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Peer Fund / Dealmaker·Pharma Services

Andrew Kaplan

Partner, Healthcare at Bain Capital

Boston, MA

AK
LinkedIn
Why they matter

Kaplan is a lead Bain Capital healthcare dealmaker actively deploying capital into pharma services/CDMO platforms like PCI Pharma, making him a key read on deal terms and sector appetite.

Background

Andrew Kaplan is a Partner in Bain Capital's Healthcare vertical within the North America Private Equity team, which he joined in 2009 after working as an investment banker at Goldman Sachs. He co-founded EngagedHealth, LLC, a post-hospitalization services company for chronically ill, low-income patients, which shaped his thesis on value creation through higher-quality, lower-cost care delivery models. He holds an MBA from Harvard Business School (Baker Scholar) and a B.S. in Economics from The Wharton School (magna cum laude).

Notable deals

  • 2025
    Led Bain Capital's healthcare team on a strategic follow-on investment in PCI Pharma Services (alongside Kohlberg and Mubadala), a leading pharma services/CDMO platform, to fund its next phase of growth
  • 2018
    Announced and quoted on QuVa Pharma's new equity and debt funding round backing the sterile compounding pharmacy platform's rapid expansion
  • 2018
    Appointed to the Board of Directors of Surgery Partners, Inc. as Bain Capital's representative following its healthcare services investment

Call-prep brief

Andrew Kaplan — Partner, Healthcare, Bain Capital

Background

  • Joined Bain Capital in 2009 from Goldman Sachs investment banking; HBS MBA (Baker Scholar), Wharton BS Economics.
  • Co-founded EngagedHealth, LLC (post-acute/readmission-reduction services), which grounds his investment thesis in value-based, lower-cost care delivery.

Current focus

  • Senior healthcare deal lead within Bain Capital's North America Private Equity team.
  • Active board seats spanning pharma services/CDMO (PCI Pharma Services), specialty pharmacy/compounding (QuVa Pharma), surgical facilities (Surgery Partners), and other healthcare platforms (U.S. Renal Care, InnovaCare Health).

What he cares about

  • Scaled, outsourced healthcare services platforms with recurring, mission-critical revenue (packaging, compounding, dialysis, surgical facilities).
  • Buy-and-build growth via bolt-on M&A and capacity expansion rather than pure multiple arbitrage.

Recent moves

  • Co-led (with Christina Dix) Bain Capital's July 2025 follow-on strategic investment in PCI Pharma Services alongside Kohlberg and Mubadala — directly relevant to CDMO/pharma services diligence.

Potential sensitivities

  • Multiple live board seats (Surgery Partners, PCI Pharma, QuVa Pharma, U.S. Renal Care, InnovaCare Health) may limit bandwidth and create information-wall considerations if discussing competing CDMO assets.
  • Bain Capital's large existing PCI Pharma position could make him guarded discussing rival CDMO platforms.

Questions to ask

  1. What underwriting criteria made PCI Pharma's 2025 follow-on compelling versus other CDMO/pharma services assets Bain evaluated?
  2. How is Bain thinking about capacity/geographic bolt-on M&A across its pharma services portfolio right now?
  3. What operational levers (quality systems, redundancy, scale capacity) does he see as the biggest value-creation drivers in CDMO platforms today?

Outreach draft

Subject
Question on pharma services/CDMO investing
Hi Andrew, I'm reaching out because of your work leading Bain Capital's healthcare investments in pharma services, including the recent PCI Pharma Services investment alongside Kohlberg and Mubadala. We're doing focused diligence on the CDMO/pharma services space and would value your perspective on where capacity, quality systems, and bolt-on M&A are creating the most value right now. Would you have 20-30 minutes in the next couple of weeks for a call? Happy to work around your schedule and keep it high-level and non-competitive with your existing portfolio. Thanks for considering, [Placeholder Name]

Linked companies

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