Morning! This is Chris, on the Wire this morning. What are you seeing out there? Healthcare: Devin O’Reilly, managing director of PE and North America head of healthcare at Bain Capital, talked about the themes the firm is following. Those themes include value-based care; helping pharma companies accelerate development of innovative therapeutics; and the evolution of healthcare IT, writes Aaron Weitzman on PE Hub today. “We take a very thematic approach to healthcare investing,” O’Reilly said. “Every year, we map out the six or seven themes we are going to be investing behind for the next six to 18 months. We then seek to develop relationships with, and perspectives on, companies that are relevant to those themes.” Read the full piece here on PE Hub. Moving on: One of the two founding partners at Sycamore Partners, Peter Morrow, left the firm earlier this year, sources told Buyouts. It’s not clear what prompted the break-up, but sources say Morrow will be looking to start his own firm. I don’t know if Morrow’s departure triggered a key-person event in the active funds. Hit me up if you have any additional info. And read the full piece here on Buyouts. Waiting: What’s your view on second quarter valuation marks, will they reflect the reality of the market or will GPs continue to hold the line around “flat to up” as was the case with first quarter marks? I've had mixed reviews on this. Whether GPs choose to take some pain in Q2 is an open question. Many GPs are fundraising and it’s unlikely they’ll mark investments significantly down as they try to attract capital from LPs. “GPs don’t want to show a lot of weakness as they’re fundraising,” according to an LP I spoke to recently. What do you think? Will Q2 marks reflect the pain in the broader market, or will GPs hold the line on “flat to up” performance? Hit me up atcwitkowsky@buyoutsinsider.com. That’s it for me! Tomorrow, Craig McGlashan, PE Hub’s editor for Europe, will write the Wire. Hit me up with tips n’ gossip, feedback or books rec at cwitkowsky@buyoutsinsider.com or over on LinkedIn. | 