Skip to Content
 

Investing in Healthcare Transformation

“Value-Creating Investments Pursued by Leading Private Equity Firms in a Complex, Fragmented, and Inefficient Healthcare Sector”

  • Moderator: Professor Cliff Cramer, Adjunct Professor and Director, Healthcare and Pharmaceutical Management Program, Columbia Business School
  • Michael Dal Bello, Managing Director, Blackstone Group
  • Joseph Ibrahim, Principal, The Riverside Company; President, Healthcare Private Equity Association (HCPEA)
  • Jonathan Korngold,  Managing Director, General Atlantic LLC 
  • Allen Thorpe, Managing Director, Hellman & Friedman 

ISSUES

  • Private equity firms’ approach and strategies in identifying attractive healthcare investment opportunities – US and international.
  • Investment selection, risk assessment, valuation, capital structuring, role of leverage, competition from strategic buyers, value-creating strategies, exit options, etc.
  • Current state of the capital markets and its impact on healthcare deal flow.
  • Career opportunities in healthcare private equity.

 

Cliff Cramer
Adjunct Professor and Director, Healthcare and Pharmaceutical Management Program
Columbia Business School

Cliff Cramer spent over 25 years as a senior professional in the financial services and healthcare/ pharmaceutical sectors. He was Managing Director at JP Morgan and Merrill Lynch in their global healthcare investment banking groups, and Vice President, Corporate Planning & Development at Merck & Co., Inc., with worldwide responsibilities for strategic planning and business development.

Mr. Cramer’s previous experience includes the co-founding of American Health Capital / VHA Enterprises, Inc., a healthcare/ financial services firm serving the capital needs of multi-hospital systems and other healthcare providers, and investment banking positions with Paine Webber, Inc. and L.F. Rothschild, Unterberg, Towbin, Inc. Mr. Cramer serves as board member (past president) of Big Brothers Big Sisters of Mercer County, NJ.

Mr. Cramer is currently Director of the Healthcare and Pharmaceutical Management Program and Adjunct Professor at Columbia Business School. He teaches two MBA courses: Strategy and Competition in Pharmaceuticals and Biotechnology, and Healthcare Investment and Dealmaking.

 

Michael Dal Bello
Managing Director
Blackstone Group

Michael Dal Bello is a Managing Director in the Corporate Private Equity Group. Since joining Blackstone in 2002, Mr. Dal Bello has been involved in analyzing numerous investments in the healthcare, retail, communications and general industrial sectors. Before joining Blackstone, Mr. Dal Bello was an Associate at Hellman & Friedman where he was involved with the analysis and execution of private equity investments in the media and professional services sectors. Prior to that, Mr. Dal Bello worked as a strategic consultant at Bain & Company and also was a Research Associate at the China Center for Economic Research in Beijing as a Luce Scholar. Mr. Dal Bello received a BA in International Relations and a BS in Finance from the Wharton School of the University of Pennsylvania where he graduated summa cum laude and was elected to Phi Beta Kappa. Mr. Dal Bello was selected as a Thouron Scholar to attend Oxford University where he received an MA. Mr. Dal Bello received an MBA from Harvard Business School.

He currently serves on the Board of Directors of Alliant Insurance, Apria Healthcare Group, Biomet, Catalent Pharma Solutions, Emdeon, Team Health, and Vanguard Health Services.

Joseph Ibrahim
Principal
The Riverside Company

 

Joseph Ibrahim is Principal, Healthcare at The Riverside Company, a global private equity firm with $3.2 billion in assets under management.  Mr. Ibrahim is responsible for evaluation of healthcare acquisitions in North America, Europe, and the Asia-Pacific region. He also oversees Riverside’s healthcare specialization, and helps determine and maintain the firm’s healthcare investment strategy. Riverside is among the world’s most active generalist investors, and one of the most active healthcare investors in the world, having completed more than 60 healthcare acquisitions.  In addition to his responsibilities at The Riverside Company, Joseph is the President of The Healthcare Private Equity Association, (“HCPEA”).  HCPEA represents one of the largest groups of privately-held healthcare businesses in the U.S.  Its members’ approximately represent over $500 billion of capital under management and have 500 healthcare portfolio companies with over $200 billion of combined revenue and employ over 750,000 employees. Prior to joining Riverside, Ibrahim was Director of Healthcare Private Equity at MBF Healthcare Partners. He also served as Vice President, GE Capital, as Vice President, Corporate Development at Cardinal Health, and as Operating Principal at Healthcare Capital Consolidated. He began his career as an Associate with Southmark Corporation. Ibrahim earned his BA from Vanderbilt University and his MBA from Wake Forest University. He resides in Atlanta.

Jonathan Korngold
Managing Director
General Atlantic LLC

Jonathan Korngold is a Managing Director at General Atlantic, a global growth equity firm with $17 billion of capital under management, where he leads the Financial Services team, the Global Healthcare team and serves on the Executive Committee.

Mr. Korngold previously worked with Goldman Sachs's Principal Investment Area and Mergers & Acquisitions groups in London and New York, respectively. Mr. Korngold received his M.B.A. from Harvard Business School and graduated with an A.B. in Economics with Honors from Harvard College. He has also spent extensive time in China, where he studied Mandarin Chinese at Peking University and worked in the U.S. Embassy's Foreign Commercial Service in Beijing.

Mr. Korngold is active in the community and involved in many non-profit organizations, including current and previous service on the Boards of The 92nd Street Y, The Central Park Conservancy, Kids In Distressed Situations (K.I.D.S.), Streetwise Partners, and The Harvard Business School Club of NYC, among others.  In addition to Forum of YGL, he is a member of the Young Presidents Organization (YPO).

Alan R. Thorpe Allen R. Thorpe
Managing Director
Hellman & Friedman

Allen Thorpe is a Managing Director of Hellman & Friedman and leads the firm's New York office. His primary focus is Healthcare and Financial Services. He is a Director of Pharmaceutical Product Development, Inc., Emdeon Inc. and Sheridan Holdings, Inc.; Lead Director at LPL Investment Holdings, Inc.; and a member of the Advisory Boards of Artisan Partners Limited Partnership and Grosvenor Capital Management Holdings, LLLP. He was formerly a Director of Gartmore Investment Management Limited, Mitchell International, Inc., Mondrian Investment Partners, Ltd., Vertafore Inc. and Activant Solutions.

Prior to joining the Firm in 1999, Mr. Thorpe was a Vice President with Pacific Equity Partners in Australia and was a Manager at Bain & Company.

Mr. Thorpe graduated with Distinction from Stanford University and earned an MBA from the Harvard Business School where he was a Baker Scholar.