Tracking when private companies are nearing a sale, recap, or financing event has always been a guessing game. With thousands of sponsor-backed firms spread across sectors and geographies, most deal teams are forced to react after the market moves.
Investors, bankers, and service providers struggle to know which private companies are gearing up for a transaction or capital raise. Signals are scattered, opaque, and nearly impossible to track across thousands of PE- and VC-backed businesses.
Dakota centralizes those signals (holding periods, funding rounds, platform acquisition dates, ownership changes, and exit timing patterns) into one predictive transaction-readiness tool. Instead of waiting for headlines, users can see which companies are showing the strongest likelihood of pursuing a sale, recapitalization, or new financing before the market knows.
Below is today’s list of five PE- or VC-backed companies that, based on their hold period, financing stage, and last transaction date, appear to be credible candidates for a sale or next-round raise.
Nothing is guaranteed, but these companies fall squarely within the timing windows where sponsors typically look to generate liquidity or secure additional capital.
Sourced from Dakota Sponsor Backed Companies.
1. Health Connect America
Health Connect America is a private, behavioral health services provider founded in 2006, offering a comprehensive suite of services including intensive in-home therapy, outpatient mental health care, substance use disorder treatment, and psychiatric clinical services. Serving children, individuals, and families, the company operates across multiple states, delivering personalized care to promote mental well-being.
- Sector: Healthcare
- Industry: Healthcare Providers
- Last known transaction date: Acquired by Palladium Equity Partners, August 2021
- Major sponsors/backers: Led by Palladium Equity Partners
- Why timing suggests a near-term transaction: As of 2025, HCA is ~4+ years post-buyout (Aug 2021)—right at/beyond the typical ~4-year PE hold-period when sponsors often pursue a sale, recap, or sponsor-to-sponsor outcome.
2. Discovery Behavioral Health
Discovery Behavioral Health is a leading national provider of measurement-based care, offering customized treatment for substance use, mental health, and eating disorders for children and adults. With over 130 treatment programs nationwide, including residential, partial hospitalization, intensive outpatient centers, and online treatment, the company emphasizes evidence-based practices and collaborates with Mass General Brigham to verify patient outcomes.
- Sector: Healthcare
- Industry: Healthcare Providers
- Last known transaction date: February 2020, Webster Capital made significant growth equity investment
- Major sponsors/backers: Webster Capital
- Why timing suggests a near-term transaction: As of 2025, Discovery Behavioral Health is ~5 years post-PE investment (Feb. 2020), beyond the typical ~4-year private equity hold period when sponsors often pursue a sale, recapitalization, or sponsor-to-sponsor transaction. Given continued consolidation and strong buyer demand across behavioral health platforms, the timing supports a plausible near-term transaction.
3. Regard
Regard is a healthcare technology company that leverages artificial intelligence to enhance clinical documentation, improve patient safety, and reduce physician burnout. Their AI-powered platform analyzes medical records to recommend diagnoses and generate comprehensive documentation at the point of care, enabling clinicians to focus more on patient interaction and less on administrative tasks.
- Sector: Healthcare
- Industry: Healthcare Technologies
- Last known funding round: Series B, $350M, announced July 2024
- Major sponsors/backers: Led by Oak HC/FT, with participation from Cedars-Sinai Health Ventures, TenOneTen Ventures, Calibrate Ventures, and Techstars.
- Why timing suggests a near-term transaction: Series B → C clock is ~18 months. With a Series B in July 2024, Regard is ~17 months post-round as of Dec 2025, i.e., approaching the ~18-month threshold, consistent with a Series C, strategic minority investment, or M&A conversation.
4. Midi Health
Midi Health is a virtual healthcare platform founded in 2021, dedicated to providing personalized care for women navigating perimenopause, menopause, and other midlife health challenges. The company offers telehealth services, hormone replacement therapy, non-hormonal treatments, supplements, and lifestyle coaching, all covered by insurance. Headquartered in Los Angeles, California, Midi Health aims to ensure that every woman feels seen, heard, and understood, striving to improve the symptoms of hormonal change during perimenopause and menopause.
- Sector: Healthcare
- Industry: Healthcare Providers
- Last known funding round: Series B, $14M, announced October 2024
- Major sponsors/backers: Led by Coatue, with participation from DST Global, A-Star, The Hive Brazil, Plug and Play Ventures, Valor Capital Group, angel investor Gokul Rajaram, and American football players Larry Fitzgerald and Kelvin Beachum.
- Why timing suggests a near-term transaction: Although CloudWalk’s last major round was Nov. 2021, the passage of ~4 years since its Series C aligns it with a late-stage fundraising or strategic liquidity event threshold (~24 months past funding), especially as it now generates significant scale and revenue (~R$2.7B in 2024).
5. Pearl Health
Pearl Health is a healthcare technology company founded in 2020, headquartered in New York City, dedicated to empowering primary care providers to deliver proactive, value-based care. The company offers an integrated platform that assists physicians in managing patient panels, reducing healthcare costs, and improving patient outcomes. Their services include data analytics, financial tools, and support for value-based care models such as Medicare's ACO REACH. Since its inception, Pearl Health has expanded its network to include thousands of primary care providers across 44 states.
- Sector: Healthcare
- Industry: Healthcare Providers
- Last known funding round: Series B, $75M, announced May 2024.
- Major sponsors/backers: Andreessen Horowitz (a16z), First Round Capital, 8VC, other healthcare-focused investors.
- Why timing suggests a near-term transaction: A Series B in May 2024 places Pearl Health at ~18 months post-raise as of late 2025, directly at the ~18-month B → C funding threshold. Companies at this stage in value-based care infrastructure often pursue a Series C, strategic minority investment, or M&A, particularly as payers and provider platforms look to deepen exposure to Medicare Advantage and ACO enablement.
Use Dakota’s Sponsor Backed Company Intelligence to Spot Likely Exits Before the Market Does
Dakota’s private company data gives you a real-time view into thousands of sponsor-backed companies, including platform acquisition dates, funding rounds, parent sponsors, add-on activity, and sector categorization.
Instead of guessing where companies are in their lifecycle, you can instantly identify which ones are approaching the typical timing windows for a sale or recap.
Fully integrated into Dakota Marketplace, this dataset enables deal sourcers, investor relations teams, and allocators to anticipate transactions, build targeted outreach lists, and stay ahead of market announcements, every single day.
