Private equity (PE) interest in behavioral health is thought to be due to favorable legislation around mental health parity, fragmentation of care delivery, high demand for services, and changing coverage policies.1 However, little empirical evidence has shown the scale and scope of PE acquisitions in behavioral health across the US.
In this cross-sectional study, we identified behavioral health practices acquired by PE between January 1, 2012, and July 31, 2023, using proprietary data from Pitchbook Inc and Levin Associates Healthcare M&A. Both financial databases track mergers and acquisitions and have been used in other studies to examine PE acquisitions across industries.2-4 The study was exempt from institutional review board review because it did not involve human participants. This study followed the STROBE reporting guideline.