Private equity underwriter (PEU) David Malm is a real estate tycoon on Nantucket Island and Martha's Vineyard. The Real Deal reported:
Malm, a managing partner of the Waltham-based Webster Equity Partners, a private equity firm that invests in the health-care industry.
Malm started with Bain Capital in 1987. He spent fifteen years with Halpern Denny & Company and joined Webster in 2007.
Halpern Denny & Company was a private equity firm that invested in the healthcare sector. The firm was founded in 1991 and was based in Boston, Massachusetts.
Webster Equity Partners is a top healthcare investor according to Becker's.
The greed and leverage boys made fortunes from flipping healthcare companies and David Malm took those profits and put them into island real estate. Webster's healthcare portfolio includes:
Healthcare costs did not go down from 1991 to today. Despite numerous challenges PEUs kept their preferred "carried interest" taxation.
Carlyle Group co-founder David Rubenstein owns a Nantucket estate. President Joe Biden spent a number of Thanksgivings at Rubenstein's Nantucket compound. Biden doesn't need to declare the value of this donation. Malm's rent range of $25,000 to $75,000 a week provides some context to the public regarding the value of Rubenstein's nearly annual generosity to the Biden family.
Politicians Red and Blue love PEU and increasingly, more are one. There once was a PEU from Nantucket....
Update 2-8-23: The Carlyle Group may pay up to $15 billion for healthcare firm Cotiviti which sold for $5 billion in 2018 to Veritas Capital.
Update 2-10-23: Private equity in UK healthcare:
The healthcare sector has been financialised. Care homes, often seen as prime development sites, have been taken-over by private equity and are run for profit rather than care for patients. Profits are generated through financial engineering, tax avoidance, low wages and a high level of deliberately unfilled vacancies. This delivers record profits, dividends and executive pay, but poor care for residents.
