OP Finnfund Global Impact Fund I invests in CIM Santé Group to support the development of the private healthcare sector in Morocco
OP Finnfund Global Impact Fund I, the first Finnish global emerging markets impact fund has invested USD 10 million in equity in CIM Santé Group, a leading Moroccan private healthcare group. Through this investment, OP Finnfund Global Impact Fund I aims to foster the development of Morocco’s healthcare sector, accessibility to quality care, and support gender equality in the sector.
Founded in 1994 by Professor Assad Chaara – a pioneer in developing cardiac catherization in the country, CIM Santé Group has a strong focus on cardiology. Currently, the group operates three clinics in Rabat, Marrakech and Tangier, including a total of 320 beds; with the latest one, the Clinique Internationale de Tanger, opened in August 2021. CIM Santé Group also owns radiology centres and laundry service companies and is in partnership with several medical laboratories.
In 2020, CIM Santé Group employed 360 people, and treated c.50,000 people. The patients include people covered by the national health insurance, private insurance, and out-of-pocket patients.
With the funding provided by OP Finnfund Global Impact Fund I and Vantage Capital, Africa’s leading mezzanine debt provider, CIM Santé Group plans to extend its flagship clinic in Marrakech and expand its operations to Casablanca to meet the increasing demand for healthcare services in the country. Thereafter, CIM Santé Group plans to further strengthen its position in the Moroccan market by adding more clinics to its portfolio as well as entering new markets in the rest of Africa.
One of the aims of the UN Sustainable Development Goals is to ensure healthy lives and promote well-being for all at all ages. This investment particularly contributes to achieving this goal in Morocco. As the resources of the current healthcare system are somewhat limited, together with the country’s ambitious target to extend the coverage of the national health insurance to ensure accessibility of the same quality healthcare for all citizens, there is a growing need for accessible quality healthcare services and increased cooperation between the private and public sectors.
CIM Santé Group is also committed to supporting women at all levels of the organisation. Currently, women represent almost 70% of the total workforce, and women are well represented both in senior and mid-level management. The group is looking to further develop its gender strategy and address barriers to women’s employment and career advancement.
This investment qualifies for the 2X Challenge, which is a global gender finance initiative seeking to support businesses that provide women in emerging economies with access to leadership opportunities, quality employment, and products and services that enhance their economic participation and inclusion. Finnfund has been a member of the 2X Challenge since 2019.
OP Finnfund Global Impact Fund I seeks positive impacts on climate change, food security, gender equality, and the availability of financing. The fund reached its final closing in December 2020, with a total fund size of EUR 135 million.
Dr. Fahd Chaara, CEO of CIM Santé Group, commented: “We feel that, with Vantage’s and OP Finnfund Global Impact Fund I’s financial support and strategic guidance, we are up for the challenge of building on the wonderful legacy created by my father and developing Morocco’s finest private sector health group, housing a broad range of medical disciplines and covering all of the Kingdom’s major cities.”
Tuomas Virtala, Head of Asset Management at OP Corporate Bank, said: “Through this investment, we can increase accessibility of quality healthcare services for Moroccans and foster female empowerment in the sector. This fits perfectly with the investment strategy of OP Finnfund Global Impact Fund I. We are glad to support the expansion and development of CIM Santé Group’s operations.”
Johanna Raehalme, Investment Manager at Finnfund, said: “In Morocco, there is a growing need for accessible quality healthcare services. CIM Santé Group has a proven track record of providing excellent healthcare services, developing its operations while also taking care of its staff. The Group is committed to providing much-needed quality jobs for healthcare professionals, and in particular supporting female professionals in their career paths – something that cannot always be taken for granted. We are very much looking forward to our partnership with CIM Santé Group and Vantage Capital.”
Luc Albinski, Managing Partner at Vantage Capital, added: “We are proud to partner with OP Finnfund Global Impact Fund I alongside CIM Santé Group and contribute with our funds and our ideas to the further growth of the Group. We are confident that in a few years’ time, CIM Santé Group will be one of the biggest private multi-disciplinary healthcare groups in Morocco.”
Media enquiries:
viestinta@op.fi, tel. +358 10 252 8719
Kirsi Pere, Communications Manager, Finnfund, kirsi.pere@finnfund.fi, tel. +358 40 620 9767
Other enquiries:
Johanna Raehalme, Investment Manager, Finnfund, johanna.raehalme@finnfund.fi, tel. +358 44 033 1110
OP Finnfund Global Impact Fund I
OP Finnfund Global Impact Fund I is the first global emerging markets impact fund in Finland. The fund targets significant positive impacts in addition to financial return. The fund raised a total of EUR 135 million. OP Asset Management Ltd, part of OP Financial Group, one of the largest banking groups in Finland, acts as a portfolio manager for the fund and OP Fund Management Company Ltd acts as an alternative investment fund manager of the fund. Finnfund, a Finnish development financier and impact investor acts as an advisor and anchor investor in the fund.
