15/02/2010 00:00 AST
TVM Capital Mena, a leading growth and venture capital firm, said it has received approval from Dubai Financial Services Authority (DFSA) to start operation of its first Shariah compliant regional healthcare growth capital fund.
The TVM Capital fund set up with $40 million of subscriptions from founding investors - Saudi Health Investment Company (SHIC), the International Finance Corporation (IFC), and GE Healthcare - seeks to tap the rapidly growing healthcare market in the region.
To set up Dubai operations, TVM Capital Mena entered into a joint venture with Boston BioCapital, a Dubai-based advisory firm led by Hoda Abou-Jamra, a founding partner of the Fund.
TVM Capital Mena is based in the Dubai International Financial Centre (DIFC) and is licensed and regulated by the DFSA.
Dr. Helmut Schühsler, chairman of the board of TVM Capital Mena and a managing partner of TVM Capital, Munich said it was the first healthcare-dedicated fund in the Mena region to be operated by a leading global healthcare and life science manager with a significant track record in the sector.
"The Fund will draw from TVM Capital's 25 plus years of experience and success in investing in the health market, the firm's global network in industry and academia as well as the relationships we have built regionally to add significant value to healthcare investment opportunities," he added.
On the services side, the fund's 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.
Abdulla Mohammed Al Awar, CEO of DIFC Authority said: "While the current economic environment has posed many challenges, it has also presented several new opportunities for private equity funds. The crisis has shown the need for private equity firms to focus on the fundamental profitability and growth of companies they invest in.'
'In this light, some of the most exciting opportunities for private equity in the Mena region lie in the healthcare sector. By providing a world-class legal and regulatory framework, DIFC offers a secure and productive platform for private equity firms like TVM Capital Mena to operate their funds and develop their business,' he observed.
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