Goldman Pro Forms Invidia Capital to Invest in Healthcare Sector

Goldman Pro Forms Invidia Capital to Invest in Healthcare Sector

GCM Grosvenor's Elevate fund, which invests in emerging private equity founders, backs Jo Natauri's new firm

Former Goldman Sachs partner Jo Natauri has launched Invidia Capital Management in New York City to invest in upper-middle market healthcare companies. In tandem with the launch, Invidia has received an investment from GCM Grosvenor.

Ms. Natauri has more than 25 years of healthcare investing, operating, and investment banking experience. She joined Goldman Sachs as a vice president in 2006, was promoted to managing director in 2008, and was made a partner in 2012. Most recently, Ms. Natauri was the firm’s global head of private healthcare investing, a member of its Corporate Investment Committee, Sustainable Investing Investment Committee, and Life Sciences Investing Committee. Ms. Natauri earned her undergraduate degree in economics and biology from the University of Virginia.

From left: Alice Kennon, Vince Cuticello, Jo Natauri, Jason Dunn, and Kieran Storch. Photo credit: Dennis Kwan

Joining Ms. Natuari at Invidia is Vince Cuticello as the firm’s chief administrative officer and chief compliance officer, Alice Kennon as head of operations and capital formation, Vice President Jason Dunn, Associate Kieran Storch, and Associate Thomas Ryan.

“We are thrilled to unveil Invidia and our vision to build a differentiated healthcare investment platform that will offer comprehensive and thoughtful solutions to founders and management teams as they endeavor to grow their businesses and best serve their stakeholders,” said Ms. Natauri. “As the healthcare industry becomes increasingly complex, we believe we are well-positioned by virtue of our expertise, networks, and experience of investing in the sector to deliver unique value to our CEO partners and investors.”

“Jo has been such an important leader in growing Goldman’s healthcare franchise in the private equity group and that’s a testament to her passion for the sector,” said David Solomon, CEO of Goldman Sachs. “I’m excited to see her new journey with Invidia. She’s well-positioned to lead next-generation healthcare investing and to have an impact on the direction of healthcare. We wish her the best and look forward to continuing to work with her as the business grows.”

GCM Grosvenor’s investment in Invidia was made through its Elevate strategy which was launched in 2023 to invest in and provide operational, legal, and compliance support to small, emerging, and diverse private equity firm founders. The Elevate strategy is led by Elizabeth Browne and Kevin Nickelberry and is backed by a $500 million commitment from CalPERS.

“Jo and her partners are emblematic of the quality, integrity, and depth of expertise we seek when establishing strategic partnerships,” said Ms. Browne. “We are confident that Invidia is building something special in the healthcare sector and are humbled to have the opportunity to be a part of their story.”

GCM Grosvenor (NASDAQ: GCMG) is a Chicago-headquartered alternative asset management firm with more than $79 billion in assets under management. The firm invests in private equity, infrastructure, real estate, credit, and other specialty strategies. GCM Grosvenor was a portfolio company of Hellman & Friedman from 2007 to 2020 before going public in 2020. GCM Grosvenor has additional offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul, and Sydney.

“Jo’s career experience, domain expertise, and network have uniquely prepared her to build and lead a world-class healthcare investment firm successfully,” said Mr. Nickelberry. “We are excited to partner with her and the Invidia team to support their vision.”

“We are fortunate to have GCM Grosvenor as a strategic partner at launch, given their track record of success in identifying and supporting world-class investment talent, and we are committed to making Invidia a leading force in healthcare innovation,” concluded Ms. Natuari.

As of March 2024, GCM Grosvenor had approximately $20 billion of assets under management (AUM) invested with small and emerging managers and $16 billion of AUM with diverse managers.

© 2024 Private Equity Professional | May 23, 2024

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