HEAL Partners announces second closing of Fund II at ~A$200m

• Four investments secured in the portfolio
• Representative of Generate KiwiSaver appointed to the Fund II LPAC
• Strong indication of further commitments into Final Close in mid-2025
• HEAL Fund II backed by an anchor commitment from affiliates of Elliott Investment Management L.P.

HEAL Partners ("HEAL"), a global growth and follow-on investment firm specialising in Health and Education sector investments, announces the second closing of HEAL Fund II ("Fund II") at ~A$200 million.  Sam Goldwater, Co-Founder and CIO of Generate (KiwiSaver) Investment Management has been appointed to Fund II's Limited Partner Advisory Committee ("LPAC").

Commenting on HEAL's latest fundraising, Managing Partner and Investment Committee member Martin Robinson said: 

"On the back of the continued strong performance of HEAL Fund I, Fund II is already the same size of our debut fund at second closing; a testament to the faith our investors have shown in our management team, investment strategy and focus sectors. We aim to conclude fundraising for Fund II mid-2025."

Fund II has completed two investments to date, and finalising investments #3 and #4 

Fund II, a healthcare and education sector focused, late-stage growth and follow-on fund, is targeting A$ 400 million+ in commitments. Fund II is backed with an anchor commitment from affiliates of Elliott Investment Management L.P.

"Approximately half of the Fund II portfolio is likely to comprise follow-on investments into Fund I companies. The follow-on strategy for Fund II allows us to double down on the best performing businesses from Fund I and back management teams we have built strong and trusted relationships with. This derisks the investment proposition for our Fund II investors", Robinson concluded.

To date, Fund II has completed two follow-on investments into market leading businesses. This includes a US$ 32 million (A$ 47 million) investment in Removery, the world's leading tattoo removal platform and only tattoo-removal platform of scale globally, and a C$ 25.5 million (A$ 27.5 million) investment in The Fertility Partners, Canada's largest IVF clinical network and one of the largest fertility platforms in North America. 

Fund II is finalising its next two investments for the Fund.  In aggregate, Fund II is targeting a portfolio of approximately eight investments.

Commenting on HEAL's value-added active management approach, HEAL Partner and founding Chairman of Removery, Mark Evans said: 

"HEAL is a team of founders and business builders with extensive experience in identifying attractive market niches and working with management teams to build and run successful businesses. This gives HEAL an advantage when sourcing proprietary and differentiated investments for our funds." 

 

"We are excited to have Removery as a cornerstone asset for Fund II. It has quickly established itself as the clear world-leader targeting a very large, multi-billion-dollar global opportunity. The market opportunity continues to expand as awareness of safe and effective laser tattoo removal rapidly increases", Evans concluded.

HEAL appoints Sam Goldwater to the Fund II Limited Partner Advisory Committee 

Sam Goldwater, Co-Founder and CIO of Generate Investment Management Ltd, which is a KiwiSaver and wealth fund manager, has joined Fund II's LPAC, alongside existing members, including Rick Cohen, representative of Elliott Investment Management L.P. 

Fund II's LPAC consists of investors in Fund II who are independent of HEAL and not investors in Fund I.

Commenting on his appointment and Generate's investment in Fund II, Sam Goldwater said: 

"We were impressed with the calibre of the HEAL team, were attracted to the differentiated deal flow and the high growth sectors which the fund is investing in. The Fund's follow-on approach also provides us with a high degree of visibility to where funds will likely be deployed."

Fund II achieved its first closing in January 2024 and has set a deadline of 30 June 2025 for final close.