Persistence Capital launches private equity fund dedicated to healthcare
Former Quebec health minister joins the fund
Monday, August 18, 2008
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Persistence Capital Partners today announced the creation of PCP Healthcare Opportunities Fund, which it says is Canada’s first private equity fund dedicated to investing in healthcare businesses.
“Healthcare spending in Canada reached over $160 billion last year -- almost 11% of Canada’s gross domestic product, yet only represents 0.52% of the capital markets in Canada,” says Sheldon Elman, managing partner of PCP. “As Canada’s population ages, the pressure on the healthcare system and the associated challenges continue to increase. We believe that there is a need and an opportunity to develop and modernize the healthcare infrastructure, working in a complimentary fashion and in partnership with the provincial systems, which would be a potential solution to alleviate some of these challenges.”
Persistence Capital aims to provide significant long term capital appreciation by identifying and pursuing attractive investment opportunities in the Canadian Healthcare market. PCP made its first investment in March 2008, when it acquired the three businesses of Medisys Health Group.
The Medisys units provide of health services to over
4,000 corporations across Canada, as well as diagnostic imaging services in Ontario, and medical information services to the Canadian life insurance industry.
Dr. Philippe Couillard, former Minister of Health and Social Services of Quebec, has joined Persistence Capital as a partner in the fund.
“Dr. Couillard’s experience, leadership and his expertise in the sector make him an ideal candidate to help us fulfill PCP’s mandate across Canada,” says Stuart Elman, managing partner of Persistence Capital.
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