Adva Healthcare Fund, LP


Last updated 13 May 2020, by Impactyield.

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The ADVA Healthcare Fund provides access to the under-developed Russian/CIS healthcare markets, which we anticipate are well positioned for strong long-term sustainable growth owing to several factors:

• Broad macroeconomic improvements derived from natural resources wealth;

• A growing consumer class, rising disposable incomes & low levels of consumer debt;

• Substantial aging of the region’s population over the medium term;

• High fragmentation among many market segments offering significant consolidation opportunities;

• Substantial sector underinvestment compared to developed markets; and

• Renewed public sector support for increased healthcare investment.

These factors indicate significant opportunities for private enterprise, in which a targeted private equity investment fund such as ours can play a leading role.

Financial description

The Fund will seek to achieve high investment returns via growth capital and buyout investments in companies operating in Russian/CIS healthcare market segments including, but not limited to, pharmaceutical retail (consolidation and privatization), pharmaceutical production, private clinics, specialist services, contract research organizations, healthcare information services, medical devices, and other healthcare related fields.
Based on our internal research and modeling, we anticipate that we should be able to achieve returns at or above 25% IRR for the Fund’s overall portfolio, with individual investment cases generating 30% IRR or higher. These expectations (a) are derived from publicly available information as well as our team’s experience with other investments and our overall exposure to the Russia/CIS private equity industry and (b) are consistent with the returns generated by similarly situated private equity investors in our target geographies.

13 years

of track record


the year funded

250,000,000 EUR


Asset manager

Adva Capital


Headquarters location:

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Universal access to sexual and reproductive care, family planning and education

Key performance indicators

Fund overview

Asset manager: Adva Capital

Product track record: Fund has 13 years of track record

Target IRR: 25%

Committed Capital: 27,000,000 EUR (Euro)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:

Style/Stage: , ,

Inception year: 2010

Vintage year: 2011

Target region: , ,

Target close date: 01/10/2011

Product term: 7 year term

Assets under management: 250,000,000 EUR (Euro)

Investment size: Min: 5,000,000; Max: 87,500,000; Avg: 30,000,000

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 0

Fund investments to date exited or repaid: 0

Management fee: 2%

Carried interest: 20%

Hurdle rate: 8.0%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: n.a.

Limited Partner / Investor Type: Development Finance Institution (DFI), Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors


E-mail: n.a.


Phone number: 16503028942.00

If you wish to have your details removed from this database please email

Colin Breeze

Managing Director

Evgeny Yankov


Impact Performance


Impact thesis

Our Fund is anticipated to invest across multiple healthcare segments, including pharmaceuticals production and retail, healthcare services delivery, medical devices and healthcare information technology. These market segments have, in recent history, grown by 10-25% per year, while the underlying economies in our target geography are growing at roughly 5% per year. According to our research and experience, better-positioned and better-managed companies are able to deliver year on year growth exceeding 40%. For example, the Moron/Vitim Group, the family investment owned and managed by our principal Evgeny Yankov and our advisory board member Igor Yankov, grew over the period 2008-2010 from an enterprise value of nearly $200 million to around $500 million over the two-year period. We have identified attractive investment opportunities in some of the following healthcare segments:
• Pharma retail: consolidating fragmented retail markets and improving access to lower cost prescription and OTC drugs for larger segments of the population.
• Pharma production: supporting producers’ growth and import substitution, reducing costs for broader classes of consumers.
• Healthcare services: supporting investments in the underdeveloped private clinic sector and building specialist service companies (e.g. contract research organizations, dialysis services, analysis and radiology labs), thereby raising the standards of healthcare delivery across all populations

Impact Management


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