The prospect of an economic downturn in Europe boosted private equity appetite last year for healthcare assets, which are regarded as less risky in uncertain times, according to Bain & Co.

A handful of multibillion-dollar buyouts led by some of private equity's biggest names, including Advent International and CVC Capital Partners, drove the amount of cash invested in European healthcare companies to the highest level in at least five years in 2018, a Bain report said.