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Excerpt: "A multibillion-dollar institution in the Seattle area invests in hedge funds, runs a pair of venture capital funds and works with elite private equity firms like the Carlyle Group."

Providence Health System runs two venture capital funds from an office in downtown Seattle. (photo: Ruth Fremson/The New York Times)
Providence Health System runs two venture capital funds from an office in downtown Seattle. (photo: Ruth Fremson/The New York Times)


Wealthiest Hospitals Got Billions in Bailout for Struggling Health Providers

By Jesse Drucker, Jessica Silver-Greenberg and Sarah Kliff, The New York Times

28 May 20

 

multibillion-dollar institution in the Seattle area invests in hedge funds, runs a pair of venture capital funds and works with elite private equity firms like the Carlyle Group.

But it is not just another deep-pocketed investor hunting for high returns. It is the Providence Health System, one of the country’s largest and richest hospital chains. It is sitting on nearly $12 billion in cash, which it invests, Wall Street-style, in a good year generating more than $1 billion in profits.

And this spring, Providence received at least $509 million in government funds, one of many wealthy beneficiaries of a federal program that is supposed to prevent health care providers from capsizing during the coronavirus pandemic.

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