Santé Capital

Andrew Savage and Ben Thynne, the firm's co-founders, lead investment decisions. Savage brings over 30 years of Australian private equity experience from CHAMP Ventures and Roc Partners, while Thynne provides 24 years of healthcare operating experience, including founding Healthe Care and co-founding Evolution Healthcare. Bevan Tas, who joined in 2015, handles transaction execution and portfolio monitoring.

Santé sources deals through the founders' deep sector networks developed over two decades of building and exiting hospital platforms like Healthe Care and Evolution Healthcare. The firm actively targets founder-owned and privately held healthcare businesses in Australia and New Zealand, often approaching management teams directly with a partnership model rather than relying on broad auctions.

Santé Capital operates as a specialist private equity firm, not a family office. The co-founders reinvested their personal capital and track record after the Healthe Care exit, but the firm co-invests alongside large institutional investors like Pacific Equity Partners, QIC, and ART, and manages capital on an deal-by-deal basis.

No. Santé Capital's investment mandate is explicitly limited to healthcare opportunities in Australia and New Zealand. Its two platform assets — Healthe Care and Evolution Healthcare — operate exclusively in those markets, and all 50-plus assets it has historically managed are within Australasia.

Santé provides growth and control capital to profitable, mid-market healthcare businesses. The firm does not invest in early-stage or pre-revenue companies. It targets businesses with a differentiated healthcare offering, a strong management team, and consistent profitable growth, where it can execute a defined expansion plan and eventual exit.

Santé Capital's co-founders originally created Healthe Care in 2005, building it into Australia's largest for-profit hospital network before selling it in 2011. In 2022, Santé partnered with Pacific Equity Partners to re-acquire Healthe Care. Ben Thynne currently serves as Executive Chair.

Santé acts as an active investor and operating partner. The firm places its principals in board and chair roles post-acquisition — for example, Ben Thynne serves as Executive Chair of Healthe Care and a director of Evolution Healthcare — and uses its internal team to drive brownfield expansions, new service line introductions like mental health and oncology, and management team development.