Neuberger and KKR agree significant minority stake in health-data platform Datavant alongside New Mountain

Enrichment work continues to be done by Datavant itself - the tokenisation layer, Connect linkage, the Apixio-derived Clinical Insights Platform launched in March 2025, and the Aetion real-world evidence stack it has rolled up - with the raw records remaining inside the 80,000+ providers and 350+ data partners on the network. This transaction does not change where that work sits: it is a cap-table event in which New Mountain, invested since 2014, keeps control while Neuberger Capital Solutions, Neuberger Private Markets and KKR's Strategic Investments Group take a significant minority, with cl

The provisional 'sell / owner-enriched' tag reads the headline as if the data asset were being sold; it is not. The payers in this event are Neuberger and KKR, and their decision is a portfolio-investment one about Datavant's equity, not a decision reached by using Datavant's substrate (which campaign to run, which risk-adjusted member to code, which cohort to recruit). On the operating business the paying buyers are health plans, providers and life-sciences firms whose decisions - risk adjustment, cohort selection, record retrieval for claims and research - are fed by the fact that Datavant's

Nothing in the Datavant substrate crossed to Neuberger or KKR: no records, no tokens, no customer relationships moved. What crossed was a minority equity interest from existing holders, with New Mountain explicitly retaining control; terms and valuation were not disclosed.

Not determinable from this event. It is a financing transaction between equity holders rather than a data deal, so there is no customer price, scope or clause here against which under-capture could be read; the better place to ask the question is in Datavant's underlying payer, provider and life-sciences contracts, which are not disclosed.