FHE Ventures

Rafael Kenji Hamada serves as CEO and Founder, governing both FHE Ventures and the parent foundation, Fundação Educacional Lucas Machado (FELUMA). Investment decisions are made within an operator-led structure that integrates deal sourcing from HealthAngels, the affiliated venture builder, and the leadership of the FCMMG medical school and teaching hospital. No external investment committee is separately named in public records.

Deal flow originates primarily through the FCMMG teaching hospital campus and the Órbi Conecta innovation hub in Belo Horizonte, where the firm co-hosts Investor Day events with Bossanova Investimentos. The hospital provides a clinical operating environment where early-stage healthtech companies can pilot products with real patient populations, giving FHE Ventures a sourcing channel distinct from competitive auction processes. International sourcing runs through the Healthcare Alliance partner network.

FHE Ventures operates as a corporate venture entity tied to Fundação Educacional Lucas Machado, the private foundation that controls FCMMG and HUCM. It is not a family office; the foundation's educational and healthcare operating assets serve as the permanent capital base. Structurally it resembles a university-linked venture arm more than an independent VC firm, with investment returns reinvested alongside the foundation's broader balance sheet.

FHE Ventures primarily executes direct equity investments and venture builder launches, rather than committing Limited Partner capital to third-party funds. The firm co-invests directly alongside Bossanova Investimentos and Saúde Ventures on deal-by-deal bases, and the HealthAngels venture builder creates additional vehicles for specific incubated startups. Public records do not indicate participation in fund-of-funds programs.

Healthtech and digital health form the core thesis, reflecting the hospital and medical school operating base. Beyond healthcare, the firm also evaluates enterprise software, agritech, fintech, and climate-tech startups that can connect to Brazilian market infrastructure. Sector coverage is generalist within Latin America, with no published sector exclusions.