Private Equity’s Backdoor Path to PPP Cash Revealed in Data Dump

The private equity world’s massive push into U.S. health care is giving deep-pocketed investors a boost from taxpayer funds meant to prop up small businesses.

Buyout firms were largely excluded from tapping the federal bailout money as the coronavirus pandemic prompted shutdowns. Yet a trove of data from the Paycheck Protection Program made public this week lists millions of dollars in loans to medical and dental practices that work in tandem with ventures controlled by private equity -- setting up those investments to benefit too.

Abry Partners, Prospect Hill Growth Partners and Gauge Capital are among private equity firms with ...