Corporate venturer Corven has hired healthcare specialist Jeremy Stone to head its expansion into private equity investments. The firm plans to launch a fund with a buyout and sector focus on outsourcing and healthcare. Corven will be cornerstoning the fund which will also be open to third-party investors. A target size for the fund has not yet been specified.
Jeremy Stone, group director of the growing private equity business, said he would grow the team gradually as the fund business is built up. Stone will be working with Richard Young, former senior corporate finance partner at Andersen, in setting up the fund. Young was recently appointed a director of the Corven Group and his prime responsibility will be to oversee the running of the ventures business.
Stone is a specialist in hospital medicine and has vast experience of building businesses. He has also worked for consultancy firms Cap Gemini and Heidrick & Struggles. Most recently, he founded OnMedica, a hybrid healthcare technology VC and operating company. At OnMedica, he secured $30 million first round funding from institutional investors 3i, Advent, Northern Venture Managers, SROne, and Reed Elsevier and went on to lead his team in a number of strategic investments and acquisitions.
Commenting on his new position, Stone said: “The business has a tremendous platform for growth and our private equity arm enables us to bring still greater value to our blue chip current and future clients in buyout, turnaround and corporate venturing situations.”
Corven’s core business areas are its management consulting arm, Corven Partners, which focuses on its corporate venturing activities, and Corven Ventures, its venture capital arm, which targets early stage investments of up to GBP500,000, and corporate turnarounds for businesses with sales in excess of GBP15 million.