CBC Group is setting up a fund to target healthcare assets in the Middle East, with potential backing from two of the region’s biggest wealth funds, according to people familiar with the matter.
(Bloomberg) —
CBC Group is setting up a fund to target healthcare assets in the Middle East, with potential backing from two of the region’s biggest wealth funds, according to people familiar with the matter.
The Singapore-based money manager is seeking to get commitments from entities including Abu Dhabi’s Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund, the people said, asking not to be identified because the matter is private. Discussions are ongoing and may not result in funding from the sovereign funds, they said.
CBC, which oversees about $7 billion globally, is also in discussions with Abu Dhabi Global Market about obtaining a full license to operate in the United Arab Emirates, the people said.
The new fund aims to raise at least $500 million and plans to build out a team in Abu Dhabi, in what would be its first foray into the region, the people said. Alex Lin, a former banker at Bank of America Corp., is helping to lead the effort, the people said.
Representatives for CBC, Mubadala and PIF declined to comment. A representative for ADGM said they were unable to comment on existing or future applicants. Lin didn’t respond to requests for comment.
CBC’s plans coincide with a bigger push by the region’s wealthiest states to develop — and monetize — medical infrastructure.
G42, an Abu Dhabi-based artificial intelligence firm chaired by UAE national security adviser Sheikh Tahnoon Bin Zayed, has been particularly active and is considering an initial public offering for its healthcare unit this year, Bloomberg previously reported. International Holding Co., a conglomerate that’s also chaired by Sheikh Tahnoon, is looking to list its Pure Health business.
CBC has been courting Middle East investors for quite some time. In 2021, the investment firm partnered with Mubadala on its acquisition of South Korean cosmetic pharmaceutical company Hugel Inc.
–With assistance from Manuel Baigorri, Dinesh Nair and Matthew Martin.
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