We partnered with the Patel family in 2017, initially acquiring a 50% shareholding in Tamaki Health before increasing our ownership to 90% to facilitate a longer term ownership transition plan.

At the time of our investment, Tamaki Health had established itself as New Zealand’s largest primary medical care provider, serving 190,000 enrolled patients across 37 clinics. The business had grown both organically and through M&A over a 40-year period, providing services across general practice and urgent care. We saw an opportunity to scale the business in a highly fragmented market supported by a stable funding environment and transform the business from a founder-led business to a professionally managed firm.

Over our investment period, we helped to grow the business via clinic M&A and greenfield development, led the hiring of an industry-leading management team, and supported improvements in capacity and service delivery for patients via investments into the operating model and technology.

Through this partnership, Tamaki Health grew to 51 clinics, serving over 350,000 enrolled patients and servicing over 1.4 million patient visits per year.

In 2026, we led a successful sale process resulting in the acquisition of Tamaki Health by a global private equity firm TPG, delivering an outstanding outcome for all shareholders.