HEAL Partners, an Australia-based growth and follow-on investment firm specialising in the healthcare, education and lifestyle sectors, has closed its first fund at A$200 million ($143 million) and already launched a $350–500 million second fund.
HEAL Fund I’s close doubled its initial target, the investment firm said in a statement.
Launched in August 2020, the fund has deployed and committed over A$170 million across nine investments, including co-leading a $15-million Series A round in Us2.ai, a Singapore-based medtech firm, in Q2 2022.
The remaining capital in Fund I is reserved for follow-on opportunities in the existing portfolio, the firm said.
“All portfolio companies are performing strongly and are well positioned to take advantage of favourable demographics and increasing demand for quality, technology-led education, and healthcare solutions from the growing global middle classes,” said HEAL Partners’ managing partner and investment committee member Martin Robinson.
Meanwhile, HEAL Fund II has also completed a $30-million follow-on investment in US-based tattoo removal services provider Removery, in addition to a $20-million financing from Fund I.
The second fund is expected to secure a first close in the first half of next year.
“We are excited by the prospects of Fund II. Given the current macroeconomic climate and rebasing of valuations, we see many compelling opportunities to deploy capital in the near term and generate attractive returns for our investors,” Robinson said.
HEAL Partners has invested in assets across North America, Australia, and Asia. Its other portfolio companies include Australia-based Edge Early Learning Centres, Fertility Partners in Canada, and T-shirt Ventures, an Australia-based health technology company that provides stakeholders within the National Disability Insurance Scheme ecosystem with a platform to facilitate administration, payments, and service delivery.
HEAL Partners has also announced the appointment of Jeremy Lim, director of global health at the National University of Singapore Saw Swee Hock School of Public Health, as its Strategic Advisory Committee member.
Lim also serves as the CEO and co-founder of AMILI, the first gut microbiome company in Southeast Asia.
HEAL Partners’ Strategic Advisory Committee includes other experts such as Indonesian digital healthcare platform Halodoc’s founder and CEO Jonathan Sudharta; Chris Rex, former CEO of Ramsay Healthcare; Stuart Giles and Cathie Reid, co-founders of Icon Group and Epic Pharmacy; Rod Jones, founder and executive chairman of Navitas; and Andrew Meikle, founder of Dental Corp Canada and The Fertility Partners.