TVM Capital Healthcare Partners wants to establish a new Singapore office once it holds a successful first close for its third fund, Private Equity International has learned.
The Dubai-based firm will build a South-East Asia advisory team around its existing partner Hui Hsing Ma if it receives sufficient demand for its latest fund, chairman and chief executive Helmut Schuehsler told Private Equity International. It is targeting a first close in the second quarter for TVM Healthcare MENA III, which has a $250 million target and $300 million hard cap.
Fund III launched in November 2017 after a delay the previous year due to regulatory issues in the healthcare market, PEI reported in March. The firm raised $23.4 million from predominantly Middle Eastern investors for TVM MENA Healthcare II, which served as an annex fund to its $50 million 2010-vintage TVM Healthcare MENA I fund.
European limited partners are expected to feature more prominently in Fund III, which has received interest from a number of first- and second-generation family offices, Schuehsler noted. TVM is also targeting LPs from the Philippines, India, Canada and the US.
“We are casting our net wide,” Shuehsler said. “Our focus seems to be hitting a chord.”
The new fund will target around 10 growth capital opportunities across the Middle East, North Africa and Turkey region, India and South-East Asia, Schuehsler told PEI in March. TVM’s existing portfolio includes Egyptian catheter manufacturer Ameco Medical Industries and Indian fertility clinic Bourn Hall.