Singapore's Sylvan buys four local healthcare companies
Sylvan Group, a Singaporean private equity firm set up by Hyundai scion Kyungsun Chung, has acquired majority stakes in four local healthcare companies for USD 140.5m. These represent its first investments.
The companies are: Juniper Biologics, which focuses on cancer, rare diseases and gene therapy; Juniper Therapeutics, a gene therapy provider targeting knee pain and osteoarthritis; Artemis Health Ventures, a musculoskeletal specialist; and DX Imaging, a radiology and imaging services company.
Chung (pictured left) is a grandson of Hyundai Motor founder Chung Ju-Yung and the son of Mong-Yoon Chung, chairman of Hyundai Marine & Fire Insurance. He co-founded Sylvan in 2019 with Scott Jeun (pictured right), a former Columbia University classmate, with both serving as managing partners. The firm brands itself as focused on both high returns and sustainability-themed impact.
A debut fund targeting USD 400m was said to have received commitments of around USD 200m prior to its formal launch. Anchor LPs include United Overseas Bank, Hanwha Life Insurance, and Kolon Industries. The fund is also backed by members of the Hyundai and Rockefeller families. Chung has been a board member of Rockefeller Philanthropy Advisors since 2015.
Sylvan targets buyouts at enterprise valuations of USD 200-300m and as high as USD 1bn with co-investors. The firm is sector agnostic, preferring companies that actively benefit stakeholders, such as upskilling their employees or selling products that support good health or educational outcomes. Target companies must also be aligned with the UN’s sustainable development goals.
“The four companies are typical of the double bottom-line businesses we are attracted to. They are not only profitable but are also making a difference in the way they improve healthcare through innovation, strategic partnerships and investments in technology,” Chung said in a statement. “We hope our equity and experience will help speed up their mission to transform lives and reinvent healthcare.”
Chung is also a founder of Korean non-profits Root Impact and Asan Nanum Foundation, as well as impact investor HGI Initiative. Jeun, who is responsible for Sylvan’s overall management and investment strategy, has more than 10 years of M&A and corporate finance experience with the likes of Citi Group and Korean steel company Posco.
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