Report: Ithmar to spend $1.2bn on healthcare deals

The Middle Eastern private equity firm will reportedly invest in US and European healthcare companies over the next 12 months.

Dubai-based Ithmar Capital will invest $1.2 billion in healthcare deals within the next 12 months.
Faisal Belhoul, founder and managing partner of Ithmar, told Arabian Business the investments will be made from Ithmar’s healthcare platform Enaya, which will be launched soon.

The firm seeks opportunities related to the GCC region, but physically located outside the GCC region. It intends to acquire a large international healthcare group as well as a shortlist of five companies in the US and Europe.

Ithmar also plans to raise its third and largest fund soon. It is looking to raise $1 billion for Ithmar Fund III, which is four times bigger than its previous fund that closed on $250 million, Belhoul said in an interview in May.

Ithmar’s $250 million Fund II has made four investments, and has another three were in the pipeline as of May. Its $70 million Fund I is fully invested, noted Belhoul.

All three funds share the same strategy of taking majority or strategic minority stakes of in businesses based in GCC countries.