BlackRock and ApoBank launch healthcare fund

The fund is domiciled in Luxembourg and is targeting €100m. It was first announced at ApoBank's new year conference in January 2020. The bank stated in the same conference that it increased its institutional customer base by 9% in 2019.

Carry is set at 0% for primaries, and 10% for secondaries and co-investments. The hurdle rate is set at 8%. The fund has a 12-year lifespan, with the option of a two-year extension.

As of September 2018, BlackRock had secured 15.1% gross IRR and a net IRR of 12.3% on its 30 healthcare co-investments and 60 healthcare fund investments.

Investors
BlackRock Apo Global Healthcare Private Equity Fund is intended for ApoBank's institutional clients. Investors can make commitments to the fund starting at €5m. Investors who commit less than €20m to the fund on first closing will be charged a management fee of 1.2%, increasing to 1.3% after the first close. For investors who commit more than €20m, a management fee of 1.1% will apply before the first close, with 1.2% for those who commit after this.

Investments
The fund aims to offer a broad investment strategy of direct co-investments and fund investments. It plans to invest up to 70% in Europe-based funds, up to 50% in those in North America and up to 20% in Asia. The fund will commit a maximum of 80% to buyout strategies and a maximum of 50% to growth. It will commit a maximum of 40% to primaries, up to 70% to co-investments and up to 15% to secondaries stakes.

People
BlackRock – Nathalie von Niederhäusern, Robert Nef (managing directors).
ApoBank – Volker Mauß (head of institutional investors).

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