Global Health: Scalable solutions and active value creation

Global healthcare demand continues to outpace available resources, a challenge that spans both developed and emerging economies. The World Health Organization estimates a projected shortfall of 10 million healthcare workers by 2030, while over half of the world’s population still lacks access to essential health services. At the same time, development financing is becoming less predictable. Shifts in public spending priorities and pressure on traditional funding channels, such as programmes historically supported by agencies like USAID, are creating structural gaps in global health delivery.

This combination of rising demand and constrained funding is reshaping the opportunity set for private capital. The key question is how to invest in a way that delivers attractive financial returns and measurable impact, in a scalable and durable manner.

Designing for scale: cost, simplicity, and robustness

Our strategy begins with product selection. We prioritise healthcare solutions that can be used globally. This requires not only efficacy, but also low cost of goods, ease of use, and durability, all of which are characteristics that are essential for large-scale deployment.

Cost remains one of the primary barriers to access. In many low- and middle-income countries, out-of-pocket healthcare spending still accounts for over 40% of total health expenditure¹, making affordability critical. At the same time, infrastructure constraints and workforce shortages mean that complex, resource-intensive solutions often fail to scale.

We therefore focus on technologies and services that are designed for universal utility:

• Devices and diagnostics that can operate reliably in low-resource settings, or be utilised in a decentralised manner at home or in primary care services
• Vaccines and therapeutics that are easily administered and avoid complex supply chains, such as cold-chain dependency

These characteristics are increasingly relevant not only in low- and middle-income countries, but also in developed healthcare systems facing cost pressures and capacity constraints. The result is a broader addressable market and more resilient demand.

Investing at the point of value inflection

We focus on companies in the late clinical to early commercial stages, which we view as the most attractive point for risk-adjusted returns and impact.

Healthcare innovation is inherently uncertain. In early-stage development, failure rates can exceed 80–90%², particularly in therapeutic areas such as oncology. Investing at this stage exposes capital to binary outcomes that are difficult to price consistently.

Conversely, fully commercial-stage businesses often trade at elevated multiples, reflecting de-risked revenues and established market positions. Product design is also final in fully commercial companies, making adjustments for COGS and ease of use difficult to implement. As a result it is hard to justify any additionality on impact criteria.

Our strategy targets the inflection point between these outer bounds:

• Late clinical stage: where initial efficacy and safety have been largely validated, product design can still be optimised, and regulatory approval and product introduction are possible within 3-5 years. 
• Early commercial stage: where initial market entry provides visibility on adoption and pricing

This positioning allows us to reduce exposure to binary clinical outcomes, enhance global utility, enter at more attractive valuations relative to mature peers and to capture value creation driven by clinical and regulatory milestones, scaling commercialisation, expanding distribution, and increasing penetration. In practical terms, we are investing at the stage where companies transition from proving that a product works to proving that it can scale.

Active ownership: driving value beyond capital

A defining feature of our approach is active ownership. We typically take board seats in the companies we invest in, allowing us to play a direct role in value creation. This is particularly important in global health, where success is not determined solely by product quality, but by the ability to navigate complex operational and regulatory environments.

Our involvement typically focuses on a few key areas:

Operational optimisation and scaling

• We work with management teams to improve product ease of use while optimising manufacturing, supply chains, and cost structures. This is critical for maintaining affordability while expanding volumes. In many cases, small improvements in unit economics can significantly increase accessibility.

Distribution and market access

• Scaling healthcare solutions requires effective distribution networks. We support companies in establishing partnerships with local distributors, healthcare providers, and public health systems. This includes entering new geographies and adapting go-to-market strategies to local conditions.

Regulatory navigation

• Healthcare markets are highly regulated, and approval processes vary significantly across jurisdictions. We leverage our network and experience to help companies engage with regulatory bodies, streamline approval pathways, and align with local requirements.

Network

• We facilitate strategic connections by linking portfolio companies with larger industry players, prominent caregivers, procurement organisations, and non-governmental stakeholders. This ecosystem approach accelerates adoption and reduces execution risk.

Exit

• We work closely with companies to establish communication with likely buyers, funders and investment banks in an effort to maximise exit options, whether through M&A or IPO.

Targeting global, high-volume use cases

Our investment focus is on companies developing products with global utility and mass market demand. This reflects both the scale of unmet need and the importance of volume in driving sustainable business models.

For example, non-communicable diseases account for over 70% of global deaths³, with a growing burden in low- and middle-income countries. Infectious diseases continue to require scalable diagnostics and treatment solutions, particularly as antimicrobial resistant infections are increasing. And innovative products for women’s health are needed worldwide. Solutions that address these areas have inherently large addressable markets. When combined with accessible design and effective distribution, they can achieve rapid and widespread adoption.

Ease of use is a critical enabler. In many settings, healthcare delivery relies on community health workers rather than highly specialised clinicians. Technologies that simplify decision-making and reduce training requirements are more likely to succeed at scale.

Bridging the funding gap

The global health funding landscape is evolving. While public and philanthropic capital remains essential, it is increasingly insufficient to meet demand. In 2024, combined government and donor spending averaged just 17 USD per capita in low-income countries, less than a third of the minimum required to deliver essential services⁴. The reallocation of resources and reduced predictability of certain funding streams are creating gaps, particularly in areas that require sustained investment rather than short-term intervention. 

This is where private capital becomes catalytic. Solutions designed for affordability and accessibility in low- and middle-income countries can also unlock markets in developed countries. Private capital can help bridge this gap by backing commercially viable models that deliver measurable health outcomes across markets. The objective is not to replace public funding, but to complement it, supporting solutions that can scale independently over time.

Importantly, this approach aligns incentives. Companies that deliver affordable, high-impact solutions can achieve both strong adoption and financial sustainability across global markets, attracting further investment and enabling continued expansion.

A focused approach to global health investing

Global healthcare presents a compelling investment opportunity, but one that requires discipline. Not all innovation is scalable, and not all capital deployment leads to meaningful impact.

We concentrate on scalable, cost-effective solutions addressing high-volume, globally relevant health challenges at the inflection point between clinical validation and market adoption. This positioning enables us to support products that achieve meaningful impact at scale, generating returns while expanding access in both developed and emerging markets.