• UAE-based healthcare private equity firm “TVM Capital Healthcare” has closed a $250 million Afiyah Fund LP, led by JADA, PIF’s Fund of Funds Company, along with a group of Saudi, GCC and European investors.
• The Afiyah Fund aims to support domestic healthtech startups, and international ones entering the market, with a focus on the key medical priorities of Saudi’s Vision 2030.
• The fund has previously invested in companies such as Baraya Extended Care, DEBx Medical, neurocare Group and others.
• With the anticpated co-investment offers from its LP base, TVM Capital plans to mobilise $400–500 million in the Saudi Arabian healthcare sector.

Press release:

TVM Capital Healthcare, an international healthcare expansion and growth capital investor, today announced the closing of the TVM Healthcare Afiyah Fund LP at approximately $250 million, its second pool of capital in the Middle East.  

TVM Capital Healthcare has operated in the Middle East since 2009 and Southeast Asia since 2021. The new fund builds on the firm’s past success investing in the region, providing highly attractive returns and demonstrating its ability to originate deals and develop successful, sustainable companies with excellent growth prospects and strong management teams. 

TVM Capital Healthcare identifies unmet healthcare needs and invests in entrepreneurial companies that create lasting impact in their local communities while delivering strong returns to investors. The firm has built a solid reputation as the first international fund manager to invest in and operate major healthcare companies in the Kingdom. It also invests in healthcare growth deals in Europe and the U.S. to support these companies’ expansion plans for Saudi Arabia and the wider GCC. With this two-pronged, highly catalytic strategy, TVM Capital Healthcare optimizes its contribution to transforming the Saudi economy and improves access to world-leading products, technologies, and services in the region. 

Among the first investments of the fund are:

• Baraya Extended Care, a Riyadh-based chain of long-term, post-acute care and rehabilitation clinics.
• DEBx Medical, an Amsterdam-based developer and manufacturer of ground-breaking products for the treatment of chronic wounds, is about to enter the Saudi market.
• neurocare Group, a Munich-based leading innovator in personalized mental health services and products, with clinics in the U.S., the Netherlands, and Australia, is preparing to enter Saudi Arabia and the GCC.

Other deals include longevity and genomics, oncology, pharma manufacturing, and diagnostics.

Bandr Alhomaly, Managing Director and CEO of Jada Fund of Funds, said, “The closing of the TVM Healthcare Afiyah Fund marks an important milestone in mobilizing private capital into Saudi Arabia's healthcare sector, and we are pleased to lead the investment, providing capital to support the development of the sector in line with Vision 2030."

Dr. Helmut M. Schuehsler, Chairman and CEO of TVM Capital Healthcare, added: “We are proud of attracting a distinguished group of institutional and family investment groups from Saudi Arabia, other GCC countries, and Europe for a specialist pool of capital of this size being deployed in domestic companies in the Kingdom and international companies entering the market. We are uniquely positioned for success because our leadership team comprises executives with long-standing expertise in Europe and the U.S. who have built excellent international networks throughout their careers, alongside local Saudi healthcare experts. Plus, we have been investing in the GCC and Egypt for over 13 years, and more specifically, operating in Saudi Arabia since 2015 through our former portfolio companies, ProVita International Medical Center and Cambridge International Medical Center. Today, we are truly excited about our ability to enhance the local and regional healthcare ecosystem at a much larger scale, helping to improve access to high-quality patient care, medical products, and treatment regimens across the Kingdom.”

TVM Capital Healthcare has offices in Riyadh, Dubai, Singapore and Ho Chi Minh City, as well as supporting offices in Munich and Boston. It was represented in the fundraise by multinational law firm Morgan Lewis.