Warburg Pincus invested $25 million in United in 1987 in exchange for an ownership position of approximately 30%. At the time, United was a $100 million revenue, publicly traded HMO on the verge of bankruptcy. The pricing cycle in the HMO business was at a low point and the public markets treated HMOs as if they were unlikely to survive. Warburg Pincus' investment was used to back a new management team that moved quickly to improve the balance sheet and operations of the company. Since then, the company has grown into one of the dominant HMOs in the United States. Warburg Pincus was an investor from 1987 to 1991, during which time United's revenue grew from $440 million to $847 million, and the net income increased from a loss of $16 million to a profit of $75 million.

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