August Global Partners raises US$150 million in final close of Healthcare fund

[SINGAPORE] Fund manager August Global Partners (AGP) has raised US$150 million in the final close of its second fund, AGP Healthcare Fund, passing its initial fundraising target.

Investors in the second fund range from institutional to strategic limited partners across Asia, Europe and North America.

The fund seeks opportunities in healthtech, advanced manufacturing, digital health and precision medicine, targeting high-growth companies that can transform the sector. This could be anything from genomics and oncology to AI-powered wearables, medtech and speciality healthcare access.

“Looking ahead, the convergence of medical technology, digital health, AI (artificial intelligence) and Asia’s demographic transformation presents unprecedented opportunities for innovation and growth,” said Basil Lui, founding partner at AGP.

The AGP Healthcare Fund has already deployed capital into deals such as genetic testing startup Gene Solutions and surgical platform Ultragreen.ai. Gene Solutions has signed a memorandum of understanding with Raffles Medical to streamline patient recruitment for oncology clinical trials in October, and has also been fundraising US$100 million for a pre-initial public offering (IPO) round.

Ultragreen.ai recently raised US$188 million and lodged an IPO prospectus for a listing on the mainboard of the Singapore Exchange.

There has been some early distribution to paid-in capital (DPI) for the AGP Healthcare Fund even as the fund closes fundraising.

“AGP remains committed to a focused investment approach – partnering with exceptional founders and scaling platforms that address the urgent needs of preventive health, ageing populations, chronic disease management and the future of medicine across the region,” said Dr Lui.

Currently AGP manages US$350 million in assets under management across its two funds, AGP Continuation Growth Fund and AGP Healthcare Fund. AGP’s founding members were formerly from EDBI, investing across biomedical, healthcare and deeptech sectors.

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“As a nimble, performance-driven fund grounded in disciplined, high-impact investing, AGP Healthcare Fund’s strong investment momentum and early DPI distributions are powerful indicators of the tangible value we are delivering – to both our investors and the visionary innovators we back,” said Chu Swee Yeok, chair and founding partner at AGP.