HEAL Partners completes final closing of Fund I at A$200 million, double its initial target
Announces formal launch of US$350-500 million Fund II; first investment completed
Appoints renowned Singapore public health expert Dr Jeremy Lim to the Strategic Advisory Committee
HEAL Partners ("HEAL"), a global growth and follow-on investment firm specialising in Health, Education and Lifestyle sector investments, announces the final closing of HEAL Fund I (“Fund I”) at A$200 million (US$143 million), double its initial target, and the launch of US$350–500 million HEAL Fund II (“Fund II”). Additionally, Dr Jeremy Lim, Director of Global Health at the National University of Singapore Saw Swee Hock School of Public Health, has joined HEAL’s Strategic Advisory Committee.
Fund I heavily oversubscribed
To date, over A$170 million (US$122 million) of the A$200 million (US$143 million) has been deployed or committed across nine investments in the Fund I portfolio. This includes co-leading a US$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 in the second quarter of 2022. The remaining capital in Fund I is reserved for deployment into the best follow-on opportunities in the existing portfolio.
“HEAL has been an invaluable partner for Us2.ai to date”, said 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. “In the short period since its investment, HEAL has already demonstrated the tremendous value its principals bring through considered advice, insight and access to their global network”, she added.
Commenting on HEAL’s latest fundraising, Managing Partner and Investment Committee member Martin Robinson said: “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.”
Fund II formally launched in November 2022; first investment completed
HEAL has formally launched Fund II, a US$350-500 million fund, with first close is expected in H1 2023.
Fund II has since completed a US$30 million follow-on investment in Removery, in addition to a US$20 million investment from Fund I. Removery is the largest provider of tattoo removal services in the world. The total US$50 million injection into Removery will be used to strengthen the company’s balance sheet and support its continued expansion across its core markets: the United States, Canada and Australia. Removery currently operates more than 125 studios globally and targets to grow its footprint to more than 400 locations over the next few years.
“We are excited by the prospects of Fund II. Given the current macroeconomic climate and rebasing of valuations, we see many compelling opportunities to deploy capital in the near-term and generate attractive returns for our investors,” said Martin Robinson.
HEAL appoints Dr Jeremy Lim to its Strategic Advisory Committee
Dr Jeremy Lim, Director of Global Health at the National University of Singapore Saw Swee Hock School of Public Health, has joined HEAL’s Strategic Advisory Committee, alongside other health experts including Halodoc Founder and CEO Jonathan Sudharta. Dr Lim is dually trained in surgery and public health and a noted commentator on health trends in Asia. He is also the CEO and Co-founder of AMILI, the first gut microbiome company in Southeast Asia.
Commenting on his appointment, Dr Lim said: “I am honoured to join HEAL Partners. The firm’s investment track record in health and education companies combined with the deep bench of experts on the advisory committee make HEAL a unique and compelling proposition for me. I am excited by the prospect of identifying and working with the next generation of innovative companies in one of the world’s fastest growing and most dynamic healthcare and education markets.”
Martin Robinson commented: “Dr Jeremy Lim is one of the most highly respected figures in healthcare in Southeast Asia. His expertise will further strengthen the team of heavyweights we have assembled over the past two years. With Jeremy’s leadership and network, I expect HEAL to make further forays in the dynamic healthcare sector in the region.”
Welcoming Dr Jeremy Lim, Jonathan Sudharta said: “I am pleased to welcome Jeremy to HEAL’s Strategic Advisory Committee. Having worked with Martin Robinson, who led our Series A funding and was a Halodoc board member, I was excited to join HEAL’s Strategic Advisory Committee at its launch in 2020. The advice and support Martin has provided us over the years has been critical to our journey in becoming Indonesia’s largest digital healthcare platform. I look forward to collaborating with Jeremy and to supporting the growth of the exciting businesses in HEAL’s portfolio.”
On the committee, Jeremy joins other pre-eminent health and education industry leaders including Chris Rex (Former CEO of Ramsay Healthcare), Stuart Giles and Cathie Reid (Co-founders of Icon Group and Epic Pharmacy), Rod Jones (Founder and Executive Chairman of Navitas), Dr Andrew Meikle (Founder of Dental Corp Canada and The Fertility Partners), and Jonathan Sudharta (Founder and CEO of Halodoc).
Notes
About HEAL Partners
HEAL Partners (“HEAL”) is a global growth and follow-on investment firm focused on revenue generating growth businesses in the Health, Education and Lifestyle sectors with the potential for global scale and industry disruption. Led by a team of proven founders, investors, portfolio managers and operators, HEAL capitalises on investment opportunities created by the growing demand for quality education and healthcare from the burgeoning middle class and rapidly aging population, the disruptive impact of technology on its focus sectors and new specialities in developed markets.
HEAL’s five-member Investment Committee consists of Peter Chapman, Martin Dalgleish, Mark Evans, Chris Chambers and Martin Robinson. Peter Chapman, Mark Evans and Chris Chambers are proven founders, operators and investors in health and education sector growth businesses, including Kids Campus, DentalCorp, DentalCorp Canada, The Fertility Partners, Edge Early Learning, and Removery. Martin Dalgleish has more than 30 years of operating and board experience in tech, consumer, telco and media with leading brands including PBL, Optus, Dixons, Rank, Pepsico, and IBM. He is Non-Executive Director of KPMG Australia. Martin Robinson brings a wealth of experience in acquiring and managing health assets, including recently as Executive Chairman of the largest Private Hospital Group in Vietnam (Hoan My Medical Corporation), and as an early investor and prior Board Director in Halodoc.
Find out more about HEAL Partners at: https://www.healpartners.com/.
About HEAL Fund I
HEAL launched Fund I in August 2020 with three cornerstone investments, demonstrating the calibre of high growth opportunities available to the fund - Edge Early Learning Centres (Australia), Removery (Tattoo removal, USA) and Fertility Partners (IVF, Canada) – and has made six further investments across the U.S, Australia and Asia since then.
In Q3 2022, HEAL completed a A$11 million (US$7.9 million) Series A round for T-shirt Ventures, an Australia-based health technology company that provides stakeholders within the National Disability Insurance Scheme ecosystem with a platform to facilitate administration, payments and service delivery, and a marketplace connecting NDIS participants with service providers.
In addition, HEAL recently completed several follow-on investments, including an A$8 million (US$5.7 million) investment into Edge, a leading Australia-based early childhood education platform, and participation in the recently completed funding round for Crimson Education, a college admissions platform and operator of a fully registered online high school delivering live, world-class teaching to students globally, both completed in H2 2022.
Find out more about HEAL’s investments at: https://www.healpartners.com/investments