The Sylvan Group, which is also backed by members of the Hyundai and
Rockefeller families, said it had bought majority stakes in four Singaporean
healthcare and pharmaceutical companies for US$140.5 million.
The companies that Sylvan acquired are Juniper Biologics, which develops
cancer therapy and gene therapy, and Artemis Health Ventures, a provider of
orthopedic services. Radiology and imaging services companies DX Imaging and
Juniper Therapeutics are two other acquisitions.
Kyungsun Chung, co-founder and managing partner of Sylvan, an impact
investor, said in a statement that the investment was made from Sylvan Asia
Growth Fund I, which has raised about half of its US$400 million target from
investors.
"We are investing in mid-sized companies that have strong potential for
social impact through their business or can be further developed by changing
their value chain or have solutions to social and environmental problems,"
he said.
Chung added that it would raise the remaining US$200 million from its Sylvan
Asia Growth Fund I target in the second half of 2023. He said the fund's
focus areas would include the health, renewable energy and education
sectors.
Sylvan has also received support from the likes of United Overseas Bank
Singapore, Hanwha Life Insurance Korea and Kolon Industries.
"One of the reasons many family-controlled conglomerates in Asia work with
us is because they also see the importance of adapting to this new changing
environment, which is basically all about sustainability," added Chung.
Founded in 2019, Sylvan's strategy involves taking a majority stake in a
profitable midsize company and making leveraged purchases.