We specialize in healthcare investing and advisory. We will consider any non-start up healthcare deal in the US or Asia – but our current investment strategies are:
1) East-to-West healthcare deals.
These are Western companies that can be linked to Chinese / Asian markets, capabilities or consumers. “East-to-West” deals are common in the industrial, automotive and consumer sectors but not yet in healthcare. This is changing as the modernization of China’s healthcare sector accelerates and the rise of Asian consumers continues.
Our focus is branded consumer products, services and manufacturing-intensive sectors. This includes medical devices, hospital equipment, high value consumables and other sub-sectors. Our key value-add is linking to Chinese manufacturing, investment and / or Asian consumer growth. Target companies are market leaders and companies with technology that is “new to China’.
2) Healthcare growth equity in emerging markets.
These are typically about expanding business, clinical or IT services in geographies where Western capabilities or franchises are a strong value-add. These can include IVF centers, dental clinics, and specialty construction. They can also include assembling operations that are inherently multinational (logistics, networks, etc.).
These deals are based on having a significant value-add from an imported Western capability – such as a technology, a brand, a joint venture, etc. A valuable Western capability or expertise enables us to gain access to attractive proprietary deals and / or to be able to co-invest with leading local investment firms.
3) Healthcare-related real estate (potential)
These deals are considered opportunistically. These are acquisition and development deals based on partnerships with local real estate companies and / or local governments in China / Asia. Projects include cancer centers, rehabilitation centers, SNFs and other healthcare-related real estate and infrastructure.
We do not consider investments with significant technology risk (i.e., most life sciences and biotech). We also do not consider companies with start-up risk (i.e., greenfield projects).
We do consider healthcare projects related to animal health and agriculture.