TPG has acquired a stake in part of UnitedHealth Group’s Optum Health operations in Florida, partnering with the healthcare group as it seeks to accelerate growth across its WellMed clinic network, according to a report by Bloomberg.
The investment covers a portion of Optum’s WellMed operations in Florida, which provides healthcare services primarily to older patients. UnitedHealth said the partnership is intended to support additional investment and strategic expansion in the market.
The report cites UnitedHealth chief financial officer Wayne DeVeydt as saying that the deal was driven less by a need for capital and more by the desire to bring in a local partner capable of helping the business expand while the group undertakes a broader operational turnaround.
UnitedHealth currently opens around 15 clinics a year in Florida, with its partnership with TPG having begun within the past year.
The transaction comes as UnitedHealth works to rebuild the performance of Optum Health following a sharp deterioration in profitability. The division, which includes the group’s clinic operations, reported negative operating margins last year as medical costs increased and changes in federal policy put pressure on reimbursement.
Optum Health is expected to generate an operating margin of around 2% this year, according to DeVeydt, with UnitedHealth targeting an improvement to approximately 4% in 2027 and 6% in 2028.
The Florida investment also builds on an existing relationship between TPG and UnitedHealth. Earlier this year, TPG acquired Optum’s UK business, with UnitedHealth saying the transaction generated $400m for the United Health Foundation.
