Abry Partners Closes $780 Million Oversubscribed Continuation Vehicle for Centauri Health Solutions

Neuberger Private Markets and Apollo S3 served as co-lead investors

BOSTON--(BUSINESS WIRE)--Abry Partners ("Abry"), a Boston-based private equity firm, today announced the closing of a $780 million continuation vehicle (the "Fund") to extend its active partnership with Centauri Health Solutions ("Centauri" or the "Company"), a market-leading healthcare technology company that delivers data-driven solutions to U.S. health plans. Funds managed by Neuberger Private Markets ("Neuberger") and Apollo’s Sponsor and Secondary Solutions business ("Apollo S3") served as co-lead investors in the transaction, which provided existing limited partners with optional liquidity and raised additional committed capital to support Centauri’s continued growth and execution of its value creation strategy.

Founded in 2014, Centauri provides mission-critical technology, data intelligence and member engagement solutions to U.S. health plans, helping payers maximize revenue accuracy, quality performance, and member outcomes. The Company maintains long-standing relationships with nearly all of the leading U.S. health insurance payers, serving more than 60 million members.

"Over the last six years of our partnership, Centauri has grown into a truly differentiated platform, with proprietary technology, deep domain expertise and data, and a management team that has successfully executed at every stage of the Company’s evolution," said Nicholas Scola, Partner and Head of Buyout Funds at Abry Partners. “This continuation vehicle reflects our continued focus on driving liquidity for our limited partners, while allowing us to remain invested in a business with a long runway for future value creation. It also provides the Company with long-term capital continuity to pursue the organic and inorganic growth opportunities ahead. We are grateful for the support of Neuberger, Apollo S3, and our other continuing limited partners.”

Abry first invested in Centauri in February 2020 through Abry Partners IX, the firm’s ninth flagship fund. The firm has since partnered closely with the Company's management team to accelerate product development, deepen enterprise relationships, and execute a disciplined organic growth strategy complemented by two key acquisitions. During Abry’s ownership period, Centauri acquired Secure Exchange Solutions in 2021, adding payer-provider clinical data exchange capabilities, and acquired MedAllies in 2025, further expanding its clinical data platform. The Company also divested its Provider Solutions segment in early 2026, sharpening Centauri's focus as a pure-play payer technology and data intelligence platform and improving its organic growth and margin profile. Since Abry's investment, Centauri’s payer business has tripled its revenue and more than quadrupled its EBITDA, with consistent double-digit organic growth throughout.

“When we founded Centauri, we set out to solve some of the most complex and consequential challenges facing U.S. health plans, and we are more energized by that mission today than we have ever been,” said Mike McNelis, CEO and Co-Founder of Centauri Health Solutions. “The relationship we have built with Abry has been transformational for our business. From day one, Abry came in with a clear point of view on where we could take the business, and have been a genuine partner in executing it, enabling us to deepen our capabilities, expand our reach, and deliver measurably better outcomes for the payers and members we serve. Our team is thrilled to be able to continue working collaboratively with Abry alongside our new investors, Neuberger, and Apollo S3.”

"Centauri is exactly the type of asset we look for – a high-quality, market-leading platform with mission-critical solutions, durable customer relationships, and a compelling opportunity ahead,” said Ethan Falkove, Managing Director at Neuberger. “Centauri has built something exceptional, and we look forward to supporting their continued success with this partnership."

“Centauri has established itself as a trusted partner to leading U.S. health plans, with proprietary data and technology capabilities that are deeply embedded in how payers operate,” said Steve Lessar, Apollo Partner and Co-Head of Apollo S3. “This transaction reflects our approach of supporting quality sponsors with flexible capital solutions as they continue to drive value creation for top-performing assets, and we are pleased to support Centauri’s future success alongside our partners.”

William Blair served as exclusive financial advisor to Abry Partners on the Fund and the divestiture of the Provider Solutions segment. Kirkland & Ellis served as legal counsel.

About Centauri Health Solutions

Centauri Health Solutions is a market-leading healthcare technology company that solves complex, mission-critical challenges for U.S. health plans. Headquartered in Tempe, Arizona, Centauri's proprietary, data-driven platform transforms fragmented clinical and member data into actionable intelligence, helping payers maximize revenue accuracy, quality performance, and member outcomes. The Company partners with health plans across Medicare Advantage, Medicaid, Commercial, and Exchange programs. For more information, visit www.centaurihs.com.

About Abry Partners

Abry Partners is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages $16 billion of assets across several fund strategies.

More information about Abry Partners: www.abry.com

About Neuberger Private Markets

Neuberger Private Markets is a division of Neuberger and has been an active and successful private markets investor since 1987. Neuberger Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of December 31, 2025, Neuberger Private Markets manages over $155 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Private Markets has an experienced and diverse team of over 500 professionals with a global presence in 17 offices globally.

About Apollo S3

S3 is Apollo's Sponsor & Secondary Solutions business. S3 provides flexible capital solutions to asset managers and limited partners across the risk-reward spectrum. S3 is a natural extension of Apollo's global investment platform, offering partner-oriented capital across asset classes including private equity, private credit, infrastructure and real estate. The S3 platform has raised approximately $14 billion in total capital since launching in August 2022. To learn more about S3, please visit https://apollos3.com.