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PIF-owned Jada makes investment in Saudi-focused healthcare fund: TVM Capital Healthcare — a private equity firm operating out of Dubai and Singapore — closed its dedicated healthcare fund in Saudi, raising USD 250 mn from investors led by the Public Investment Fund’s Jada Fund of Funds and other investors, according to a statement (pdf). Named the Afiyah Fund, the new investment vehicle received backing from several unnamed Saudi, GCC and European investors.
What they said: “The closing of TVM Healthcare Afiyah Fund marks an important milestone in mobilizing private capital into Saudi Arabia’s healthcare sector,” Jada Managing Director and CEO Bandr Alhomaly said.
The fund has appetite for both local healthcare providers and global firms looking to set shop here, TVM Capital Healthcare Chairman and CEO Helmut Schuehsler said. It will also look to invest in specialist treatment centers and clinics, with four transactions already in the pipeline, Schuehsler said.
Investment targets already lined up: The Afiyah Fund has identified some of its first investments, including Baraya Extended Care, a Riyadh-based long-term rehabilitation clinics chain; DEBx Medical, a Dutch med-tech and chronic-wound drugmaker looking to enter the Saudi market; and NeuroCare Group, a German company specialized in mental health services eyeing an expansion into the region. Some of its other projects include companies who operate in “longevity and genomics, oncology, pharma manufacturing, and diagnostics,” the statement read.
About TVM: The private equity firm is focused on emerging markets’ healthcare sectors and players. TVM is headquartered in Dubai and Singapore, with offices in Riyadh — where it has been operating since 2015 — and Ho Chi Minh City as well as supporting offices in Munich and Boston, according to the statement. TVM’s mission in Saudi includes enhancing “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.”
