Generate Commits US$25M Into Heal Partners Fund II, With CIO Sam Joining Its Limited Partner Advisory Committee

Generate KiwiSaver Scheme has committed US$25M to HEAL Partners Fund II.

Generate KiwiSaver Scheme (Generate) has committed US$25M to HEAL Partners ("HEAL") Fund II. HEAL is a global growth and follow-on investment firm specialising in Health and Education sector investments. The Australia-based private equity fund has just announced the second closing of HEAL Partners Fund II (“Fund II”) with ~ A$200M raised.

Fund II, a late-stage growth and follow-on fund, is targeting A$350M - A$500 in commitments.

Generate has now committed more than NZ$120M (equivalent) into private equity and venture capital funds in less than 2 years after having previously committed capital locally into Movac and Icehouse Ventures’ growth funds and also into a US private equity infrastructure fund.

Fund II has completed two investments, and is finalising two more

To date, Fund II has completed two follow-on investments into market leading businesses. This includes a US$32M (NZ$52M) investment in Removery, the world’s leading tattoo removal platform and only tattoo-removal platform of scale globally, and a C$25.5 million (NZ$30M) investment in The Fertility Partners, Canada’s largest IVF clinical network and one of the largest fertility platforms in North America.

Fund II is finalising its next two investments. In aggregate, Fund II is targeting a portfolio of approximately eight investments. Fund II achieved its first closing in January 2024 and has set a deadline of 30 June 2025 for final close.

Sam Goldwater joins Fund II LPAC

Sam Goldwater, Co-Founder and CIO of Generate Investment Management, has been appointed to the Fund II Limited Partner Advisory Committee.

Sam joins existing members including Rick Cohen, representative of Elliott Investment Management L.P.

Fund II’s LPAC consists of investors in Fund II who are independent of HEAL and not investors in Fund I.

Commenting on his appointment and Generate’s investment in Fund II, Sam Goldwater said:

“We were impressed with the calibre of the HEAL team, were attracted to the differentiated deal flow and the high growth sectors which the fund is investing in. The Fund’s follow-on approach also provides us with a high degree of visibility to where funds will likely be deployed.”

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