Key Takeaways
- • Neuberger Berman and KKR have agreed to acquire a significant minority stake in Datavant, the largest health data ecosystem in the U.S., with New Mountain Capital retaining its control position as a long-standing investor since 2014.
- • Datavant's platform reaches 80,000+ providers, 75 of the top 100 health systems, and 350+ ecosystem partners, with healthcare data touching 90% of the U.S. population and 80% of Medicare Advantage plan participants.
- • The investment reflects a shared strategic commitment to Datavant's mission to make health data secure, accessible, and actionable across clinical care, value-based payments, health analytics, and medical research use cases.
- • Multiple divisions of the investing firms are participating: Neuberger Private Markets and Neuberger Capital Solutions on one side, with KKR investment funds and accounts on the other, signaling institutional confidence in the health data infrastructure sector.
- • The deal positions Datavant to accelerate growth and address "pressure points and opportunities to make it easier to move, protect, and use health data across a complex and evolving environment," according to CEO Kyle Armbrester.
Summary
Neuberger Berman and KKR have secured a significant minority stake in Datavant, announced on September 15, 2026, in a transaction that reinforces institutional investor appetite for health data infrastructure. New Mountain Capital, which has backed Datavant since 2014, maintains its controlling position in the company, ensuring continuity of existing governance while welcoming the new capital partners. The deal involved multiple investment vehicles: Neuberger Private Markets and Neuberger Capital Solutions collectively acquiring their stake alongside investment funds and accounts managed by KKR.
Datavant operates as the nation's largest health data ecosystem, facilitating secure data exchange and organization for a diverse set of stakeholders. The platform's reach is substantial: it connects 80,000+ healthcare providers, 75 of the top 100 U.S. health systems, and 350+ ecosystem partners. The company's data infrastructure touches approximately 90% of the U.S. population and reaches 80% of Medicare Advantage plan participants, positioning it as a critical infrastructure player in the health data value chain. Use cases span clinical care delivery, value-based payment models, health analytics, and life science research—all areas where secure, organized patient-level data has become operationally essential.
The investment announcement emphasizes strategic alignment rather than purely financial motivations. Neuberger and KKR indicated they will support Datavant's long-term vision alongside New Mountain and existing shareholders. CEO Kyle Armbrester characterized the partner selection as deliberate, noting that both firms understand "pressure points and opportunities to make it easier to move, protect, and use health data across a complex and evolving environment." This language suggests the capital injection will fund product development, operational scaling, and compliance infrastructure—areas critical as healthcare data regulation continues to tighten and data interoperability demands increase across the ecosystem.
For institutional investors, this deal signals confidence in health data as an essential infrastructure asset class, particularly among large alternative asset managers with healthcare expertise. The involvement of both a major asset manager (Neuberger Berman) and a leading global private equity and infrastructure firm (KKR) underscores how health data platforms have transitioned from venture-backed startups to institutional-grade infrastructure plays commanding substantial capital commitments.
Datavant operates as the nation's largest health data ecosystem, facilitating secure data exchange and organization for a diverse set of stakeholders. The platform's reach is substantial: it connects 80,000+ healthcare providers, 75 of the top 100 U.S. health systems, and 350+ ecosystem partners. The company's data infrastructure touches approximately 90% of the U.S. population and reaches 80% of Medicare Advantage plan participants, positioning it as a critical infrastructure player in the health data value chain. Use cases span clinical care delivery, value-based payment models, health analytics, and life science research—all areas where secure, organized patient-level data has become operationally essential.
The investment announcement emphasizes strategic alignment rather than purely financial motivations. Neuberger and KKR indicated they will support Datavant's long-term vision alongside New Mountain and existing shareholders. CEO Kyle Armbrester characterized the partner selection as deliberate, noting that both firms understand "pressure points and opportunities to make it easier to move, protect, and use health data across a complex and evolving environment." This language suggests the capital injection will fund product development, operational scaling, and compliance infrastructure—areas critical as healthcare data regulation continues to tighten and data interoperability demands increase across the ecosystem.
For institutional investors, this deal signals confidence in health data as an essential infrastructure asset class, particularly among large alternative asset managers with healthcare expertise. The involvement of both a major asset manager (Neuberger Berman) and a leading global private equity and infrastructure firm (KKR) underscores how health data platforms have transitioned from venture-backed startups to institutional-grade infrastructure plays commanding substantial capital commitments.
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