Apax Partners has decided to stop making new investments in the health care sector due to a lack of opportunities. As a result, the private equity firm will disband its health care team and reassign most of its members to other roles.

Andrew Cavanna, who previously oversaw health care investments, has taken on the role of head of investor relations for the Americas. While Apax will continue to manage its existing health care portfolio with a broader team, the firm will shift its focus to technology, services, and internet consumer sectors.

Apax Co-CEOs Andrew Sillitoe and Mitch Truwit have pointed out various challenges in the health care industry, such as business quality variability, reimbursement and regulatory pressures, supply chain issues, and capital expenditure intensity. These challenges have made it difficult for the firm to effectively implement its investment strategies. Apax, which has raised $80 billion in capital and has offices in major financial hubs worldwide, will now concentrate on other sectors.