Helene Guillaume Pabis

I just came back from HLTH Europe, the best #HealthTech event in Europe. This second edition was fantastic: the whole ecosystem (including providers, payors, policy makers....) was there to discuss the key innovation topics that will shape the future of healthcare in Europe. Besides my 4 highlights, I also had the chance to moderate a panel on the topic: "Data Opt-in-imism: Why trust is key to the success of EHDS" .... with 3 fantastic panelists: Jaanika Merilo, Head of Digital Health and Care, Ministry of Social Affairs (Estonia), Estonia Malene Fischer, Deputy Chief Executive, Research Director, Rigshospitalet, Denmark Maria Bäcklund-Hassel, Senior Advisor, the Swedish e-health agency, Sweden Here are the key insights of the panel: Earlier this year, the European Health Data Space (EHDS) was approved, paving the way for cross-border health data exchange. The #EHDS may not be as flashy as AI, but it’s the backbone of healthcare innovation in Europe. ✅ 𝐎𝐩𝐭-𝐢𝐧 𝐛𝐲 𝐝𝐞𝐟𝐚𝐮𝐥𝐭. After heated negotiations, Europe chose an "opt-in by default" model. Citizens are automatically included unless they actively opt out. 🤝 𝐓𝐫𝐮𝐬𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐨𝐟 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡. And it’s earned through radical transparency, as seen in Sweden. If trust is lost (due to data leaks, data commercialisation, misuse... ) opt-outs could spike. However, experts expect fewer than 10% to opt out, and as low as 1–2% in high-trust countries like Sweden or Denmark. ⚔️ 𝐓𝐡𝐞 𝐩𝐚𝐫𝐚𝐝𝐨𝐱: 𝐰𝐞 𝐧𝐞𝐞𝐝 𝐚 𝐩𝐨𝐥𝐢𝐜𝐲 𝐟𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤 𝐭𝐨 𝐛𝐮𝐢𝐥𝐝 𝐭𝐫𝐮𝐬𝐭, 𝐛𝐮𝐭 𝐰𝐞 𝐚𝐥𝐬𝐨 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐝𝐞𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐞 𝐭𝐨 𝐟𝐨𝐬𝐭𝐞𝐫 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 The EHDS is designed to build trust. But critics are already saying that it is too "heavy". Without adoption, EHDS risks becoming an empty shell. EHDS is Europe’s opportunity to lead in digital health : 🏆 𝐖𝐢𝐧 𝐢𝐧 𝐭𝐡𝐞 𝐜𝐥𝐢𝐧𝐢𝐜𝐚𝐥 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡: The proportion of clinical trials being carried out in the European Economic Area dropped to 12% of world studies in 2023 from 22% in 2013. 🧑‍🤝‍🧑𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐓𝐰𝐢𝐧𝐬: Projects like Rigshospitalet’s improve care through simulation. EHDS data are needed to train the model 🎯 𝐏𝐫𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐌𝐞𝐝𝐢𝐜𝐢𝐧𝐞: Scalable data is key for personalized treatments 📖 𝐎𝐩𝐞𝐧 𝐒𝐨𝐮𝐫𝐜𝐞: can the EHDS be the building block to an Open Source ecosystem in Europe? And the hidden weapon to win the AI in #healthcare race against the US and China? ------ I also really enjoyed hosting an event with Healthy.Capital and my dear friend Douwe. Let's do it again next year! Special thanks to Katy, Lina and Henry for this fantastic conference! Follow HGM Advisory for daily reposts of the most important HealthTech news. PS: We might need to update my caricature ;)

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NLC Health Ventures is a masterclass in building a studio without raising capital upfront. Here’s what they did: 1. Licensed dormant IP from EU universities as the foundation for new companies. 2. Secured MOUs to access that IP, turning untapped potential into opportunity. 3. Approached trusted angel investors with compelling pitches: - The IP. - The market opportunity. - Their track record of successful company building. Investors said yes. That funding didn’t just launch portfolio companies—it also covered the studio's operating costs. For 4–5 years, they built 3+ companies annually with this model. But their genius didn’t stop there. NLC Health excelled in disciplined evaluation: - Only pursuing IP worth their time, resources, and vision. This is a repeatable playbook. Consider the untapped IP in many ecosystems: - Universities. - Corporates. - State governments. It’s just sitting on the shelf. The Venture Studio model can transform dormant IP into real-world value. NLC Health proves it. P.S. This month we're doing a series on Venture Studio Case Studies Incase of interest, follow me here: Matthew Burris

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On the opportunities and challenges of longevity clinics… ⚕️ 📑 I just read the Longevity Clinics Survey 2025 by Longevity.Technology and it nicely captures the current trends in longevity clinics. The report surveyed 82 clinics globally and paints a picture of a sector filled with ambition, innovation—and serious growing pains. The good news? Clinics are embracing cutting-edge diagnostics, integrating wearable data, and offering biological age testing. There’s excitement, investment, and a clear demand, especially among Gen X clients. 📊 But the gaps are just as clear: 🔹 Only 39% of clinics are profitable, despite 77% planning to expand. 🔹 Training is inconsistent, with no universally recognized education pathway for longevity practitioners. 🔹 Critical assessments—like cognitive, hearing, and oral health—are often missing. 🔹 Some therapies, like peptides and stem cells, are being offered without strong clinical grounding. Five cents from me here… Longevity clinics are promising but still hard to implement. It’s not just about cutting-edge science—it’s about retention, year after year. Unlike traditional healthcare, where you see a doctor when something’s wrong, longevity medicine is preventative and long-term. That requires a trusted relationship, ongoing engagement, and real value delivery over time. Personally, I think one of the more sustainable approaches is a centralized clinic model, supported by a distributed system of at-home diagnostics and streamlined doctor logistics. Think: monthly check-ins, biomarker tracking from home, and a seamless digital experience. This starts to look a lot like the concierge healthcare services that are gaining traction in the US, especially in places like Miami 🌴. With a subscription-based concierge model, patients pay monthly subscriptions for ongoing support and can opt for home visits, analyses, and treatments. Such concierge services are still very expensive 💰, potentially thousands of US dollars per month. But it’s personalized, proactive, and meets clients where they are, literally. For longevity care to scale and stick, we may need to borrow from this playbook. As the field grows, the challenge is not just scientific, it’s structural. The infrastructure, training, and delivery model must evolve together if we’re going to bring the promise of longevity medicine to more people. Would love to hear how others are thinking about this? 🙏 Phil Newman Evelyne Bischof, MD, PhD Andrea B. Maier Ella Davar Image credit: LongevityTechnology

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There's been a lot of anti-Europe (vs US) rhetoric recently, some perhaps warranted, but a lot, unwarranted. I've been reviewing the 500 + European VCs who have applied to the first European Accelerator for VCs we launched last year and couldn't be more excited about the state of play of technology and venture. I don't see much evidence of the 'decline' posted on here or on X materialising... 📈 2025 will be a record year for emerging managers launching and raising their next fund (if only the LP appetite can match their ambitions) 🏛️ Rightly, or wrongly, (more on this next week) we continue to have strong support from governments promoting technology and innovation. 💁 We have an incredible talent pool - as evidenced by the strength of the VC applications we have received across exited founders, operators, angel groups and successful investors. 🌍 Europe is a leader in sustainability-focused investing, with hundreds of investors now specialising in this area, and I suspect that will only grow (vs the next 4 years in the US). We also continue to see a purpose vs profit mindset. 🧑‍💻 The cost base and funding required to launch, build and expand remains significantly lower than the US ✅ We have really strong diversity initiatives, especially in the context of the US enforcing their stance legislatively against focusing on under-represented groups. Lots to be positive about.

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“Buying junk at a discount is still junk.” I've had a few guests back on the podcast, but usually for post-season episodes and new formats. Abe Finkelstein at Vintage Investment Partners is the first I've had back on Superclusters for a core episode. And for good reason. Secondaries. This is one of the deepest dives we've had on the podcast to date on the soup du jour, secondaries. We've flirted the topic but today we go deep on how Abe thinks about pricing discounts, the headwinds of raising Vintage's Fund I, and what's changed since 2003. As the usual, attaching the timestamps for some of my favorite lessons below. [7:46] Before evaluating the price of a secondary, check if: ✅ Does the fund have a reasonable ownership in the company (>5%)? ✅ Is the current ownership meaningful for the fund's overall returns? ✅ Does the fund manager have a deep and meaningful relationship with the portfolio company? ✅ Do you have a trusted relationship with other investors in the portco? ✅ Is there downstream capital to invest in these companies? And if not, can the portco's current cash and revenue position sustain them until they can or until an exit? ✅ Are other companies exiting in the space at outcomes that are meaningful to you? [41:03] 💭 The best secondaries investors are proactive. In many ways you have to be a growth equity investor. You have to know which companies are doing well and come to your independent analysis. Then your job is to find funds that have a meaningful stake and have a reasonable, non-hype-driven valuation policy. As such, discounts are the last consideration you make. All links in the comments

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Every founder wants to sell for the highest price. But most don’t understand who’s on the other side of the table. Private equity and individual buyers play completely different games. Here’s who really pays more — and why 👇 1️⃣ PE buys with math. They pay for systems, scalability, and predictable cash flow. 2️⃣ Individuals buy with emotion. They pay for freedom, pride, and purpose. 3️⃣ PE uses leverage. They’ll structure complex deals with debt, notes, and earnouts — less cash up front, higher long-term multiple. 4️⃣ Individuals use relationship. More cash at close, simpler deals, faster transitions. 5️⃣ The real answer: The buyer who pays more is the one who sees more value. Build a business that runs without you, scales easily, and prints cash — and both sides will fight to write the check. 💼 Read the full breakdown on Substack: Private Equity vs Individual Buyers – Who Pays More, and Why #BuyBuildExit #MergersAndAcquisitions #Entrepreneurship #PrivateEquity #ExitStrategy #BusinessAcquisition #WealthBuilding #Leadership

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Why I Don't Sign NDAs for Early-Stage Founders — And Why Founders Shouldn't Ask Your idea is your baby. I get it. But for VC, asking for an NDA before sharing that idea isn't protecting your future - it's limiting it. In my latest article, I break down why NDAs create more problems than they solve for founders seeking early-stage funding. I explain why VCs structurally cannot sign them (reviewing 1,500+ decks annually makes this impossible), why they signal inexperience rather than caution, and most importantly - why your execution matters infinitely more than your idea. If you're a founder worried about idea theft, this perspective might change how you approach investor conversations forever. I explain why trust is the real compounding currency in venture capital - not legal protection.

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It’s fair to say that many organizations today call themselves “venture studios,” often driven by the idea that the label makes it easier to attract investors - compare to fundraising for venture funds. My experience with HNWIs and single FO tells me that there are three important differences between a studio and a fund for investors. First — because studios actually create startups themselves and hold significant equity stakes from day one, studios can sell portions of that equity during almost every follow-on round. This structure allows studios to return capital to investors much faster than traditional venture funds typically do. Second — studios don’t depend on finding a “unicorn” to deliver returns. Instead, they operate an evergreen pipeline of startup creation. This enables studios to sell equity at reasonable return levels and focus on steady, predictable distributions rather than rare, outsized payouts. For investors, this means they can plan for returns, not just hope&pray for them as LPs usually do in venture funds. Third — over the first ten-fifteen years, a well-run studio can build up to a hundred startups and attract follow-on capital into most of them. This approach creates much deep diversification, reduces the average investment cost per startup, and ultimately lowers overall investor risk. If a studio can make such an offer to investors, it has every chance of successful fundraising. And what is your experience? Caroline Kendal Matthew Burris Neal Ghosh JT Benton Blair Merlino Max Pog Attila Szigeti Renan Devillieres Inge Grini John Cowan Amir Barsoum Marc Wesselink Mark S. McNally Barry O'Reilly Thorbjørn Rønje Michael van Lier Manuele Monti Amish P. Vish Rao Dumpeti Jonas Schwanebeck Giacomo Cattaneo Evan Shore Marley Fabisiewicz Parker Brewster #venturestudio #startupstudio #venturecapital #entreprenership

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What happened in mental health last week? ⏺️ Cartwheel raised $35M as part of a $44M funding round for its youth-focused digital therapy and psychiatry platform. ⏺️ Mindler, a Swedish digital therapy company, acquired ieso UK’s telecare business, which includes video and typed therapy services in the UK with the NHS. ⏺️ BrainsWay, a med-tech company focused on non-invasive neurostimulation treatments, invested $2.3M in Axis Integrated Mental Health, an MSO servicing mental health clinics in Colorado. ⏺️ @CentralReach acquired SpectrumAi and AI.Measures to expand its AI-powered autism care platform. ⏺️ CareSource invested an undisclosed amount in Radley Health, a provider of peer-support for those with SMI. ⏺️ Omnes IPA and Northwinds Integrated Health Network IPA merged, creating an organisation with combined annual revenues of over $800M. ⏺️ Uwill acquired tbh, expanding their integrated support offerings for students. ⏺️ Virtual ABA provider Forta Health expanded to 47 states to become the U.S.'s largest ABA therapy network. ⏺️ Grow Therapy launched Between-Session Reflections, an AI-powered journaling feature that helps clients organise their thoughts between therapy sessions and allows them to send key themes to their providers. ⏺️ Hazel Health became a VDOE-approved vendor for school-based telehealth services, expanding access to virtual mental health services for Virginia school districts. ⏺️ Headspace appointed Fay Kallel as Chief Product & Design Officer. ⏺️ Norway has approved national reimbursement for generic Ketamine in the treatment of TRD. This is major news and could pave the way for other countries to follow suit. ⏺️ Blueprint launched a petition calling for a nationwide ban on companies marketing AI systems as "therapists," gathering over 700 clinician signatures within hours. _ 📩 Like this? I send it as a weekly email (including links) to thousands of mental health operators. Sign up for free here > https://lnkd.in/g9xgMW4r 👉 Follow me Steve Duke, for more insights on the #mentalhealth industry.

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There have been moments in my career when short periods of time felt incredibly long – especially early on, when even six months could feel like an eternity.   But just like in private credit – it’s key to take a long-term approach. Turn your eyes toward the horizon and think about where you want to be in five years, 10 years and beyond.   As students and young professionals begin their internships and entry-level roles, and we welcome our own summer interns at Blue Owl Capital, here’s my advice: make decisions now that are informed by a long-term mindset – they’ll take you far. 

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Founders don’t get tricked into bad deals. They get rushed into them. Flattered. Distracted. Then handed a term sheet full of stuff they were “going to ask about later.” Later never comes. Today we released Part 2 of The Private Equity Survival Guide: Choosing the Right Partner. It’s everything I wish first-time sellers knew when PE comes calling. It’s designed for founders who don’t want to be out-negotiated before they even realize they’re negotiating. Link to this episode is in the comments below:

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If you engage in: -the same activities  -with the same philosophy  -with the same processes …as your competitors, why would you expect a differentiated end result? What feels like the safety of a normalized model is really an accelerated high-risk path to commoditization.

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So it took me a while, but I finally went down the rabbit hole on this “Venture Capital is dead/broken” narrative. As I suspected (see newsletter #183), those who spread this message after Lightspeed’s recent announcement that it was changing its status away from a classical Venture Capital fund didn’t really know what they were talking about. A closer look also helped debunk a few myths that one commonly hears about the current state of VC. I’ll dive more into some of these trends in the coming weeks, so stay tuned.  🦄 Myth 1: “Venture Capital firms are embracing the Private Equity model” Fewer than two dozen VC firms have taken the RIA status since 2019 out of 4,000 VC firms in total. It’s expensive and cumbersome. You need size to justify moving out of the classical VC fund model. 🦄 Myth 2: “The IPO markets are closed” The period from 2019 to 2021 was an exceptional time in terms of IPO exits. Long-term analysis reveals that (a) M&A has historically been an equally viable exit route and (b) exit values are at the same level as those observed during 2014-2018. 🦄 Myth 3: "Nobody wants to invest in VC anymore" VC fundraising is at or above pre-pandemic levels. However, there’s a “flight to quality:” large established players capture the overwhelming majority of LP money. Times are tough for Emerging Managers. So what’s really happening? Startups stay private longer; a lot of their value accrues post-IPO; and billion-dollar VC funds can’t rely on the power law to make the math work. Large VC firms that can afford it have become “multi-stage capital machines” more apt to trade in and around traditional Venture Capital territories. For everyone else, it’s business as usual. Thankfully, the “tourists” are being flushed away and craftsmen and -women in VC can make their voices heard again. It’s not easy, but now’s the best time to launch a VC fund. Hone your investment thesis and be prepared for a long, bumpy ride. Full analysis here: https://lnkd.in/egkCE75C #venturecapital #notdead #privateequity #IPO #exits #RIA #fundraising

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