London-based Global Healthcare Opportunities (GHO) and Singapore’s CBC Group announced on May 20 their plan to merge, creating the world’s largest healthcare-focused investment manager with over US$21 billion in assets under management [1, 2, 3].
The combined firm will include more than 200 investment and operating professionals working from 13 offices across North America, Europe, and Asia-Pacific. The merger covers regions responsible for roughly 90% of global healthcare research and development spending [1, 2, 3].
GHO currently manages about US$10.5 billion in assets, while CBC’s assets range between US$10.5 billion and US$10.8 billion, depending on the source [1, 2, 3]. Existing funds and portfolio companies will remain under their current investment teams, with no changes to mandates, governance, or ownership [1].
CBC founder and CEO Fu Wei and GHO co-founder and managing partner Mike Mortimer will serve as co-chief executives of the combined company. Lady Mireille Gillings, GHO co-founder and vice-chair, will co-chair the board alongside Fu Wei [1, 2, 3].
The merger aims to strengthen regional access for portfolio companies and leverage artificial intelligence, "a fast-evolving force in healthcare and life sciences," Lady Gillings said, emphasizing continued focus on AI applications in these fields [1]. Fu Wei called healthcare "the most defensive sector," citing aging populations and the growing need for new drugs as drivers for sustained demand [3].
Healthcare accounted for about 20% of direct lending deals in private credit in 2024, highlighting the sector’s growing financial importance [3].
The merger is expected to close in early 2027, pending regulatory approvals and customary conditions [1, 2].
