flow and execution in healthcare with an emphasis on home-based care. You’ll originate opportunities, run disciplined processes from IOI/LOI through close, and partner with operating leaders post-close to create value. This is a Principal seat with clear visibility to Partner: you own the funnel, the model, the diligence workstreams, and the path to underwriting conviction.

What You’ll Do

Deal Origination & Thesis

• Build and execute sector theses across home-based care (home health, hospice, personal care/private duty, HCBS/waiver, behavioral at-home, infusion/DME-at-home, virtual-to-home hybrids).

• Develop banker / broker / founder relationships; maintain coverage maps and quarterly touch plans.

• Source proprietary opportunities (conference circuits, clinician/founder networks, buy-and-build adjacencies).

• Screen targets, structure outreach, and drive top-of-funnel KPIs (screens/week, IOIs/month).

Underwriting & Execution

• Lead IOI/LOI drafting, valuation, and structures (earnouts, seller roll, R&W, debt terms).

• Own financial workstreams: 3-statement + LBO models, returns cases, sensitivity/credit metrics, QoE coordination.

• Run diligence: clinical quality, payer/reimbursement (Medicare/Medicaid, MA, MCOs), coding/billing, PDGM, hospice cap, licensure, compliance (AKS/Stark/HIPAA), state survey history, labor (caregiver pipeline), and revenue integrity.

• Coordinate lenders, legal, regulatory, and consultants; manage VDR, issues logs, and workback plans to IC.

• Prepare crisp IC materials; defend assumptions and risk mitigants.

Portfolio & Value Creation

• Partner with management on 100-day plans, KPI dashboards, and bolt-on pipelines.

• Stand up roll-up playbooks: market mapping, tuck-in underwriting, integration guardrails (credentialing, EMR, referral sources).

• Track operating cadence (weekly/monthly KPIs; payer mix, census, visit utilization, clinician attrition, DSO/AR).

Firm-Building

• Mentor Associates/Analysts; elevate modeling, research, and memo standards.

• Contribute to fundraise materials and LP dialogues as needed.

What You’ve Done (Qualifications)

• 7–10+ years total experience with recent Principal-level ownership of deals in PE (or VP+ IB/Corp Dev with closed healthcare services deals).

• Closed-deal track record in healthcare; ideally in home-based care or adjacent multi-site services.

• Expert in LBO modeling, credit metrics, and debt processes (A/B, unitranche, SBIC/MM/UMM lenders).

• Proven leadership of cross-functional diligence (financial, clinical, regulatory, legal, HR, IT/EMR).

• Fluency in reimbursement mechanics: Medicare FFS/MA, Medicaid waivers/HCBS, PDGM, hospice cap, OASIS, payer contracting, referral dynamics.

• Comfortable negotiating key documents (LOI, purchase agreement terms, debt term sheets) with counsel.

• Executive presence with founders, clinicians, bankers, and lenders; crisp written IC communication.

• Bachelor’s degree required; MBA or advanced credential a plus.

What You Are (Competencies)

• Origination engine: builds repeatable sourcing; disciplined CRM hygiene and coverage.

• Underwriting athlete: sharp on value drivers, downside cases, and clear “what would have to be true.”

• Operator-aware: translates diligence into 100-day plans and measurable operating KPIs.

• Decisive & accountable: bias to action, owns outcomes, raises risks early with solutions.

• Team leader: develops juniors; sets a high bar for analytic and memo quality.

Success Metrics (First 12–18 Months)

• Top-of-funnel: 20–30 qualified management meetings/quarter; 8–12 IOIs/quarter.

• Conversion: 3–5 LOIs/quarter; 2–3 platform or add-on closes/year (mix by fund mandate).

• Underwriting quality: IC rework