Private equity (PE) firms play a significant role in the financialisation of healthcare systems, yet research has largely overlooked their direct involvement, especially outside the U.S. This study investigates the drivers behind PE investments in Ireland’s long-term care (LTC) sector and the strategies used to enter and expand. It finds that demographic trends, market composition, risk diversification, and state funding and regulation attract PE investment, with PE firms employing models like “OpCo/PropCo” in nursing homes and using acquisitions and franchise agreements in home care, shedding light on the growing influence of financial actors in European LTC.