Healthcare RoyaltiesMid-MarketOperator-Led
Signal Royalty Partners

Signal Healthcare Royalties Fund

Contractual Cash Flows. Disciplined Underwriting. Operator Edge.

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The Opportunity

A Structural Gapin Healthcare Royalties

Accelerating deal flow, proven asset class resilience, and a competitive vacuum at the mid-market level.

$10.0B
Healthcare royalty transactions (2025)+40% vs. five-year average
$4.7B
Synthetic royalties (2025)First year exceeding $4B
2.9%
Healthcare PE write-off ratevs. 4.6% all-industry average
$25-150M
Structural gap from KKR/HCR consolidationMid-market opportunity
Underwriting Framework

Five-Lens Diligence

Every investment is stress-tested across five dimensions before commitment.

I
Clinical / RegulatoryApproval status, label breadth, pipeline optionality, regulatory tail risk. Preference for approved assets with post-marketing data.
II
Revenue DurabilityPatent cliff analysis, competitive landscape, generic/biosimilar timing, formulary positioning, and volume trajectory modeling.
III
Counterparty StrengthLicensee creditworthiness, operational capability, and commercial commitment. Counterparty default is the primary non-market risk.
IV
Structure & SeniorityPayment priority, minimum guarantees, anti-dilution provisions, change-of-control protections, and step-up rights.
V
Sensitivity CasesDownside, base, and upside scenarios modeled on volume, pricing, competition, and duration before commitment.
Target Profile

Three Investment Sleeves

65%
Approved-Asset Royalties
60-70% allocation. Contractual royalty streams on FDA-approved drugs, biologics, and therapeutics with established commercial trajectories.
30%
Synthetic Royalties
25-35% allocation. Structured cash flow interests created through debt-like instruments tied to product-level revenue. The fastest-growing segment.
15%
Devices & Diagnostics
10-20% allocation. Royalty streams from medical devices, diagnostic platforms, and healthcare technology with recurring revenue characteristics.
$25-150MTicket Size
16-18Portfolio Positions
≥ 8 yrsWeighted Avg. Life
Competitive Landscape

The Comp Set

Three established platforms define the healthcare royalties landscape. Each has moved upmarket or internalized, widening the mid-market gap.

RPRX

Royalty Pharma

Market Cap
~$22B
Royalty Receipts
$3.3B
Market Share
~40%
DHT.UN

DRI Healthcare Trust

Book Value
$799M
Active Streams
28
Products
21
HCR

HealthCare Royalty

AUM
~$3.0B
Deployed Since 2006
$7B+
Ownership
KKR Majority
Deal Origination

Where DealsCome From

Signal Royalty Partners employs a multi-channel origination strategy focused on identifying high-quality royalty opportunities in the $25–150 million range:

  • 01Direct engagement with pharmaceutical and biotech business development teams
  • 02Leading university technology transfer offices
  • 03Established licensing and royalty intermediaries
  • 04Corporate portfolio rationalization and non-core asset sales
  • 05Distressed and special situation opportunities
The Partners

Founded by Operators

Sam Bremner

Sam Bremner

Co-Founder & General Partner

Founder & Managing Partner, IVEST Consumer Partners

Founder of IVEST Consumer Partners — a private equity firm with over $500 million in assets and portfolio retail sales surpassing $1.5 billion across 50 countries — and the exclusive strategic private equity partner of Licensing International. His career spans 18+ proprietary control investments across consumer, healthcare, and industrial businesses, roughly fifteen companies founded, and the $6 billion BCTel–Telus integration at Fujitsu.

An active angel investor in AI startups and longstanding healthcare investor, Sam leads origination, structuring, and underwriting at Signal — applying two decades of royalty and licensing discipline to contractual healthcare cash flows.

30+
Years investing
$500M+
AUM at IVEST
18+
Control investments
Connect on LinkedIn
Recent Transactions & News6
June 2026 · The Wall Street Journal"Private-Equity Firms Sell Care Bears to Authentic Brands Group"WSJ Pro Private Equity coverage of IVEST and Cloverlay's exit of the Care Bears franchise to Authentic Brands Group.Read on WSJ →June 2026 · ExitCare Bears Sold to Authentic Brands GroupIVEST and Cloverlay announced the sale of Care Bears to Authentic Brands Group. Under IVEST's ownership, Care Bears revenue grew 4x — on track to exceed $750 million in retail sales by year-end 2026.Read announcement →June 2026 · Variety (Exclusive)"Care Bears, Beloved Children's Property, Acquired by Authentic Brands Group"Variety's exclusive on the sale of a franchise with more than $12 billion in lifetime retail sales — Authentic Brands' first character-based IP acquisition.Read on Variety →June 2026 · PE Hub4x Revenue Growth Under IVEST StewardshipUnder IVEST and Cloverlay's ownership, Care Bears reached 85% global brand awareness — second worldwide in its peer group — with distribution across 190+ territories.Read on PE Hub →May 2025 · PartnershipExclusive PE Partner of Licensing InternationalIVEST named the exclusive strategic private equity partner of Licensing International, the leading trade association for the $356+ billion global brand licensing industry.Read announcement →2023 · AcquisitionAcquired Cloudco EntertainmentIVEST acquired Cloudco Entertainment — owner of Care Bears, Holly Hobbie, and Madballs — in a deal reported at $100 million.Read coverage →
Dr. Leonard Makowka

Dr. Leonard Makowka

Co-Founder & Chairman, Advisory Board

M.D., Ph.D., FRCS(C), FACS

One of the world's foremost transplant surgeons — trained under Dr. Thomas E. Starzl at the University of Pittsburgh, Professor of Surgery at the UCLA School of Medicine, and Chairman of the Department of Surgery and Director of Transplantation Services at Cedars-Sinai Medical Center. His scientific record spans 378 peer-reviewed publications, seven books, and nine editorial boards.

Decades at the commercial interface of medicine — Pharmacia, United HealthCare, Tractus Medical — give Signal its clinical authority and its relationships across pharmaceutical companies, academic medicine, and hospital systems.

378
Publications
7
Books
19
Honors & awards
leonardmakowka.comLinkedIn profile

Get in Touch

For qualified institutional investors and family offices.

Sam Bremnersam@signalroyalties.com