Neuberger Capital Solutions and KKR have agreed to acquire a significant minority stake in Datavant, the largest health data network in the US, through a deal that allows New Mountain Capital to bring fresh capital into the platform.

Rather than a clean exit or a straight sale, this is a partial liquidity event on a long-held, maturing asset. The capital is being deployed through vehicles built for exactly this: KKR is investing primarily via its Strategic Investments Group, which targets steady, downside-protected returns, while Neuberger Capital Solutions specialises in bespoke capital for private equity-owned companies, managing around $12bn across more than 90 such deals.

"Datavant is deeply embedded across providers, payers, and life sciences, with a scaled data network that would be difficult to replicate," said David Lyon, head of Neuberger Capital Solutions, and Nikhil Krishnan, a managing director, framing the position as one earned through years of disciplined execution.