Soros Capital spinout Newlight Partners invests in Zing Health Holdings

Newlight is led by David Wassong and Ravi Yadav, who spun out of Soros Fund Management in 2018.

Newlight Partners is making an up to $150 million investment in Zing Health Holdings, a physician-led Medicare Advantage HMO plan for Medicare-eligible beneficiaries. Zing Health, formed in 2019, focuses on populations underserved by traditional health insurance programs. Newlight is led by David Wassong and Ravi Yadav, who spun out of Soros Fund Management in 2018.

Press Release

Newlight Partners LP (“Newlight”), a private investment firm, announced today that its affiliates have made a significant equity investment in Zing Health Holdings, Inc. (“Zing Health”), a physician-led Medicare Advantage HMO plan designed for Medicare-eligible beneficiaries.

Founded in 2019 and headquartered in Chicago, Zing Health has a distinctive focus on populations underserved by traditional health insurance models. Its approach is based on a patient-oriented delivery system consisting of primary care providers, registered nurses, social workers, behavioral health specialists and community-based health care workers across a growing network of providers.

Zing Health was cofounded and is led by Dr. Eric Whitaker, a seasoned physician and entrepreneur. He is supported by a management team with extensive experience in the health insurance industry. Health 2047, the innovation lab of the American Medical Association, is a cofounder of Zing Health.

“We are fortunate to partner with Newlight Partners as we enter the next chapter of growth and continue to increase membership in our plan,” said Dr. Whitaker. “Newlight shares our goal of building a focused and differentiated health insurance company aligned with the fundamental trends that are transforming the healthcare ecosystem. We are eager to leverage Newlight’s resources and expertise to increase scale, enhance our integrated service offerings for our members and position Zing Health to benefit from the industry’s secular shift toward value-based managed care that delivers for members, patients and doctors.”

Medicare Advantage is a large, growing and increasingly popular option for many aging Americans. These plans, which rely on value-based arrangements with private insurers, cover most Medicare services and provide beneficiaries with coverage for things that aren’t covered by traditional Medicare, such as vision, hearing, dental and other services that promote health and wellness.

“Zing Health is a doctor-founded, mission-driven health plan focused on serving vulnerable populations who rely heavily on Medicare. Amid the current COVID-19 pandemic environment, where seniors find themselves most at risk, Zing Health’s mission is more important than ever,” said Srdjan Vukovic, partner at Newlight. “We anticipate investing up to $150 million and we look forward to partnering with Eric and his experienced team to further the reach of Zing Health at this critical time.”

Willkie Farr & Gallagher LLP served as legal counsel to Newlight Partners. Perkins Coie LLP served as legal counsel to Zing Health.

About Zing Health

Zing Health Holdings, Inc. is a tech-enabled insurance company making Medicare Advantage the best it can be for those 65-and-over. Zing Health has a community-based approach that recognizes the importance of the social determinants of health in keeping individuals and communities healthy. Zing Health aims to return the physician and the member to the center of the health care equation. Members receive individualized assistance to make their transition to Zing Health as easy as possible. Zing Health offers members the ability to personalize their plans, access to facilities designed to help them better meet their healthcare needs and a dedicated care team. For more information on Zing Health, visit www.myzinghealth.com.

About Newlight Partners LP

Newlight Partners LP is a private investment firm focused on collaborating with management teams and strategic investors to build unique, durable businesses, predominantly in North America. For more than 15 years, the Newlight team has helped build successful enterprises in five sectors, including financial services, telecommunications, power and renewable energy, healthcare services and business services. Led by David Wassong and Ravi Yadav, the Newlight team has invested approximately $6 billion in over 100 investments since 2005, first as the Strategic Investments Group at Soros Fund Management LLC (Soros), and now as Newlight after the team’s spin out from Soros in 2018. Newlight has approximately $4 billion in capital commitments and assets under management.