Geneva-headquartered Pictet Alternative Advisors ( PAA ), the Pictet Group’s wholly owned alternative investment business, has launched a second thematic private equity ( PE ) strategy, exclusively focused on health investments.

The strategy complements PAA’s existing thematic PE franchise, initiated with the successful fundraising of its first fund dedicated to technology, which has been closed at a hard cap of US$350 million in September 2021.

The new strategy aims to invest in best-in-class biotech and healthcare-focused venture capital, growth and PE funds globally, dedicate a substantial allocation to co-investments within its covered segments of high conviction, and take advantage of strong macro drivers as governments, businesses and individuals prioritize the improvement of health across society.

The strategy will also look to target high-conviction investments in five key segments – therapeutics, diagnostics, digital health, medical technology, and healthcare and services providers – to create a diversified portfolio of private healthcare companies.

“Health is a major priority for society as a whole,” says Yann Mauron, the strategy’s investment manager. “We are at an inflection point for medical breakthroughs. Investment is growing, regulation is becoming more supportive, and technology is able to offer more potential solutions. As illustrated by the recent vaccine successes, it’s a fertile time for healthcare. What could have taken scientists 10 years to complete was accomplished in less than one.”

Pierre Stadler, PAA’s head of thematic PE, adds: “From a private equity standpoint, the five areas provide opportunities across the full spectrum of company maturities. Deal flow in therapeutics, digital health and diagnostics is particularly strong in early and growth stages. Medtech and care providers, meanwhile, tend to be more attractive at buyout stage.”