RIYADH, Saudi Arabia & DUBAI, United Arab Emirates - Tuesday, 28. May 2024 AETOSWire
Approximately USD 250 million (SAR 920 million) raised from a
distinguished group of Saudi, GCC and European investors, led by JADA,
PIF’s Fund of Funds Company.
The Afiyah Fund is the largest of
its kind with a major focus on supporting the key medical priorities of
Saudi’s Vision 2030 and the Health Sector Transformation Program.
Including expected co-investments from its strong limited partner base,
the firm anticipates mobilizing a total of USD 400-500 million in Saudi
Arabian healthcare companies and international companies with major
expansion projects in the Kingdom.
(BUSINESS WIRE) --
TVM Capital Healthcare, an international healthcare expansion and growth
capital investor, today announced the closing of the TVM Healthcare
Afiyah Fund LP at approximately USD 250 million, its second pool of
capital in the Middle East.
TVM Capital Healthcare has operated
in the Middle East since 2009 and Southeast Asia since 2021. The new
fund builds on the firm’s past success investing in the region,
providing highly attractive returns and demonstrating its ability to
originate deals and develop successful, sustainable companies with
excellent growth prospects and strong management teams.
TVM
Capital Healthcare identifies unmet healthcare needs and invests in
entrepreneurial companies that create lasting impact in their local
communities while delivering strong returns to investors. The firm has
built a solid reputation as the first international fund manager
investing in and operating major healthcare companies in the Kingdom. It
also invests in healthcare growth deals in Europe and the U.S. to
support these companies’ expansion plans for Saudi Arabia and the wider
GCC. With this two-pronged, highly catalytic strategy, TVM Capital
Healthcare optimizes its contribution to transforming the Saudi economy
and improves access to world-leading products, technologies, and
services in the region.
Among the first investments of the fund are:
Baraya Extended Care, a Riyadh-based chain of long-term, post-acute care and rehabilitation clinics
DEBx Medical, an Amsterdam-based developer and manufacturer of
ground-breaking products for the treatment of chronic wounds that is
about to enter the Saudi market
neurocare Group, a
Munich-based leading innovator in personalized mental health services
and products, with clinics in the U.S., the Netherlands, and Australia,
that is preparing to enter Saudi and the GCC
Other deals include longevity and genomics, oncology, pharma manufacturing, and diagnostics.
Bandr
Alhomaly, Managing Director and CEO of Jada Fund of Funds, said, “The
closing of TVM Healthcare Afiyah Fund marks an important milestone in
mobilizing private capital into Saudi Arabia's healthcare sector, and we
are pleased to lead the investment, providing capital to support the
development of the sector in line with Vision 2030."
Dr. Helmut
M. Schuehsler, Chairman and CEO of TVM Capital Healthcare added: “We are
proud of attracting a distinguished group of institutional and family
investment groups from Saudi, other GCC countries, and Europe for a
specialist pool of capital of this size being deployed in domestic
companies in the Kingdom and international companies entering the
market. We are uniquely positioned for success because our leadership
team comprises executives with long-standing expertise in Europe and the
U.S., who have built excellent international networks throughout their
careers, alongside local Saudi healthcare experts. Plus, we have been
investing in the GCC and Egypt for over 13 years, and more specifically,
operating in Saudi since 2015 through our former portfolio companies,
ProVita International Medical Center and Cambridge International Medical
Center. Today, we are truly excited about our ability to enhance the
local and regional healthcare ecosystem at a much larger scale, helping
to improve access to high-quality patient care, medical products, and
treatment regimens across the Kingdom.”
TVM Capital Healthcare
has offices in Riyadh, Dubai, Singapore and Ho Chi Minh City and
supporting offices in Munich and Boston. It was represented in the
fundraise by multinational law firm Morgan Lewis.
About TVM Capital Healthcare
TVM
Capital Healthcare is an emerging markets-focused healthcare private
equity firm headquartered in Dubai and Singapore, with offices in Riyadh
and Ho Chi Minh City and supporting offices in Munich and Boston. The
firm invests expansion and growth capital in healthcare companies to
improve local access to quality care and provide local sources of
medical products in the pharma, medical device and diagnostics sectors.
Investment and operating partners, as well as a strong group of regional
and international senior advisors have long-standing international
track records in healthcare investing, active board work, contributions
to strategy development and implementation, as well as deep healthcare
operating experience in the relevant markets. The firm partners with
local Middle Eastern and Southeast Asian management teams to build
domestic or regional sector champions and selectively backs companies
from Europe or North America for expansion into the firm’s target
geographies.
Medical quality of its service businesses is
safeguarded by collaborations with leading international medical
technology and clinical partners as well as international accreditation
agencies such as Joint Commission International (JCI). TVM Capital
Healthcare’s investment and operating approach combines strong
commercial value creation and financial returns with responsible
investing in alignment with the United Nations Sustainable Development
Goals (UN SDGs).
www.tvmcapitalhealthcare.com
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holly@tigerhillpartners.com
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