Final close of thematic private equity health fund

Pictet raises USD 320m for thematic private equity health fund

Pictet Alternative Advisors (PAA) has announced the final close of its first healthcare-focused thematic private equity fund at USD 320 million, exceeding its target size of USD 300 million.

The strategy, initially launched in 2022, complements PAA’s existing thematic private equity franchise, initiated with the successful fundraising of its first fund dedicated to technology, which closed at its hard cap of USD 350 million in September 2021.

Managed by Yann Mauron PhD​, David Braga Malta PhD and Chiara Brambillasca, the Health strategy aims to take advantage of strong macro drivers as governments, businesses and individuals prioritise the improvement of health across society.

The strategy looks to target high-conviction investments in five key segments (therapeutics, diagnostics, digital health, medical technology, and healthcare and services providers) to create a diversified portfolio of private healthcare companies.

The managers have already begun committing capital to best-in-class biotech and healthcare-focused VC, Growth, and Buyout funds globally and will dedicate a substantial allocation to co-investments within the five high-conviction segments.

Pierre Stadler, Head of Thematics - Private Equity at PAA, said: “Recent years have emphasised both the importance of and the potential of healthcare, from the rapid development of Covid vaccines to innovations in weight-loss treatments. We have excellent relationships with the best healthcare-focused private equity GPs, and our ability to leverage our deep expertise in the field to partner with them is revealing extremely exciting opportunities. Following this successful fundraising, we look forward to continuing to deploy our investors’ capital in this vital and high-growth market.”

Yann Mauron PhD​ and David Braga Malta PhD, managers of the Thematic Private Equity Health strategy, said: “We continue to see compelling opportunities in companies delivering great solutions for unmet medical needs, coupled with a strong appetite from strategic pharma companies for M&A. This is driven by larger groups’ record-high amounts of available cash and a severe patent cliff they face over the next decade, which will force them to acquire private pioneers in the most promising segments.”

A total of USD 950 million has now been raised across Pictet’s thematic private equity franchise, from a mixture of institutional and high net worth investors. Since its first private equity investment almost 30 years ago, Pictet has committed to more than 150 private equity funds and participated in more than 300 co-investments of which 141 have been realised, generating a multiple of 2.82x on invested capital.[1]


[1] Source: Pictet Alternative Advisors, as of 15.09.2023. For discussion and illustrative purposes only. No assurance is given that Pictet will be able to implement its investment strategy or achieve its investment objectives. Past performance is not indicative nor a guarantee of future results, and there can be no assurance that any current or future Pictet funds, or individual investments, will achieve comparable results. Performance and returns may increase or decrease as a result of currency fluctuations.


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