How can you effectively cover so broad a sector as healthcare?
We don’t cover the entire healthcare sector, or even a material part of it. It is true that all of our projects address opportunities within the broader healthcare space, but we have a very specific concentration around four themes: life sciences with a focus on nutraceuticals; longevity; specialized care including eldercare, mental illness and end-of-life care; and emerging market healthcare solutions. The tight focus on these themes allows us to retain a high degree of specialism. For example, we have made consecutive investments in the nutraceutical sector, building off the experience gained in each.
The other important point here is that because we are not deploying capital from a traditional closed-end venture fund, we are not forced to invest within a particular timeline. We can be very patient until the right opportunity comes along. We prefer to do a few things really well, rather than many things quite well.