Healthcare Activos launches European hospital fund

Barcelona-based investor Healthcare Activos has launched a new fund focused on private hospital infrastructure across Europe. The vehicle, Healthcare Activos Hospitals, initially targets €800m in investment. Anchored by existing long-term institutional investors, it aims to support private hospital operations across key European regions where there is a growing demand for hospital infrastructure,
driven by population ageing, increase of chronic diseases, rising private health insurance penetration and other issues. The UK, Iberia, Italy and Ireland are among the target investment locations, as these NHScentric countries have been facing surging private hospital demand over the last decades on the back of growing pressure on public healthcare systems, which are dealing with insufficient publicly-funded coverage, long waiting lists and lack of resources from public systems and governments. For its first transaction, the fund has acquired three hospitals in Portugal from funds managed by Praemia REIM, on behalf of French institutional investors, including Icade. Theassets are in Lisbon, Porto and Albufeira, totalling around 90,000 sq m (968,800 sq ft). Lusíadas Saúde, owned by French hospital specialist Vivalto Santé, operates all three. The transaction amounts to €250m, including future capex investments to expand and modernise the hospitals. The properties generated around €300m in revenues in 2025, with
21 operating rooms, 350 inpatient beds and 255 consultation rooms. With the latest acquisition, Healthcare Activos now owns €1.6bn of assets across seven countries. It aims to continue growing its platform in all verticals by investing up to €400m each year, targeting €3bn of assets by 2030. In 2025, the group invested over €150m in seven acquisitions totalling 53,325 sq m in France, Italy, Portugal and Spain, as revealed by Green Street News