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PIF unit leads fundraising for Saudi healthcare fund

By Pramod Kumar
Fundraising for TVM Healthcare Afiyah Fund has been led by PIF unit Jada Fund of Funds Unsplash.com/Sincerely Media
Fundraising for TVM Healthcare Afiyah Fund has been led by PIF unit Jada Fund of Funds
  • Jada Fund of Funds in $250m drive
  • Investors from GCC and Europe
  • DEBx, Neurocare among investments

Jada Fund of Funds, wholly owned by the Public Investment Fund, has led the SAR920 million ($250 million) fundraising round in a fund which aims to invest in major healthcare companies in Saudi Arabia.

Other investors in the TVM Healthcare Afiyah Fund were from Saudi Arabia, the GCC and Europe, according to TVM Capital Healthcare, a private equity firm headquartered in Dubai and Singapore.

The fund’s initial investments include Baraya Extended Care, a Riyadh-based chain of post-acute care and rehabilitation clinics; DEBx Medical, an Amsterdam-based developer and manufacturer of products for the treatment of chronic wounds; and Neurocare Group, a Munich-based provider of mental health services and products.

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DEBx Medical and Neurocare Group are poised to enter the Saudi and GCC markets.

Additional investment areas include longevity and genomics, oncology, pharmaceutical manufacturing, and diagnostics.

TVM Capital Healthcare has been active in the Middle East since 2009 and Southeast Asia since 2021. It anticipates investing $400-$500 million in Saudi and global healthcare companies.

TVM Capital Healthcare has been investing in the GCC and Egypt for over 13 years and, more specifically, operating in Saudi Arabia since 2015 through former portfolio companies ProVita International Medical Center and Cambridge International Medical Center.

The private equity company also has offices in Riyadh, Saudi Arabia, and Ho Chi Minh City, Vietnam, with supporting offices in Munich, Germany and Boston, the US.  

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