Business
This doctor raised $130 million from Michael Dell, Jim Breyer and others to try to fix health care
Dr. Clay Johnston, co-founder and chief medical officer of Harbor Health.
Courtesy of Harbor Health
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
When tech founder Michael Dell and his wife Susan founded their namesake medical school at the University of Texas at Austin, their mission was to promote value-based health care, a model that rewards providers for better patient outcomes.
Dr. Clay Johnston, the first dean of Dell Medical School, later learned the hard part wasn’t improving treatment outcomes and at a lower cost, he told CNBC. The sticking point was getting insurance providers to pay for it, he said.
So in 2021, he left the medical school with Dell’s blessing to launch clinic startup Harbor Health. The company, based in Austin, Texas, is a “pay-vider” that offers its own insurance plans and owns and operates 43 primary care and specialty care clinics in four metro hubs in Texas.
Dell’s family office, DFO Management, has backed Harbor since its inception.
“Michael was excited about what we had built at the medical school, and he understood the limitations of that,” said Johnston, who serves as Harbor Health’s chief medical officer.
In September, Harbor raised $130 million from DFO alongside Jim Breyer’s namesake venture capital firm, family office Martin Ventures and others to expand its chain of primary care clinics in Texas and expand its insurance business. Harbor has raised $258 million since launching in 2022.
Owning clinics and the insurance company requires a massive war chest, but it’s necessary, said Johnston, a neurologist and epidemiologist.
“The reason we do that is so that we have full control of the dollars, so that we can take responsibility for people’s health and use those dollars for whatever makes sense for people to have better health outcomes,” he explained. “We can push technologies, and we don’t have to be focused on on visits.”
Johnston also knew Breyer and Charlie Martin, principal of Martin Ventures, from his work at Dell Medical School. Both have been backers since Harbor’s early days.
Martin, a serial CEO of hospital operators, backs firms focused on improving patient outcomes and healthcare costs. Breyer was drawn to the applications of artificial intelligence in healthcare at the medical school and at Harbor, Johnston said.
“He just brings people together, and he has wonderful insights, particularly about technology and how it’s going to evolve,” Johnston said of Breyer.
Harbor analyzes medical data to predict patient care costs and whether a patient is at high risk of developing a specific condition, requiring a surgery or needing hospitalization. This AI analysis enables Harbor to provide more care to patients before their condition worsens, according to Johnston.
While family office deal-making has declined markedly in 2025, healthcare is one of the few sectors still garnering interest. A recent family office survey by Goldman Sachs found that 28% of family offices planned to be overweight healthcare over the next 12 months and only 10% intended to be underweight, the best metrics of any sector other than technology.
Johnston said the capital-intensive nature of health care can be “hard to stomach” for some investors, but he said his experience with raising donations for the medical school bears many similarities to selling investors on the vision for Harbor Health.
“The people you’re selling to on the venture side are mostly looking at the financial likelihood of return. It’s nice to have an ambitious vision that’s potentially more disruptive and has the potential to to yield financial rewards, but it stops there,” he said. “The execution piece becomes more important.”
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HDFC Bank now offers airport lounge access via digital vouchers for debit cards, with a doubled Rs 10,000 quarterly spend. Physical card swipes are discontinued.
HDFC Bank Doubles Spend Requirement for Complimentary Lounge Access
HDFC Bank Airport Lounge Access Rules 2026: HDFC Bank has revised the rules for complimentary airport lounge access on its debit cards, shifting to a voucher-based access system and increasing the minimum spending requirement. The changes have come into effect from today, January 10.
Until now, eligible debit cardholders could enter airport lounges by swiping their physical card. Under the new system, lounge access will be granted only through digital vouchers, issued to customers who meet the spending criteria.
Once eligibility is confirmed, the bank will send an SMS or email with a link to claim the voucher. Customers will need to complete OTP verification using their registered mobile number. After successful verification, a voucher code or QR code will be issued, which must be shown at the lounge for entry.
Minimum Spend Doubled For Most Cards
HDFC Bank has doubled the quarterly spend requirement for complimentary lounge access on most debit cards.
Customers must now spend Rs 10,000 or more per calendar quarter from Rs 5,000 earlier. The spend can be through single or multiple transactions, online or offline. The revised spending condition does not apply to the Infiniti Debit Card, which continues to offer lounge access without any minimum spend.
Complimentary Lounge Visits Remain Unchanged
The number of free lounge visits will continue to depend on the debit card variant:
Millennia Debit Card: 1 visit per quarter
Platinum Debit Card: 2 visits per quarter
Times Points Debit Card: 1 visit per quarter
Business Debit Card: 2 visits per quarter
GIGA Debit Card: 1 visit per quarter
Infiniti Debit Card: 4 visits per quarter
Only purchase transactions made using the debit card will count toward the quarterly spend. The following are excluded, Moneycontrol noted:
ATM Cash Withdrawals
- UPI or wallet payments (GPay, PhonePe, Paytm, etc.)
- Credit card bill payments via debit card
- Debit card EMI transactions
- New debit cardholders will also need to meet the Rs 10,000 spend threshold to become eligible.
Voucher Validity And Lounge Rules
Once issued, lounge vouchers will remain valid until the end of the next calendar quarter.
For instance:
Voucher generated on November 15, 2025 → valid till March 31, 2026
Voucher generated on January 10, 2026 → valid till June 30, 2026
Lounge access will continue on a first-come, first-served basis, with lounges retaining the right to impose stay limits—typically two to three hours—or deny entry due to operational, safety or regulatory reasons.
What this means For Customers
HDFC Bank’s updated lounge access programme places greater emphasis on higher card usage and digital verification. Customers who rely on complimentary lounge benefits will need to closely track their quarterly spending and note that physical debit card swipes will no longer work from January 10.
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January 10, 2026, 14:26 IST
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Business
What Is Core-and-Satellite Strategy And How Can It Help Investors Navigate Market Volatility?
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The ‘core’ typically makes up around 60–70% of a portfolio and is meant to deliver stable returns while serving as its foundation.
Small and mid-cap stocks produced 14-17% returns in the last 20 years. (representative image)
Navigating financial markets often seems like an uphill task as investors need to balance the desire for growth with the fear of sudden downtrends. When markets fall, people struggle to find the right direction while chasing high returns and protecting their wealth from volatility. Too much risk can lead to panic mode, while excessive caution could leave your portfolio lagging behind inflation and long-term goals.
A practical solution here is the core-and-satellite strategy emerges as a practical solution. Under this, investors get to combine a stable “core” of diversified, low-cost investments with the dynamic “satellite” portion to target higher-growth opportunities. Not only does it allow them to achieve resilience and flexibility, but the strategy also ensures steady progress even during turbulent times. By following this dual approach, people can cushion portfolios against market downfalls.
How Does It Work?
According to Moneycontrol, the “core” usually accounts for nearly 60-70 per cent of the portfolio. It is specifically designed to provide steady returns and act as the anchor of your portfolio.
It comprises stable, low-cost funds:
1. Large-cap equity funds: Your hard-earned money gets invested in established companies having proven business models. Often, it is seen that they appear to fall less compared to mid and small-cap funds.
2. Flexi-cap funds: The fund managers keep shuffling the investment between large, mid and small caps, depending on the ongoing condition of the market. In simple terms, these add flexibility and diversification to the portfolio.
3. Hybrid funds: A combination of equity and debt, these are meant for growth and stability.
However, investors must note that even the “core” is not free from risk. Moneycontrol report highlights how markets fell nearly 14 per cent between October 2024 and February 2025.
The Role of Satellite Investments
Keeping core aside, the remaining 30-40 per cent is what makes up satellite investments.
“The satellite portfolio allows tactical exposure to high-growth sectors, themes, or strategies,” the report quoted Kirang Gandhi, a Pune-based financial mentor, as saying.
This includes mid-cap and small-cap funds that hold higher growth potential. Also, it features international equity funds.
This highlights that it is the growth engine of the portfolio, but also carries substantial risk.
A key part of the core-and-satellite approach is “balance,” where the core allows the money to grow steadily and the satellite portion adds more potential without putting the portfolio at risk.
In the last 20 years, the small and mid-cap indices have generated nearly 14-17 per cent returns on an annual basis, leaving behind large-cap indices. Investors must note that falls are more frequent in mid and small-cap stocks.
Using the core-and-satellite strategy, investors get to diversify their portfolio without making it too complicated.
Kirang Gandhi said this strategy combines safety with smart opportunity for Indian investors and avoids overexposure.
“It brings structure, discipline, and clarity to long-term wealth building without chasing trends,” Gandhi concluded.
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January 10, 2026, 13:40 IST
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BENGALURU: Masayoshi Son-led SoftBank Group pared its holding in Ola Electric Mobility to 13.5% from 15.6%, in what appears like a staggered exit from the electric 2-wheeler maker that was once among its marquee India bets. SVF II Ostrich (DE), a SoftBank affiliate and Ola Electric’s second-largest shareholder after founder Bhavish Aggarwal, sold 9.4 crore shares through open market transactions between Sept 3, 2025, and Jan 5, 2026, according to a regulatory filing.
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HDFC Bank Changes Debit Card Lounge Access Rules From Today: What Cardholders Must Know
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