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TVM Capital Mena launches Shari’a-compliant healthcare fund

TVM Capital Mena has received approval from the Dubai Financial Services Authority to launch its first regional healthcare growth capital fund with USD40m of subscriptions from founding investors, Saudi Health Investment Company, the International Finance Corporation and GE Healthcare.

TVM Capital Mena, the fund’s operator, is based in the Dubai International Financial Centre and is licensed and regulated by the DFSA.

The fund will seek to capitalise on the growth opportunities in the healthcare service and pharmaceutical/life science sectors in the Middle East and North Africa region.

On the services side, the focus will be on investments in specialised clinics, medical laboratories, small hospitals, diagnostic imaging centres, providers of outsourced services to healthcare delivery facilities, clinical trial management services, and healthcare IT 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, chief executive of the DIFC Authority, says: “While the current economic environment has posed many challenges, it has also presented several new opportunities for private equity funds. The global financial crisis has shown the need for private equity firms to focus on the fundamental profitability and growth of the 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.”

Dr. Helmut Schühsler, chairman of the board of TVM Capital Mena and a managing partner of TVM Capital Munich, says: “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.”

To establish operations in Dubai, TVM Capital Mena entered into a joint venture with Boston BioCapital FZ, a Dubai-based advisory firm led by Hoda Abou-Jamra, a founding partner of the fund. The partnership between the two firms covered the coordination of all start-up activities, access to potential investors, investment opportunities, professionals and advisors in the region as well as general marketing and relationship building.

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