A Letter from the Managing Partners: Raising Fund III in 2025

To our investors, partners, and friends —

When we launched Ara Capital, we had one simple belief:

Great healthcare businesses deserve great partners.

Not just capital. Not just oversight. But genuine, sleeves-rolled-up partners who understand what it means to run a clinic, serve a patient, and lead a team.

Two funds later — with successful exits, growing platforms, and expansion into new markets — that belief has only deepened.

And today, we’re proud to announce the launch of Ara Capital Fund III.

Why Fund III? Why Now?

Because the opportunity is bigger than ever.

Across Southeast Asia and the Middle East, healthcare demand is surging — driven by:

• Ageing populations

• Expanding middle classes

• Medical tourism growth

• Rising chronic disease rates

• Digital-native patients expecting convenience and care

But most providers? Still fragmented. Still underbranded. Still operationally inefficient.

That’s where Ara Capital comes in.

What We’ve Learned from Funds I & II

From Fund I, we learned the value of starting small and executing precisely. We exited cleanly, with multiple >2x deals — and no write-offs.

From Fund II, we doubled down:

• Expanded into the UAE and Malaysia

• Partnered with larger platforms

• Built in-house ops teams and tech playbooks

• Grew our reputation as the healthcare PE partner of choice in the region

We’ve backed dental groups, day surgery centres, ENT clinics, wellness hubs, and more. We’ve worked with founders transitioning to scale, and founders ready to exit.

Most importantly — we stayed true to our strategy: control-focused, impact-driven, and operationally involved.

What Fund III Will Focus On

With Fund III, we’re raising a larger pool — and we’re thinking bigger.

Here’s where we’re headed:

1. Buy & Build in Fragmented Niches

• Dental, dermatology, ENT, women’s health, podiatry

• Singapore, Malaysia, Indonesia, Vietnam, UAE

2. Greenfield Centre Development

• 6–8 Centres of Excellence (imaging, surgical, dental)

• Designed with scale, margin, and brand in mind

3. Cross-Border Expansion

• Support regional champions in expanding their footprint

• Fund MBOs and carve-outs of high-performing clinical chains

4. Tech-Enabled Operations

• Plug-and-play systems for CRM, billing, HR, and supply chain

• Streamlining margin capture and improving patient experience

The Fund Structure

• Target Size: USD 100M

• Geography: ASEAN + GCC

• Holding Period: 4–6 years

• GP Commitment: Meaningful personal capital from managing partners

Fund III will follow the same disciplined approach: majority or significant minority stakes, operational control, clear exit planning.

Why We’re Still Hungry

Because the work matters.

We’re not investing in logos. We’re investing in care. In the clinics that see patients when they’re scared, in pain, or simply hoping for a better future.

We’re proud to work with founders who are building something lasting — and investors who care about returns and responsibility.

If that’s you — we’d love to talk.

With gratitude,

Mr. Liew Weichun & Dr. Samintharaj Kumar

Managing Partners

Ara Capital Pte Ltd

21 Ubi Rd 1, #05-02C, Singapore 408724

UEN: 202408779D