Kangqiao Capital and GHO Capital Announce Merger to Form World's Largest Healthcare Investment Platform

● Two of the world’s leading professional healthcare investment firms will join forces to create the largest asset management platform dedicated to healthcare investments, with combined assets under management (AUM) exceeding $21 billion.

● The merged platform will cover North America, Europe, and the Asia-Pacific region, with these three regions collectively accounting for approximately 90% of global R&D investment in healthcare.

● The merged platform will bring together over 200 professionals, with 13 offices worldwide, to help portfolio companies achieve global expansion and provide investors with opportunities to participate in the high-growth global healthcare market.

Asia’s largest asset management firm focused on healthcare investments, Qiao Capital, and Global Healthcare Opportunities (“GHO”), a leading European specialist healthcare investment firm, announced today that they have signed a merger agreement to jointly establish the world’s largest healthcare investment asset management platform. The combined assets under management (AUM) will exceed $21 billion.

This merger brings together two leading investment firms with a long-standing focus on the healthcare sector. Guided by a shared mission, both parties are committed to advancing healthcare services globally toward greater quality, efficiency, and accessibility. The combined platform will operate 13 offices across North America, Europe, and the Asia-Pacific region, employing over 200 investment and operational professionals. These three regions collectively account for approximately 90% of global healthcare R&D expenditure. Leveraging its expanded global footprint, network, and synergistic resources, the merged platform will be better positioned to capitalize on structural growth opportunities driven by innovation.

Both CB Capital and GHO uphold a long-standing entrepreneurial spirit and founder-centric culture, complemented by extensive experience in investment and industrial operations, creating strong synergies. The merged platform will further empower the founders and management teams of portfolio companies, supporting them in accelerating the R&D and global expansion of cutting-edge healthcare solutions across sectors including biopharmaceuticals, medical devices, life science tools and diagnostics, healthcare infrastructure, and health informatics. Meanwhile, the combined platform will also offer investors more diversified opportunities in healthcare and life sciences, spanning asset classes such as private equity, private credit, pharmaceutical royalty investments, and real estate.

In terms of global capabilities, portfolio companies of GHO in North America and Europe will leverage the merged platform to further strengthen their localization and operational presence in the Asia-Pacific region. As one of the most dynamic regions for global healthcare innovation, the Asia-Pacific has become a key growth frontier for the international expansion of many healthcare enterprises. Meanwhile, portfolio companies of Qiao Capital will also rely on the merged platform’s global resource network and local operational support to advance their globalization strategies more steadily.

Both institutions have long been deeply engaged in healthcare investment, maintaining long-term and in-depth collaborations with global investors, and have accumulated over a decade of experience in investment and value creation. The existing funds and portfolio companies of both parties will continue to be managed by their original investment teams, with no changes to their investment strategies or governance structures.

The merged platform will be jointly managed by an experienced team, with its leadership composed of the founders of Qiao Capital and GHO. Fu Wei, CEO of Qiao Capital, and Mike Mortimer, Managing Partner and Co-founder of GHO Capital, will serve as Co-CEOs. Andrea Ponti and Alan MacKay will assume board responsibilities for financial oversight and corporate governance, respectively. The core management teams from both parties will continue to be deeply involved in the day-to-day operations and management of the platform.

Fu Wei and Dr. Lady Mireille Gillings, Vice Chair and Co-Founder of GHO Capital, will jointly serve as Co-Chairs of the Board of Directors.

The platform’s management team will also be further strengthened following the merger. Dr. Michael Keyoung of QiaoKang Capital and Kang Haihua will continue to oversee the overall strategy and business development of the private credit and healthcare infrastructure platforms, respectively, while Stuart Quin and Edward de Nor will manage GHO’s investment team.

The merger is expected to be completed in early 2027, subject to customary closing conditions and relevant regulatory approvals. Prior to the completion of the merger, CMB Capital and GHO will continue to operate independently and advance their fund operations in accordance with their respective established investment strategies.

Goldman Sachs and Morgan Stanley served as financial advisors to the transaction, while Kirkland & Ellis LLP acted as legal counsel.

Kangqiao Capital is an asset management firm based in Asia, specializing in investments within the healthcare and medical sector, with total assets under management amounting to $10.8 billion. Kangqiao Capital has established a mature multi-product asset allocation framework, offering tailored, one-stop asset allocation solutions to meet the diverse investment needs of different types of investors in the healthcare field. Its product offerings primarily include buyout funds, fixed-income credit funds, and life sciences infrastructure funds.

Founded in 2014, Kangqiao Capital is dedicated to creating sustained value by integrating global innovative technologies and talent, thereby establishing an ecosystem in the healthcare sector. By collaborating with top-tier entrepreneurs and scientists worldwide, and leveraging its proprietary “Investor-Operator” model, the firm strategically empowers leading healthcare companies to enhance accessibility to medical services, foster innovation, and improve efficiency, addressing unmet medical needs globally. Headquartered in Singapore, the firm has a global presence spanning Shanghai, Beijing, Hong Kong, New York, Boston, San Diego, San Francisco, Abu Dhabi, Seoul, and Tokyo.

GHO Capital (“GHO”) is a healthcare-focused investment firm headquartered in London. Leveraging its global perspective and capabilities, the company identifies high-growth investment opportunities in the healthcare sector, with a focus on pan-European and transatlantic international expansion, to build market-leading enterprises with global strategic value. With deep industry expertise and an extensive resource network, GHO creates long-term, sustainable value in partnership with exceptional management teams, enhancing healthcare delivery efficiency and providing patients with higher-quality, more efficient, and more accessible healthcare solutions.