Where can you log 15,000+ steps a day without ever seeing sunlight? A healthcare conference in Vegas, of course. We're still getting ourselves back on east coast time after a jam-packed week at HLTH, filled with partner meetings, cocktail receptions, dinners, and endless back-and-forth walks through the maze that was the Venetian. We're also still collecting our thoughts and digesting what we heard as we distill themes from the week, but a few things emerged.

1. Companies are spending lots of money on booths (but less on badges - illy Cafe thanks you)
2. The mood was generally positive and upbeat - the closest thing to pessimism was more of a shrug: sign language for “who knows?" when asked how the healthcare market looks
3. We felt an uptick from years past in pull-asides from execs quietly looking for their next thing; this has been accelerating all year, and we expect will continue to drive an active market
4. Growth searches, CFOs, and Founder transitions to professional CEO were a steady drumbeat
5. History is already repeating itself, particularly with respect to AI deals: prices are running away again, and while the prospective syndicate can hold the line, all it takes is one investor to throw caution to the wind and you have billion dollar valuations on single digit revenue
6. Consolidation is not finished, and may not be for a while yet
7. There's general confidence that 2026 will be a better fundraising environment at the portfolio level, but more challenging at the fund level

That's certainly not everything, but it's what's top of mind as the coffee kicks in this morning. Say what you will about Vegas, or conferences, or air travel. Seeing people with whom relationships have developed over a decade or more is always an absolute blast. The run-ins, the catch-ups, the impromptu beer at the end of the day, are energizing, a reminder of why we do this, and the humanity of our work. It was great seeing many of you, and we're already looking forward to the next one.

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• Carson Ure joins WebPT, a rehab therapy platform, as Chief Financial Officer (Source)
• Najib Jai, MD, MBA joins Arbital Health, an advisory service provider for value-based care, as Chief Operating Officer (Source)
• Felicia Taylor joins Quantum Health, a healthcare navigation solution company, as Chief Human Resources Officer (Source)
• Chuck Washburn joins Tellihealth, a remote care solutions company, as Chief Revenue Officer (Source)
• Jamie Fernandes joins Finvi, a provider of workflow and payments solutions, as Chief Product Officer (Source)
• Wellhub, a corporate wellness platform, appoints Leandro Caldeira as Chief Marketing Officer (Source)
• Mark Jewett joins Komodo Health, an AI-powered healthcare intelligence company, as Chief Marketing Officer (Source)
• Erica Palsis joins Transcarent, a personalized health company, as Chief Legal Officer (Source)
• Dr. Shaalan Beg joins ConcertAI, an AI real-world data research solution, as Chief Medical Officer, Oncology (Source)

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• Hippocractic AI, a safety-focused LLM for healthcare, is hiring an Associate Chief Medical Officer
• AVIA, a digital transformation company, is hiring a VP, Business Development
• Hims & Hers, a health and wellness company, is hiring a Managing Counsel, Legislative & Policy, Counsel, Litigation, and Managing Counsel, Privacy & AI
• Headway, a mental health company, is hiring a Senior Counsel, Corporate

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