As part of the investment, Chris Wolfe from Bain Capital and Srdjan Vukovic from Newlight Partners will be appointed to SelectQuote’s board of directors. Credit: photoviriya/Shutterstock.

Medicare insurer SelectQuote has received a $350m investment from funds managed by Bain Capital, Morgan Stanley Private Credit and Newlight Partners.  

This financial infusion is said to bolster the company’s healthcare services business and enhance partnerships with insurance carriers. 

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It is aimed at recapitalising the company’s balance sheet, reducing annual cash debt service, and enhancing liquidity and operational flexibility to support growth efforts. 

The company said that its “successful renegotiation of its Senior Secured Credit Facility provides a lower interest rate on the remaining balance”. 

As part of the investment, Chris Wolfe from Bain Capital and Srdjan Vukovic from Newlight Partners will gain seats on SelectQuote’s board of directors, each having 20 years of experience in the investing and healthcare space.  

Both Wolfe and Vukovic are set to join the board following the deal’s expected completion on 28 February 2025.  

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Wolfe is a managing director at Bain Capital Insurance, with experience as a partner at Capital Z Partners and a principal in special purpose acquisition companies (SPACs) specialising in health insurance. 

Vukovic is currently a partner at Newlight Partners.  

For this transaction, Jefferies was the financial advisor to SelectQuote, while Wachtell, Lipton, Rosen & Katz provided legal counsel. 

SelectQuote CEO Tim Danker said: “This strategic investment provides the financing we need to capitalise on the robust growth opportunities we foresee in both the senior health insurance and healthcare services marketplaces.  

“While we have more work to do, this deal, on the heels of our 2024 receivables securitisation, marks the second meaningful milestone toward our ultimate goal of refinancing the business and significantly deleveraging the balance sheet.” 

Danker added: “We look forward to benefitting from Chris’s and Srdjan’s valuable growth-oriented healthcare expertise to help augment the company’s mission to drive long-term value creation.” 

For the second quarter of fiscal year 2025, SelectQuote reported consolidated revenue of $481.1m and consolidated net income of $53.2m.