Private equity involvement in long-term care: what can we learn from the United States, Ireland, and Poland?

Abstract We study private equity involvement (or lack thereof) in the long-term care (LTC) sector and its recent developments in the United States, Ireland and Poland. Based on the similarities and differences across these countries’ LTC systems, which can be treated as ideal types of the variety in typical models of LTC systems, we develop a systematic approach to the analysis of private equity engagement in the sector. Specifically, we define the comparison criteria as follows: the debates about the role and place of private equity in LTC; the extent of private equity investments in LTC; the reasons for private equity entry into the LTC sector; the business strategies of private equity firms; the regulations relative to private equity in LTC. Our case study comparison demonstrates that policy responses to population aging and care needs are deeply political processes, leading to a variety of solutions shaped by institutional legacies, cultural contexts, and the power dynamics between states, markets, and civil society.