Neuberger and KKR agree significant minority stake in health-data platform Datavant alongside New Mountain
On 15 September 2026, Neuberger and KKR agreed to take an equity stake in Datavant, the US health records network reaching 80,000+ providers and 75 of the top 100 US health systems. New Mountain Capital, invested since 2014, keeps its controlling position. Terms were not disclosed and closing is expected in Q4 2026.
Where the rake sits
Datavant owns the rake: it is the substrate holder and it does the tokenisation/linkage enrichment that makes the network valuable. This transaction is a minority equity recapitalisation of the rake-holder, not a data transaction — no data asset crosses a perimeter, so there is no route to classify.
What happened
- Announced 15 September 2026; expected to close Q4 2026, subject to customary closing conditions; terms and valuation not disclosed.
- Neuberger invests through Neuberger Capital Solutions and Neuberger Private Markets; KKR invests primarily through funds and accounts managed by its Strategic Investments Group.
- New Mountain Capital, first invested in Datavant in 2014, retains its controlling position after the transaction.
- Datavant's network reaches 80,000+ providers, 75 of the top 100 US health systems and 350+ ecosystem partners; the company states that data moving through it touches 90% of the US population and 80% of Medicare Advantage participants; more than 60m records move across the network.
- J.P. Morgan Securities was sole placement agent and lead financial advisor to Datavant, with Jefferies and Wells Fargo also advising; Ropes & Gray advised Datavant and New Mountain; Latham & Watkins represented Neuberger and KKR.
- Neuberger Private Markets managed more than $165bn of investor commitments as of 31 March 2026; Neuberger Capital Solutions manages approximately $12bn across 90+ companies in three funds; New Mountain manages approximately $60bn.
Who is involved
US healthcare data collaboration platform that de-identifies and links patient records across the ecosystem; connects more than 80,000 providers and clinics, 75 of the top 100 US health systems and 350+ ecosystem partners, moving 60m+ records. Formed by the 2021 Datavant/Ciox merger valued at $7.0bn.
Reported revenue >$700m at the time of the 2021 Ciox merger ($7.0bn transaction)
Investing here through Neuberger Capital Solutions and Neuberger Private Markets; a private-markets investor, on the buy-side of a minority stake in Datavant. Not a data operator in this deal.
n/d for these specific vehicles; parent Neuberger Berman is a large asset manager
Global alternative asset manager; investing here primarily through its Strategic Investments Group. Financial buyer of a minority stake, not a data operator.
NYSE: KKR
New York-based private equity firm; original Datavant/Ciox backer since 2014 and retains control after this transaction. Long-horizon healthcare PE sponsor.
n/d in this filing
The reading
The enrichment - de-identification, record linkage and the network of switchboard connections spanning 80,000+ providers and 75 of the top 100 health systems - is done by Datavant. Neuberger, KKR and New Mountain do no enrichment; they hold equity.
This substrate is not being sold to a downstream buyer here - Neuberger and KKR are buying access to Datavant's earnings from being the connective tissue that would be, in Neuberger's own framing, difficult to replicate; the specific decisions the network gets pointed at (clinical AI training, RWE studies, risk adjustment) are the enrichability question, and this financing does not settle any one of them.
No data crossed. What crossed is equity: a significant minority stake, expected to close Q4 2026, with terms and valuation not disclosed; New Mountain keeps control and the operating asset stays inside Datavant.
Not determinable. This is a financing, not a data licence; without disclosed valuation there is nothing to test against.
Why it matters
A minority financing into a data platform is not itself a data deal - no substrate crossed, no buyer was pointed at a specific call - but the investors' stated thesis (a network 'difficult to replicate', a role as 'connective tissue') is a bet that Datavant's owned rake will hold as clinical AI and connected health data become the next set of buyer decisions the substrate is pointed at.
The argument this deal tests: The rake is decided before the negotiation begins
Related deals
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- nference and Rush University System for Health announce long-term partnership for Rush-hosted clinical analytics platform2026-09-02
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Sources
- citybiz.co — primary
- stocktitan.net — party background
- newmountaincapital.com — party background
- newmountaincapital.com — party background
Announced 2026-09-15 · Added to the register 2026-09-20