Today, the health systems in Africa contribute to poverty, inequity and an increase of communicable diseases and noncommunicable diseases. Far too many face the burden of increasing maternal and child mortality, epidemics and humanitarian crises. For those who can afford healthcare, a long distance must be traveled to receive basic care from those who are managing the constraints of poor resources. For others, lack of treatment is the only option. In spite of these challenges, which are grand and complex, there has never been a greater time for investors seeking financial and social opportunity to do well by doing good in Africa.

Over the past 20 years, the world has taken unprecedented steps to improve and save lives.

  • Maternal mortality rates have fallen by almost half.
  • In Eastern Asia, Northern Africa and Southern Asia, maternal mortality has declined by around two-thirds.
  • Hundreds of millions of people have emerged from extreme poverty.
  • In 46 countries, women now hold more than 30% of seats in national parliament in at least one chamber.
  • For the world’s wealthiest, real net worth has increased from $1 trillion to almost $7 trillion.
  • And, over the next twenty years, the world’s wealthiest are expected to transfer more than $30 trillion to their children and grandchildren.

Despite determined global progress,

  • Every two minutes, a woman dies in childbirth.
  • In sub-Saharan Africa, women are 136 times more likely to die than in developed countries.
  • More than six million children still die before their fifth birthday each year.
  • At the end of 2013, there were an estimated 35 million people living with HIV, and 240,000 children were newly infected.
  • HIV is the leading cause of death for women of reproductive age worldwide.
  • AIDS is now the leading cause of death among adolescents (ages 10–19) in Africa and the second most common cause of death among adolescents globally.

This cannot be the world we share.

To create positive change in our lifetimes, to create a social impact beyond a financial return, we are pleased to introduce to our investment community: Afya.

The development in medical technology over the last few years has been unprecedented. Afya’s mission is to transfer this value from western sources to emerging markets.

A partnership between ICV, E Squared Asset Management and BlueCloud™ Health, Afya will invest in medical technology and services for the African markets.

With the involvement of multiple stakeholders, we will work together to identify innovations, catalyze responsible business growth and unlock pure forms of financing at an unprecedented scale.


Investment Philosophy

Whether we are making a direct investment into an African company a company in mature market we follow the same philosophy:

  • We measure risk while looking for value inflection catalysts
  • We use a wide range of valuation metrics to determine worth
  • We only invest in companies where we can add value through our capital, insights and relationships
  • We look to invest with solid management teams with ability to adapt and innovate
  • We look for products and services that lower the costs, improve the quality and increase access of healthcare
  • Our reputation allows us to attract superior deal flow


Social Responsibility

We are committed to social responsibility among our portfolio companies. We look for companies whose management has incentives tied to objectives beyond financial metrics.

Factors we look for include: Strong corporate governance, a focus on improving employment in underserved regions and diversity of voices. Because we deal in health care, the safety of patients is the paramount concern.

Diligence Process

Our diligence process is a multiple step and ongoing effort and includes:

Corporate evaluation: Management capabilities, financial analysis including validating accounting, corporate governance and strategy, capital needs.

Technological: vetting the technology to identify technological challenges and the probability they can be overcome
Market: Does the market exist for these products, total addressable market, and the resources required to achieve a strong market position.

Evolving: We maintain regular conversation with the management teams including board participation. Regular site visits allow us to validate the enterprise is working.

Risk Management

Evaluating risk is an essential tenet of our investing process. We mitigate risk in a number of ways:

  • Attention to valuation metrics
  • Sizing the investment to ensure that the return potential is commiserate with risk
  • Control stakes where appropriate
  • Choosing the right capital structure which includes control provisions, liquidity preferences, and dividend/coupon payment


Convening Power

We optimize a company’s strategic position and introduce them to members of our community who can advance corporate responsibility, capitalize businesses and open channels for international expansion.

Healthcare Events and Delegation Visits

ICV Philadelphia 2017: Healthcare Innovation Forum at Jefferson
ICV San Francisco 2018: Healthcare Innovation Forum at UCSF
ICV Manhattan 2017: Investing in African Health Systems
ICV Geneva 2018: Investing in African Health Systems
ICV Delegation Visit to China
ICV Delegation Visit to Japan

Management Team

Les FuntleyderLes Funtleyder is a portfolio manager at E Squared Capital Management, where he is responsible for conducting fundamental and valuation analysis of public and private companies within the healthcare industry. Previously, Mr. Funtleyder was the Director of Strategic Investments for Opko Health, Phil Frost’s holding company. Prior to this, he was a healthcare strategist and portfolio manager for the Miller Tabak Health Care Transformation Fund (Symbol: MTHFX). He joined Miller Tabak, after managing a healthcare portfolio for Provident Advisors, a hedge fund in Minneapolis. Previously, Les worked as a medical device analyst at UBS Warburg. He also covered Biotechnology stocks at Bigelow and company. His industry experience includes directing clinical and business research at Innovative Health Solution, a joint venture of Merck and Wyeth; and as a consultant to HMOs and hospitals for Coopers & Lybrand and Health Strategies Group. He started his healthcare career at Empire Blue Cross/Blue Shield. Mr. Funtleyder is the author of Healthcare Investing: Profiting from the New World of Pharma, Biotech, and Health Care Services, which bridges the gap between health reform, innovation and investing. He is widely quoted in the Wall Street Journal, The New York Times, and The Financial Times, and he is a frequent guest on CNBC, Bloomberg and NPR. He is also a consulting partner to Bluecloud Health, a Sub-Saharan healthcare private equity fund, and on the board of several healthcare companies and foundations. Mr. Funtleyder is currently an Adjunct Professor of Public Health at Columbia University. He earned his Masters of Public Health from Columbia University Mailman School of Public Health, and studied English and Economics at Tulane University.

Steven Adjei, BPharm(Hons), MRPharmS, MBA is the founding partner of BlueCloud™ Healthcare. Steven is a writer, entrepreneur, speaker, blogger and a pharmaceutical professional with over 12 years experience in pharmaceutical, community and regulatory healthcare spanning Africa and the UK. He has worked as a pharmaceutical consultant for most of the premier retail chains in the UK including Boots, Sainsbury’s and The Co-operative Group. Steven is a regular participant in African investment forums in Europe and has a passion for facilitation of FDI into African healthcare businesses. Steven holds a Bachelor in Pharmacy from KNUST in Ghana,. He is also a registered clinical pharmacist in Ghana and the UK and is a keen running enthusiast, having completed a number of half marathons and charity races to raise funds for various projects in Africa and the UK.

Amish Kanabar, MBChB, DCH, MRCGP, PGDip Urology, PGCert MedEdu is a founding partner of of BlueCloud™ Healthcare. He is also an Entrepreneur, Hospital Board Executive, General Practitioner (GP) with a special interest in Urology, and a certified UK GP Trainer and Appraiser. He also has past experience in Pharmaceutical Industry within Regional Medical Affairs at GSK UK Pharma. Amish is a regular speaker and panelist at Africa Healthcare Summits in UK + East Africa and is liaising with PE firms & Financiers to secure bankable healthcare projects in Sub Saharan Africa. Amish graduated from Leicester Medical School and completed his GP training at Oxford. His main passion is introducing and adapting primary and secondary healthcare models into the African healthcare space. Amish has climbed to the summit of Mt Kilimanjaro and is keen squash player.

Alex Hakuzimana, MD, MPH, MBA is a partner of BlueCloud Healthcare. He is an MBA-educated public health specialist and public policy consultant. He is also an adjunct professor and a researcher. He has over 12 years of extensive experience in strategic forward planning, health policy development, project management and capacity development in public and private health programmes in Sub Saharan Africa and Caribbean. Dr. Alex has worked and consulted with several public the German Agency for International Development (GIZ), the UN and Clinton Foundation. Dr. Alex holds a medical degree from University of Rwanda, an MPH from the Institute of Tropical Medicine in Antwerp in Belgium and an MBA from Swiss Management Center University in Switzerland.



“The essence of global health equity is the idea that something so precious as health might be viewed as a right.”

 – Dr. Paul Farmer