Montreal-based Persistence Capital Partners has announced the creation of the PCP Healthcare Opportunities Fund, billed as Canada’s first private equity fund dedicated to investing in heal
Montreal-based Persistence Capital Partners has announced the creation of the PCP Healthcare Opportunities Fund, billed as Canada’s first private equity fund dedicated to investing in health care businesses.
‘Health care spending in Canada reached more than CAD160bn last year, almost 11 per cent of the country’s gross domestic product, yet only represents 0.52 per cent of the capital markets,’ says Persistence Capital Partners managing partner Dr Sheldon Elman.
‘As Canada’s population ages, the pressure on the health care system and the associated challenges continue to increase. We believe that there is a need and an opportunity to develop and modernise the healthcare infrastructure, working in a complimentary fashion and in partnership with the provincial systems, which could alleviate some of these challenges.’
Persistence Capital Partners aims to provide significant long-term capital appreciation by identifying and pursuing attractive investment opportunities in the Canadian health care market.
The firm made its first investment in March 2008, when it acquired the three businesses of Medisys Health Group, a provider of health services to over 4,000 corporations with offices in Montreal, Toronto, Calgary, Vancouver, Ottawa and Quebec City, a provider of diagnostic imaging services in Ontario, and a provider of medical information services for the Canadian life insurance industry.
Dr Philippe Couillard, a former provincial minister of health and social services in Quebec, has joined Persistence Capital as a partner.
‘Dr Couillard’s experience, leadership and his expertise in the sector make him an ideal candidate to help us fulfil PCP’s mandate across Canada,’ says Stuart M. Elman, also a managing partner. ‘We’re pleased he has accepted the challenge to foster the development of health care businesses in partnership with the public systems across Canada.’
Couillard adds: ‘I’m very pleased to have the opportunity to participate in the growth of Persistence Capital Partners, which aims to improve the overall efficiency of the system. We share the same values and goals for healthcare in Canada – delivering high quality patient care while meeting the evolving needs of users of the health care system.’
Couillard was the chief of the department of neurosurgery at St. Luc Hospital in Montreal from 1989 to 1992 before co-founding and running the neurosurgery department at Dhahran in Saudi Arabia until 1996. He was elected to the Quebec National Assembly in 2003 and was minister of health and social services until two months ago.
