Focus Area
Select Healthcare
A narrow band, entered only where the advantage is technical. The fund does not invest in care delivery, payer arbitrage or clinical services. It invests where an engineering result — a sensor, an assay, a process, a system — is the reason the business is hard to copy.
What we back.
- Devices with an engineering moat
- Instruments whose difficulty is in physics and manufacture — optics, microfluidics, materials, miniaturised power — and in a production process that took years to bring to yield.
- Diagnostics
- Assays and imaging where sensitivity, specificity and cost per test are established on real populations, and where the moat is the chemistry or the physics together with the evidence gathered to prove it.
- The infrastructure underneath care
- Laboratory automation, sterilisation and clinical supply chain, imaging pipelines and the operational systems hospitals actually run on — bought by operations rather than by clinicians, on shorter cycles and against a measurable cost.
- Decision support with a defensible dataset
- Systems trained on data a competitor cannot assemble, where the output changes a documented clinical or operational pathway rather than adding another dashboard nobody opens.
Why now
Why this sector, in this corridor, now.
Clearance, evidence and adoption are slow in healthcare, and that slowness is the moat — the companies worth backing treat the evidence pathway as the product plan rather than as a regulatory tax to be paid later. What has changed underneath is cost: sensing, compute and precision manufacture have fallen far enough that capability which used to require capital equipment can now ship as an instrument with a consumable behind it.
The Gulf is building hospital and laboratory capacity quickly, procures centrally, and can adopt tested equipment without the reimbursement gate that governs the pace of the US market. It is a real early market rather than a symbolic one — and a company should not assume the population it validated on is the population it will meet there, which is a diligence question and, handled properly, a source of evidence rather than a risk.
What we look for
What a company in this area has to show.
The five criteria in thethesisapply to every opportunity. These are the questions this area adds on top of them.
A regulatory plan with dates, owners and a comparator
Which pathway, in which market first, what evidence is required, and who on the team has taken something through it before. A clearance strategy is the plan of record, not a slide near the end of the deck.
Who pays, and out of which budget
Capital equipment, consumable, service contract or reimbursement — each implies a different company, a different sales motion and a different burn. A team that cannot name the budget line has not sold yet.
Manufacturing and quality as first-class problems
Yield, supplier qualification and a quality system that survives an audit. A device that works in the founders' hands and cannot be built repeatably by someone else is a research result.
Evidence held to the standard the buyer will apply
Prospective where it has to be prospective, controlled where a control is expected, and explicit about the population it was run on and the limits of what it therefore supports.
Across the corridor
Why the corridor matters here.
Central procurement is the mechanism. Regional health systems can move a tested product from evaluation to a multi-site deployment on a timeline that a company still working through its home market cannot get at home, which produces operating evidence, service data and a reference — and evaluation in a different population strengthens a submission rather than duplicating work already done. The obligations travel with it: local regulatory registration, clinical governance, service and consumable logistics, and data handling that satisfies both jurisdictions. The fund is built to treat those as part of the investment, because in this sector they are what separates a pilot from a business.
What that support consists of in practice is set out underCapital + Capability, and how the two markets are covered underPlatform.
Next
Building in Select Healthcare?
Founders in the United States and the GCC can submit an opportunity for review, or read the five areas together.