Private equity firm TPG Capital has made a “significant investment” in mental health and substance use disorder (SUD) provider Banyan Treatment Centers. The terms of the deal were not disclosed.

Banyan Treatment Centers has over 20 facilities across Massachusetts, Pennsylvania, Delaware, Illinois, Florida, Texas, California and Alaska. Its services include detox, residential, partial hospitalization, intensive outpatient and telehealth services.

In 2021, the company also launched a new program for eating disorders.

The new infusion of capital, made through TPG Capital’s Rise Fund, is expected to help Banyan grow its geographical footprint, capacity and treatment offerings.

This investment comes as rates of SUD and behavioral health conditions continue to soar. About 46.3 million Americans meet the applicable DSM-5 criteria for having SUD in the last year, according to Substance Abuse and Mental Health Services Administration (SAMHSA).

“We are proud to be investing behind Banyan’s effort to prioritize and improve SUD care across the U.S.,” Tom Verghese, business unit partner for The Rise Fund, said in a statement. “An estimated 40 million Americans suffer from SUD and only 7% of them receive treatment due to various obstacles within the health care system. With Banyan, we have a tremendous opportunity to increase access for a fragile and often ignored patient population.”

The Rise Fund was founded in 2016 by TPG in collaboration with Bono and Jeff Skoll. It is focused on growth-stage and mission-driven companies.

Some of its previous health care investments include Blue Cloud Pediatric Surgery Centers, The Evercare Group and the Center for Health Education and Access.

This isn’t the first time TPG has invested in the behavioral health space. In 2020, TPG Capital invested $1.2 billion into outpatient behavioral health provider LifeStance Health (Nasdaq: LFST). The company has since gone public.

Overall, behavioral health deals have seen a dip in the first quarter of the year. M&A advisory firm Mertz Taggart reports that deal flow has fallen to pre-pandemic levels, with 27 behavioral health deals in the year’s first quarter.

Still, the industry may see more deals like TPG and Bayan in the future.

“Although mergers and acquisitions have slowed over the last quarter, activity is still at very high levels. Deals are just taking longer to get completed,” Kevin Taggart, managing partner at Mertz Taggart, said in the report. “The remainder of the year will be stronger than Q1.”