Exceeding its target, HEAL Partners (HEAL) closed Fund I with $143 million in commitments.
The amount was double the investment that HEAL expected to receive in the funding round that was immediately followed by Fund II that hopes to raise $350–500 million.
“Achieving double our initial fundraising target with our first fund is a testament to the faith of our investors in our management team and investment proposition. All portfolio companies are performing strongly and are well positioned to take advantage of favourable demographics and increasing demand for quality, technology-led education and healthcare solutions from the growing global middle classes,” said Managing Partner and Investment Committee member Martin Robinson.
In addition to these developments, this global growth and follow-on investment firm specializing in Health, Education and Lifestyle sector investments, also announced the addition of Dr Jeremy Lim, Director of Global Health at the National University of Singapore Saw Swee Hock School of Public Health, to its Strategic Advisory Committee alongside other health experts including Halodoc Founder and CEO Jonathan Sudharta.
Dr. Lim is dually trained in surgery and public health. He is also a noted commentator on health trends in Asia and is the CEO and co-founder of AMILI, the first gut microbiome company in Southeast Asia.
HEAL Partners said that at least $122 million of the $143 million investment from Fund I has been committed across nine investments in the Fund I portfolio.
This includes co-leading a $15 million Series A round in Us2.ai, a Singapore-based medtech firm that uses artificial intelligence to automate the reading of echocardiograms, alongside IHH Healthcare during the second quarter of 2022.
The remaining capital in Fund I is for deployment into the best follow-on opportunities in its existing portfolio.
Dr. Carolyn Lam, co-founder of Us2.ai and Senior Consultant from the Department of Cardiology and Director of Women’s Heart Health at the National Heart Centre Singapore, said HEAL has demonstrated the tremendous value its principals bring through considered advice, insight and access to their global network.
FUND II was launched in November 2022 with its first close expected in H1 2023. Fund II has also completed a $30 million follow-on investment in Removery, in addition to a $20 million investment from Fund I.
Removery is the largest provider of tattoo removal services in the world.
The investment of $50 million will help Removery strengthen the company’s balance sheet and support its continued expansion across its core markets – the United States, Canada and Australia.
To date, Removery operates more than 125 studios globally and targets to grow its footprint in more than 400 locations in the next few years.
Robinson said he is excited by the prospects of Fund II. Given the current macroeconomic climate and rebasing of valuations, he sees many compelling opportunities to deploy capital in the nearterm and generate attractive returns for our investors.