Two state bills seeking more oversight of private equity investments in the health care industry are making their way to Gov. ‘Modern enforcement tools’The authors of the two bills contend that the legislation will right wrongs in health care. Cabaldon said that private equity in health care has quintupled over the past decade. Bonta also claimed the private equity investment in health care has driven up costs in the industry. In his veto, Newsom said that OHCA should serve as the state agency tasked with reviewing major health care transactions.