HEAL Partners, an Australia and Cayman based global Growth and Follow-On Fund specialising in Health, Education and Lifestyle sector investments (“HEAL”), today announced it has signed a Strategic Relationship Agreement with affiliates of Elliott Investment Management L.P. (“Elliott”). HEAL will launch its US$ 350-500 million Fund II in H1 2022. As part of the Strategic Relationship, Elliott is expected to contribute a significant anchor commitment to HEAL’s Fund II.
This Strategic Relationship follows Elliott’s January 2021 investment in Removery, the world’s largest tattoo removal business and a HEAL portfolio company founded by HEAL Partners’ Mark Evans, Chris Chambers and Peter Chapman. Headquartered in Austin, Texas, Removery has 90 studios across U.S., Canada and Australia and plans to open a further 200 studios during the next two years.
Removery founder and HEAL Partner Mark Evans said, “Elliott has been a great partner at Removery and we are excited to build on this strong relationship through our future HEAL funds.” On behalf of Elliott, Isaac Kim said, “We are pleased about this Strategic Relationship with the HEAL team. We believe HEAL’s focus on bringing operational expertise and follow-on growth investment into strong business models, many of which the team has created, is genuinely differentiated. Our work together through Removery underscores our confidence in HEAL’s active management approach and ability to generate significant deal flow.”
HEAL’s Investment Partners are Mark Evans and Chris Chambers from Normanby Capital, Peter Chapman and Martin Dalgleish from Asia Principal Capital and Martin Robinson.
HEAL is also backed by pre-eminent industry leaders in the Health and Education sectors, including Chris Rex (Former CEO of Ramsay Healthcare), Stuart Giles and Cathie Reid (Co-founders of Icon Group and Epic Pharmacy), and Rod Jones (Founder and Executive Chairman of Navitas), Dr Andrew Meikle, (Dental Corp Canada and The Fertility Partners) and Jonathan Sudharta (Halodoc) alongside other industry luminaries.
HEAL’s Investment and Advisory Committees have collectively created more than $19bn of shareholder value in the targeted HEAL sectors of Health and Education.
HEAL launched Fund I in August 2020 with three cornerstone investments, demonstrating the calibre of high growth opportunities available to the Fund: Edge Early Learning Centres (Australia), Removery (Tattoo Removal, USA) and Fertility Partners (IVF, Canada) and has made several further investments across the U.S, Australia and Asia. Fund I has closed heavily oversubscribed with A$140 million of commitments, surpassing its initial target of A$100 million. HEAL Partner, Martin Robinson, said, “We are very pleased with the composition and performance of our Fund 1 portfolio companies. We have committed the majority of our funds to date, with the remainder to be deployed into the existing portfolio over the next six months or so. We have seen several third party investments across our portfolio companies at significant premiums to our initial entry prices.”
HEAL targets Health, Education and Lifestyle assets that are high-growth and globally and/or regionally scalable and has a strong commitment to ESG. Aside from founding its own opportunities, HEAL invests in later stage rounds where it can be an active and engaged participant in the management and operation of the underlying asset.
“Since launching HEAL, we have been impressed with the large number of high quality and investible opportunities we have evaluated that demonstrates the seismic shifts underway across the HEAL sectors. For Fund II, we have a strong pipeline of exciting new opportunities in addition to the follow-on opportunities available in several of our Fund I portfolio companies,” concluded Robinson.