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I am a firm believer that the private markets can be a force for positive change, if focused appropriately. The companies that we get involved with all have the potential to improve healthcare or maintain positive health outcomes for people.

 
 

Biography

Steve Rodgers is a Managing Director of Morgan Stanley and a Partner of Morgan Stanley Capital Partners (MSCP). He is based in New York and has 23 years of investing experience. 

Mr. Rodgers joined Morgan Stanley in 2018 from J.H. Whitney Capital Partners, where he was a Senior Managing Director focusing on private equity investments. At Whitney Mr. Rodgers was a member of the Investment Committee and led the firm’s healthcare investing activities. Mr. Rodgers was a Managing Partner at the Riverside Company, a global private equity firm, where he led the firm’s efforts to invest in public companies utilizing a private equity approach. He was also a financial analyst at Alex. Brown & Sons Incorporated. 

Mr. Rodgers serves on the board of directors of US HealthConnect, Aveanna Healthcare, 3B Scientific, Clarity Software and serves as Chairman of the Board of Ovation Fertility. He previously served on the board of directors of a number of other healthcare companies, including Amisys Synertech, Herbalife, Patient Keeper, and Symbion. 

Mr. Rodgers graduated, cum laude, from Dartmouth College, and holds an MBA from The Stanford University Graduate School of Business.
 
 

Q&A with Steve

What is your role at Morgan Stanley?

I lead the Healthcare Private Equity investing team. We’re a middle market private equity strategy that invests in companies with between $10 million and $50 million in operating income, with a focus on business services, consumer, healthcare and industrial companies. On a day-to-day basis, I’m leading the teams that are identifying new opportunities, reviewing those opportunities, meeting with companies, then competing to try to win those deals. Once we make those investments, I work with our operating partners to identify and drive growth and efficiency opportunities for our portfolio companies.

What drew you to Morgan Stanley?

Morgan Stanley’s commitment to its clients and strong culture resonated with me, and I could see firsthand how those values operate at the individual business level. It’s a much more competitive environment for the private equity industry today, and the team understood the tools and framework that would be successful in the changing market. In private equity, we drive discipline in our portfolio companies, in terms of process, rigorous metrics, management and the like. But it’s just as important for a private equity team to impose those same disciplines on itself. I saw the Morgan Stanley team doing that, whether it was how rigorously they were tracking their deal flow, how rigorously they were thinking about the investment process or how rigorously they engage with portfolio companies.I had also seen the importance, as the private equity market matured, of bringing new perspectives to these transactions. Morgan Stanley developed a unique approach to driving value in our businesses which includes having dedicated operating partners and accelerators on the team, using a network of industry experts, and intentional value-creation plans for portfolio companies from the outset. The team has continually challenged itself to think critically about how they can best serve all stakeholders and that focus was a key differentiator for me.

What about healthcare interests you?

It started with just a general interest in the field. But I came to realize that healthcare is a massive sector that is not operating at the level of efficiency that it should be or could be, and that creates opportunity.

I am a firm believer that the private markets can be a force for positive change, if focused appropriately. The companies that we get involved with all have the potential to improve healthcare or maintain positive health outcomes for people. There are still too many people who don’t have adequate care, and there are many opportunities for the industry to serve patients better.

How does that change come about?

I think there are four drivers creating change and opportunity in healthcare right now. The first is consumerism—the idea that the consumer is having a much greater role in decisions about healthcare. The next is demographic trends—everything from aging to obesity is driving the utilization of healthcare. The third is enabling technologies that can be cost savers or efficiency drivers, whether administratively or clinically. And related to that is cost containment in general—the ways we can drive down costs and still preserve quality.

What is it that’s special about the Morgan Stanley culture?

I’ve always known that Morgan Stanley had a great culture–I’ve had lots of friends and colleagues who have worked here. But you don’t really understand it until you’re actually here. In the short time I’ve been here, I’ve been able to reach out to people outside of my group who are always willing to help. It’s not, “When I get to it.” I get phone calls returned right away. And that reinforces the collaborative culture because when you get that phone call, you already understand and are naturally inclined to pay it forward.

Just as important is the fact that everyone here knows you can be successful and still treat clients and stakeholders with integrity. I see that here every day because it’s central to our culture, and that’s incredibly important.

Steve is a member of the Morgan Stanley Capital Partners
 
 
 

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