Abry Partners announced the closing of a $780 million oversubscribed continuation vehicle to extend its partnership with Centauri Health Solutions, a healthcare technology company that provides data-driven solutions to U.S. health plans. Funds managed by Neuberger Private Markets and Apollo’s Sponsor and Secondary Solutions business served as co-lead investors in the transaction.
The continuation vehicle provides existing limited partners with optional liquidity while also supplying additional committed capital to support Centauri’s continued growth strategy and long-term value creation initiatives.
Founded in 2014 and headquartered in Tempe, Arizona, Centauri Health Solutions delivers technology, data intelligence, and member engagement solutions to health plans across Medicare Advantage, Medicaid, Commercial, and Exchange programs. The company works with nearly all major U.S. health insurance payers and serves more than 60 million members.
Abry initially invested in Centauri in February 2020 through its ninth flagship buyout fund. Since then, the private equity firm has worked with management to expand the company’s capabilities through both organic growth and strategic acquisitions. During the partnership, Centauri acquired Secure Exchange Solutions in 2021 to add payer-provider clinical data exchange capabilities and acquired MedAllies in 2025 to strengthen its clinical data platform. In early 2026, the company divested its Provider Solutions segment, sharpening its focus on payer technology and data intelligence.
According to Abry, Centauri’s payer business has tripled revenue and more than quadrupled EBITDA since the original investment, while maintaining consistent double-digit organic growth.
The new continuation fund enables Abry to maintain its investment in a business it believes has significant opportunities for future expansion while providing long-term capital continuity to pursue additional organic and acquisition-driven growth initiatives.
William Blair served as exclusive financial advisor to Abry Partners on both the continuation vehicle transaction and the divestiture of Centauri’s Provider Solutions segment. Kirkland & Ellis acted as legal counsel.
Abry Partners, founded in 1989, manages approximately $16 billion of assets and has completed more than $90 billion in leveraged transactions and other private equity and preferred equity investments.
KEY QUOTES:
“Over the last six years of our partnership, Centauri has grown into a truly differentiated platform, with proprietary technology, deep domain expertise and data, and a management team that has successfully executed at every stage of the Company’s evolution. This continuation vehicle reflects our continued focus on driving liquidity for our limited partners, while allowing us to remain invested in a business with a long runway for future value creation. It also provides the Company with long-term capital continuity to pursue the organic and inorganic growth opportunities ahead. We are grateful for the support of Neuberger, Apollo S3, and our other continuing limited partners.”
Nicholas Scola, Partner and Head of Buyout Funds, Abry Partners
“When we founded Centauri, we set out to solve some of the most complex and consequential challenges facing U.S. health plans, and we are more energized by that mission today than we have ever been. The relationship we have built with Abry has been transformational for our business. From day one, Abry came in with a clear point of view on where we could take the business, and have been a genuine partner in executing it, enabling us to deepen our capabilities, expand our reach, and deliver measurably better outcomes for the payers and members we serve. Our team is thrilled to be able to continue working collaboratively with Abry alongside our new investors, Neuberger, and Apollo S3.”
Mike McNelis, CEO and Co-Founder, Centauri Health Solutions
“Centauri is exactly the type of asset we look for – a high-quality, market-leading platform with mission-critical solutions, durable customer relationships, and a compelling opportunity ahead. Centauri has built something exceptional, and we look forward to supporting their continued success with this partnership.”
Ethan Falkove, Managing Director, Neuberger Private Markets
“Centauri has established itself as a trusted partner to leading U.S. health plans, with proprietary data and technology capabilities that are deeply embedded in how payers operate. This transaction reflects our approach of supporting quality sponsors with flexible capital solutions as they continue to drive value creation for top-performing assets, and we are pleased to support Centauri’s future success alongside our partners.”
Steve Lessar, Partner and Co-Head of Sponsor and Secondary Solutions, Apollo
