Invidia Capital Management, the private equity firm from Jyothsna “Jo” Natauri, is out fundraising for its first pool of capital with the goal of investing in upper middle market buyouts in healthcare.
Invidia is seeking $850 million for its debut pool, according to an Oct. 30 regulatory filing, while GCM Grosvenor is serving as the fund’s anchor investor. Invidia plans to clinch a first close for the fund in the first quarter of 2025, a person familiar with the situation said. The firm is also hiring a very experienced partner in healthcare deals who is expected to join soon, a different person said.
Natauri, a former Goldman Sachs partner, launched Invidia earlier this year. The PE firm is targeting healthcare deals and plans to invest from $100 million to $300 million per transaction. Invidia will make both minority and control investments in healthcare subsectors such as pharmaceutical outsourcing and contract manufacturing, medical devices and healthcare information technology, according to WSJ Pro.
Invidia will seek to make six to eight investments, Natauri told Fortune in August. “Health care is the industry that outperforms in private equity buyouts,” she said, adding that demand will never go away. “Science and innovation are going to continue in healthcare which I think is a pretty safe bet.”
Natauri declined to comment on fundraising efforts.
Natauri initially had hopes of becoming a doctor but couldn’t stand the sight of blood, so she shifted to the business of medicine. She spent 17 years at Goldman, initially as a healthcare banker, and made partner in 2012. She switched to Goldman’s merchant banking division that merged with the special situations group (SSG) and then combined with asset management in 2020.
Most recently, Natauri was the global head of private healthcare and investing at Goldman, leaving in December. During Natauri’s tenure, Goldman invested in pharmaceutical chemicals manufacturer Avantor in 2017, which went public two years later. In 2021, the IB also partnered with Charlesbank to take control of MDVIP, a network of primary care physicians, and, in a separate deal GS teamed with EQT to buy Parexel, a clinical research organization, that was valued at $8.5 billion.
Natauri is the latest former Goldman executive to form a private equity fund. One of the most well-known is Alan Waxman, an ex-GS partner, who launched Sixth Street Partners in 2009 along with several other former Goldman execs. More recently, Tom Connolly and Michael Koester, both ex-Goldman partners, co-founded 5C Investment Partners, a private credit firm, Bloomberg reported Thursday.
While the names are similar, Invidia Capital is unrelated to NVIDIA, the chip designer with a $3.28 trillion market capitalization. When launching her firm, Natauri wanted a strong name and considered Greek and Roman mythology but many of the male names were already used, she said. Invidia is the Roman goddess of envy, she said. Envy is used to inspire, to motivate, she said. “It felt like a good fit for what we were trying to do,” she said.