Jim Hao

What’s Investable in Healthcare Right Now Yesterday I spent the afternoon at the Nashville Health Care Council Sessions event, surrounded by healthcare investors from across the spectrum: venture capital, lower middle market private equity, sovereign wealth funds (QIA), and Wall Street, discussing what’s truly investable in healthcare right now. A few clear themes emerged: 1. Profitability and strategy matter more than ever. Investors want companies that know their lane and stick to it. That means shedding unprofitable service lines, focusing on sustainable margins, and aligning business strategy with the policy environment. (Policy and strategy are inextricably linked!) 2. The Medicare pivot is here. With the last baby boomers aging into Medicare in 2029, the focus is shifting. The growth story is no longer about MA enrollment, it’s about controlling costs throughout the Medicare lifespan. Chronic kidney disease, orthopedics, home health, and specialty pharmacy are hot spots of excess spend. 3. Technology is the bridge to sustainability. AI tools that cut administrative burden, alleviate provider burnout, and help employers manage costs are investable today. LLMs are now table stakes, and it’s nonnegotiable to adopt these technologies, while recognizing the products will look very different in 3–5 years. 4. Consolidation and restructuring will happen.  Home health is ripe for roll-ups, payors are the most likely buyers for healthcare IT, and large “pay-viders” (I hate that term) may need to divest of provider assets as Medicare Advantage economics change. Partnerships with strategics are more attractive than traditional PE playbooks. The bottom line: margins are compressing and labor will have to be cut, but technology will carry the industry across the chasm. Ultimately, investors are backing companies with the experience, network, and conviction to lead through this environment, "not just tourists who heard that healthcare was a fun place to visit” (quote of the day by Marcus Whitney).

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Big milestone for Firmable. We’ve raised $14m Series A led by Airtree. Sales has moved through a few big waves: intuition-led, CRM-led, data-led. We’re now entering the next one – intelligence-led sales. The opportunity isn’t just better data. It’s turning that data into clear direction and action, without adding more work for sales teams. That’s what we’re building at Firmable: a foundation of trusted external data, layered with intelligence that helps sellers know who to focus on and when. Led by Airtree, this round supports our expansion across Asia and into the US – and accelerates the build-out of AI agents that take the admin work off sales teams so they can focus on what they do best. Proud of the team, grateful to our customers and investors. We’re just getting started. Read the exclusive in the AFR. https://lnkd.in/gr66uknb Leigh Jasper | Tara Salmon | Karthik Venkatasubramanian| Chester Thompson| Chath Widanapathirana

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Seed-stage fundraising requires differentiation. Grind Ventures found it at the intersection of three underserved markets Technology transfer from universities creates early-stage opportunities that most VCs miss. Defense and federal marketplace applications provide revenue visibility. Critical infrastructure sectors offer commercial scale. Focused Thesis - Dual-use technologies serving defense and 16 critical infrastructure sectors Technology Transfer - University research teams1-5 years old at $1-3M valuations Revenue Clarity - Federal marketplace provides structured procurement pathways Commercial Scale - Critical infrastructure sectors offer massive addressable markets   Geographic Focus - US-based companies with clear domestic advantages Stage Discipline - Seed investments with defined entry points and milestones The market rewards problem-obsessed founders with healthy margins and cash flow visibility. Dual-use technology delivers both. Which of these thesis elements resonates most with your investment approach? #VC #GrindVentures #ThoughtLeadership

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Two weeks ago on Swimming with Allocators, we sat down with David Clark, CIO at VenCap, to talk about what decades of venture data can teach allocators. One takeaway that stood out: discounts don’t matter as much as people think in venture secondaries. Because venture is such a power-law asset class, outcomes are driven by exposure to a few massive winners. Whether a stake is bought at a small discount, or even a premium, often matters far less than the quality of the underlying company and its upside. Great conversation on venture returns, manager selection, and the nuances of how allocators should think about secondary investments. 👇 Link in the comments.

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