This panel explores what attracts private equity (PE) to the health care sector, subsectors of interest and capital flows, considering economic and regulatory influences. The panelists discuss the pros and cons of PE in health care, including successful models and key areas of challenge and risk. They also examine the role of private debt and its dynamics with PE, and consider distress scenarios and the impact of PE on restructuring and chapter 11 bankruptcy, as well as the evolving role of PE in health care innovation.