Novena Global Lifecare to set up $150m Sino-Singapore healthcare fund

It will invest in medical services, biomedical projects, mature drugs and precision medicine companies.

Integrated medical healthcare and aesthetic firm Novena Global Lifecare announced that Sinopharm Capital Co. and Cedarlake Capital Group have achieved a strategic new money investment of up to $20m (S$27.4m) into the company as part of for its latest growth fundraising.

Founded in 2010, Novena Global Lifecare, a subsidiary of DORR Group, is a private investment company focusing on consumer or retail, technology and healthcare that manages nearly 250 clinics and sales location across 20 global locations.

Independently, the three parties will set up a new Sino-Singapore Healthcare Fund with a target size of $150m (S$203.7m) which will be invested in a portfolio of companies involved in medical services, biomedical projects, mature drugs and precision medicine.

Sinopharm Capital is an equity investment institution centering on healthcare, which is founded by China National Pharmaceutical Group (Sinopharm) and Sinopharm Capital’s management team. Cedarlake Capital is an international private equity firm specialising on cross-border investment and advisory.

“With their endorsement and deep resources in China, we will continue to innovate and disrupt the lifecare industry around the region, focusing on building partnerships, acquisitions, investments and collaborations to create a pan-Asian holistic medical ecosystem that will improve the wellness healthcare of consumers across Asia, such as countries like Vietnam which has a growing middle-class,” Nelson Loh, executive chairman and co-founder of DORR Group and Novena Global Lifecare said in a statement.