TVM Capital MENA has received the approval of the Dubai Financial Services Authority (DFSA) to start operation of its first regional healthcare growth capital fund, which held a first close at $40m.
Subscriptions came from founding investors Saudi Health Investment Company (SHIC), the International Finance Corporation (IFC), and GE Healthcare.
TVM Capital MENA Ltd., the fund’s operator, is based in the Dubai International Financial Centre (DIFC) and is licensed and regulated by the DFSA.
The fund represents the first healthcare-dedicated investment vehicle in the MENA region to be operated by a leading global healthcare and life science manager with a significant track record in the sector. It will seek to capitalise on the substantial growth opportunities in the healthcare service and pharmaceutical/life science sectors in the Middle East and North Africa (MENA) 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.
A team of professionals led by Managing Director, Marios Fotiadis, will manage operational investment activities, including all deal sourcing, origination, assessments, and deal execution.
The investment team also includes Youssef Haidar, formerly a Managing Director at Unifund Capital, Abu Dhabi, and strategic partner, Munich Medical International (MMI), represented by Managing Partner, Prof. Dr. Frank Christ. MMI is a Munich and Dubai-based healthcare services advisory firm with substantial operating experience in the region.
To establish operations in Dubai, TVM Capital MENA entered into a joint venture with Boston BioCapital FZ LLC, 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.