New York-based private equity firm Invidia Capital Management LP (“Invidia”) is a recently formed investment management firm with a targeted approach to middle-market investments in the healthcare space. Officially launched early this year by Jo Natauri, a seasoned healthcare investor with over 25 years of experience in the healthcare industry, the firm is focused on bringing large-cap experience to the upper-middle market, seeking to create long-term value for stakeholders while addressing healthcare’s most pressing needs.
Following its recent inception, Invidia is focused on targeting high-growth subsectors within healthcare, including supporting R&D innovation, tech-enabled services, delivery transformation, and consumer-oriented healthcare. The firm’s mission is ambitious: seeking to reshape middle-market healthcare through a holistic, patient-centric approach while generating meaningful returns for investors.
“Invidia differentiates itself from other firms because we seek to bring large-cap strategic insights and resources to the middle market, a segment of the market that often lacks the support and growth-oriented resources that larger companies enjoy,” explains Javier Bravo Nieto, Senior Associate at Invidia. “We believe there’s an opportunity to not only drive growth and operational efficiencies but to also create meaningful impact across the healthcare ecosystem, from patients to providers and payors.”
Bravo Nieto, who officially joined Invidia this past summer, brings a strong background in healthcare investing from Goldman Sachs. His journey, marked by years of experience in both investment banking and private equity, has shaped his perspective on the healthcare sector’s challenges and opportunities.
“At Goldman, I worked exclusively in healthcare, where I gained an understanding of the industry’s complexity and the value of providing companies with strategic capital and operational support,” he says. “Joining Invidia was a natural progression for me because it allows me to continue working in healthcare and to seek to apply a sharper focus on innovation and growth in the middle market.”
A Foundation of Experience and Vision
Jo Natauri’s experience, including her prior role as the Global Head of Private Healthcare Investing at Goldman Sachs, has shaped Invidia’s investment philosophy. Her leadership on over $9 billion in equity and structured capital investments and advising on more than $250 billion in M&A and financing transactions lends the firm a competitive edge. Invidia seeks to channel this experience into a disciplined, thesis-driven investment strategy that focuses on identifying companies with growth potential and opportunities for operational efficiency.
By leveraging a network of distinguished healthcare executives and industry experts, Invidia believes that it offers portfolio companies both financial and operational support, creating a robust ecosystem for growth.
Core Values Driving a Patient-Centric Mission
At the heart of Invidia’s mission is a set of core values: Excellence & Innovation, Holistic Perspective, Collaboration & Partnership, Adaptability & Resilience, and Long-Term Value Creation. The firm seeks to weave these values into every investment and strategic decision, underscoring the firm’s dedication to creating a lasting impact on the healthcare sector.
“We believe Invidia doesn’t just measure success by financial returns; we focus on supporting companies and seek to guide them to achieve sustainable growth and provide a lasting positive impact on providers and patients,” says Bravo Nieto. “We recognize that healthcare isn’t just a business but a field that touches people’s lives in profound ways. We aim to invest in a manner that improves patient outcomes and enhances accessibility to healthcare services.”
Invidia’s focus on collaboration extends beyond its team of investment professionals to partnerships with healthcare executives, providers, and other industry stakeholders. This collaborative approach is crucial in a sector as interconnected and complex as healthcare. “We believe success in healthcare often comes from pattern recognition achieved from shared experience and joint efforts,” Bravo Nieto notes. “By fostering industry partnerships, we aim to create a greater impact than we could achieve alone.”
Early Milestones and Strategic Foundations
Despite its recent entry into the private equity landscape, Invidia has already made strides. Building a seasoned team, developing a clear investment thesis, and signing on leading healthcare executives as advisors are among its foundational achievements. “We believe that one of our biggest milestones has been establishing a cohesive team with deep industry expertise,” says Bravo Nieto. “We believe we have an excellent balance of investment professionals and seasoned healthcare executive advisors.”
The Road Ahead: Goals and Vision for the Future
Looking ahead, the firm is focused on seeking to deepen its relationships and develop new partnerships across the healthcare ecosystem. “We’re aiming to build something long-term here, and our goals reflect that,” says Bravo Nieto. “Our aim is to drive transformational change in healthcare by supporting sustainable companies that can truly make a difference.”
For Bravo Nieto, joining Invidia has also been a rewarding personal experience. “One of my favorite memories so far has been working with the team during our strategy sessions,” he says. “It’s inspiring to see our team come together to seek to develop creative investment theses aimed at improving processes within the healthcare industry, but that have the potential to generate attractive investment returns.”