Dubai- and Singapore-headquartered private equity firm TVM Capital Healthcare has anchored the $124-million Series B funding for Baraya Extended Care, a Saudi-based provider of long-term care and rehabilitation services.
The round also drew capital from other investors, including Olayan Financing Company, Saudi Economic and Development Holding Company, ANB Capital, and Saudi Venture Capital Company, among others, according to an announcement.
The fresh capital will be used to support Baraya’s expansion of inpatient facilities and rehabilitation clinics, per the announcement, addressing Saudi Arabia’s urgent need for dedicated extended care services.
According to Saudi Arabia’s Health Ministry, long-stay patients occupy up to 19% of acute care beds in some regions, highlighting gaps in dedicated extended care services.
Launched in 2023, Baraya operates two outpatient clinics in Riyadh and Jeddah with a combined capacity of over 9,000 sessions per month. It plans to open a 216-bed long-term care hospital in early 2026 and expand capacity to around 650 beds in the coming years.
“With TVM Capital Healthcare’s support and expertise in this healthcare vertical, we are uniquely positioned to combine international standards with local expertise, improving outcomes and quality of life for patients and families across Saudi Arabia,” said Baraya Extended Care CEO Jad Halaby.
TVM Capital Healthcare is an emerging markets-focused healthcare private equity firm headquartered in Dubai and Singapore, with offices in Riyadh and Ho Chi Minh City.
In May last year, the firm raised around $250 million for its fund focused on investing in Saudi Arabia’s healthcare sector.
The Afiyah Fund raised the money from a group of Saudi Arabian, Gulf Cooperation Council and European investors, led by Jada, a Saudi Arabia’s Public Investment Fund‘s (PIF) fund of funds company.
The investment in Baraya builds on TVM Capital Healthcare’s track record in developing and scaling post-acute care providers across the Middle East. Previous investments in the sector included ProVita International Medical Center and Cambridge Medical & Rehabilitation Center (CMRC).
“Since 2010, TVM Capital Healthcare has been the only international healthcare private equity firm with a sustained presence and proven track record of building, scaling, and exiting high-quality healthcare businesses in the Kingdom,” said Dr Helmut Schuehsler, chairman and CEO of TVM Capital Healthcare.
