GHO Capital closes €2.5bn Fund IV, becomes Europe's largest healthcare PE firm
This article covers GHO Capital, a healthcare specialist private equity firm, which has closed its fourth healthcare-dedicated buyout fund at more than €2.5bn. The fund will support mid-market investments across biopharma, medtech and healthtech and increases capital available to UK and European companies seeking growth and exit pathways.
GHO Capital has closed its fourth healthcare-dedicated buyout fund at more than €2.5bn, the London-headquartered investor announced today, a raise that brings the firm’s total assets under management to around €9bn. The size of Fund IV — about 25% larger than its predecessor — cements GHO’s position as the largest healthcare specialist private equity firm headquartered in Europe and signals continued investor appetite for sector-focused deals across biopharma, medtech and healthtech.
Why it matters
The new pool of capital gives GHO more firepower to pursue mid-market opportunities across technical healthcare verticals at a time when many generalist private equity firms remain cautious. Fund IV’s close also reflects an expansion of GHO’s investor base: the firm says the fundraising attracted material commitments from over 30 new institutional investors across Europe, North America, Asia Pacific and the Middle East, in addition to support from existing backers.
Inside the portfolio — early moves
GHO says Fund IV has already been put to work. In 2025 the firm closed three new platform investments and several add-on acquisitions.
Avid Bioservices is a contract development and manufacturing organisation (CDMO) focused on biologics development and cGMP manufacturing — a capability that addresses rising demand for outsourced biologics production.
Scientist.com is described as an AI-powered R&D orchestration platform that serves pharmaceutical and biotech customers, representing a data- and software-led play into the outsourcing and research workflows of drug developers.
FotoFinder Systems manufactures skin diagnostics and imaging solutions, extending GHO’s exposure in diagnostic and clinical imaging devices used in dermatology and oncology screening pathways.
Who’s behind the fund
GHO Capital is led by managing partners Mike Mortimer, Alan Mackay and Andrea Ponti. Since the 2021 close of GHO Capital III the firm has expanded its transatlantic platform, adding 19 hires and taking headcount to more than 75 professionals. The firm also appointed a new Partner in 2024 and added five integrated Operating Partners and Senior Advisors to support portfolio operations and thematic investment work.
In the announcement, Mike Mortimer, Alan Mackay and Andrea Ponti, the Managing Partners at GHO Capital, said:
“We are witnessing a golden era of healthcare innovation, driven by the convergence of advanced science, digital technologies, and data. GHO Capital is at the forefront, delivering strong returns while enabling better, faster and more accessible healthcare. Fund IV's success against the backdrop of a challenging fundraising environment reflects confidence in our strategy, transatlantic reach and consistent track record of outperformance across the healthcare ecosystem. “We are grateful for the trust from both existing and new investors as we partner with world-class management teams to build the next generation of healthcare leaders.”
How it fits the market
GHO’s strategy continues to target sectors where technical barriers and regulatory complexity create durable market positions: BioPharma, MedTech, Advisory & Data, Life Science Tools & Diagnostics and HealthTech. That approach mirrors a broader trend in private markets where sector specialists are raising larger funds to back platform-building strategies — buying regional leaders and scaling them through add-ons and international expansion.
The bigger picture for UK and European healthcare investing
The Fund IV close underlines that institutional investors remain willing to allocate to European-headquartered healthcare specialists. For the UK and wider European startup and scale-up ecosystem, the expansion of a major sector-focused buyer like GHO means more exit and growth pathways for companies with clinical or manufacturing capabilities, data assets or diagnostic technologies that can be scaled across the Atlantic.
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