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TVM Capital to Start Operation of Healthcare Capital Fund

Mena said it has received approval from Dubai Financial Services Authority (DFSA) to start operation of its first Shariah compliant regional growth capital fund.

The TVM Capital fund set up with $40 million of subscriptions from founding investors – Saudi Health Investment Company (SHIC), the International Finance Corporation (IFC), and GE Healthcare – seeks to tap the rapidly growing healthcare market in the region.

TVM Capital Mena entered into a joint venture with Boston BioCapital, a Dubai-based advisory firm led by Hoda Abou-Jamra, a founding partner of the Fund to set up Dubai operations.

TVM Capital Mena is based in the Dubai International Financial Centre (DIFC) and is licensed and regulated by the DFSA.

Dr. Helmut Schühsler, chairman of the board of TVM Capital Mena and a managing partner of TVM Capital, Munich said it was the first healthcare-dedicated fund in the Mena region to be operated by a leading global healthcare and life science manager with a significant track record in the sector.

“The Fund will draw from TVM Capital’s 25 plus years of experience and success in investing in the health market, the firm’s global network in industry and academia as well as the relationships we have built regionally to add significant value to healthcare investment opportunities,” he added.

On the services side, the fund’s focus will be on investments in specialized clinics, medical laboratories, small hospitals, diagnostic imaging centres, providers of outsourced services to healthcare delivery facilities, clinical trial management services, and and insurance.

On the life science product side, investments will focus on pharmaceutical and other life science product companies that are involved in the licensing, import, manufacture and distribution of medicines, medical devices and diagnostics.

Abdulla Mohammed Al Awar, CEO of DIFC Authority said: “While the current economic environment has posed many challenges, it has also presented several new opportunities for private equity funds. The crisis has shown the need for private equity firms to focus on the fundamental profitability and growth of companies they invest in.”

“In this light, some of the most exciting opportunities for private equity in the Mena region lie in the healthcare sector. By providing a world-class legal and regulatory framework, DIFC offers a secure and productive platform for private equity firms like TVM Capital Mena to operate their funds and develop their business,” he observed.

Dr Schühsler said,”Our TVM Capital MENA team will have a strong collaborative relationship with our founding investors. GE Healthcare will add considerable value as a strategic partner to TVM Capital MENA with its expertise in assessing investment opportunities and executing projects in the region.”

“Our relationship with SHIC will translate into an increased presence in the Saudi and other countries, especially in the GCC and Egypt, where SHIC is a leading investor in healthcare services. The IFC has a strong presence in several countries in the region and a large team dedicated to healthcare investments,” he added.

A team of professionals led by managing director, Marios Fotiadis, will manage operational investment activities, including all deal sourcing, origination, assessments, and deal execution.

Fotiadis was a General Partner of TVM Capital in Munich and Boston for two years before taking charge of the Mena investment operations.

Fotiadis said the company sees a substantial investment opportunity in the Mena region, which is experiencing high population and GDP growth, while being chronically undersupplied, both qualitatively and quantitatively, in the healthcare sector.

“We have fully validated our investment thesis through our ability to develop a robust and proprietary deal flow, and we will shortly be announcing the close of our first two investments,” he added.

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