Healthcare RoyaltyMid-MarketOperator-Led
Signal Royalty Partners

Signal Healthcare Royalty Fund

Contractual Cash Flows. Disciplined Underwriting. Operator Edge.

The Opportunity

A Structural Gapin Healthcare Royalty

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 royalty (2025)First year exceeding $4B
2.9%
Healthcare PE write-off ratevs. 4.6% all-industry average
$15-40M
Structural gap from KKR/HCR consolidationPer transaction, larger alongside co-invest partners
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

60%
Approved-Asset Royalty
55-65% allocation. Contractual royalty streams on FDA-approved drugs, biologics, and therapeutics with established commercial trajectories.
25%
Synthetic Royalty
20-30% 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.
$15-40MTicket Size
8-12Portfolio Positions
≥ 8 yrsWeighted Avg. Life
Competitive Landscape

The Comp Set

Three established platforms define the healthcare royalty 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 of $15–40 million per transaction, with the ability to go larger alongside co-invest partners:

  • 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

Leadership

Sam Bremner

Sam Bremner

Co-Founder & General Partner

Founder & Managing Partner, IVEST Consumer Partners

Sam Bremner is a private equity investor with more than two decades acquiring and managing royalty and licensing businesses. He is the founder and managing partner of a private equity firm managing approximately $800 million in assets, and co-founder and general partner of Signal Royalty Partners.

He has led 18+ proprietary control investments, founded roughly fifteen companies, and built his career on a single discipline: identifying durable IP, structuring around it, and owning the contracted cash flow it produces. His portfolio companies generate more than $1.5 billion in annual retail sales across 50 countries.

Sam is the exclusive strategic private equity partner of the global licensing industry's trade association, the body representing the $356 billion worldwide licensing market, which gives Signal institutional-level origination access across licensors, licensees, manufacturers and intermediaries, and a first look at royalty-bearing assets before they reach the market.

He is a longstanding healthcare investor and an active angel investor in AI and healthcare technology. At Signal, Sam leads origination, structuring and underwriting.

30+
Years investing
$800M+
AUM at IVEST
18+
Control investments
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

Our team

Ahmed Khan

Ahmed Khan

Associate, Investment Research

Ahmed focuses on quantitative underwriting and evaluating investment structures. Leveraging a specialized background in predictive modeling and data science, he builds the analytical infrastructure needed to identify and assess high-value royalty opportunities. By combining advanced statistical forecasting with AI-driven deal sourcing, Ahmed ensures rigorous risk pricing and optimized investment decisions.

Ankit Singh

Ankit Singh

Associate, Business Development

Ankit Singh Vachhar covers business development and deal analysis. He sources royalty owners and stays close to the bankers and advisors who see those deals first, then does the work on the ones that come in, the drug, the company behind it, and what the royalty is actually worth. He came into this from private equity, where he sourced and screened companies ahead of deals. He studies Economics at UBC and is based in Vancouver.

Luca Barak

Luca Barak

Associate, Origination and Business Development

Luca Barak covers origination and business development. He focuses on finding royalty owners and building relationships with the bankers, advisors, and healthcare companies who see those opportunities first. He brings relevant opportunities to the investment team and coordinates discussions as potential deals develop.

Trish Khanna

Trish Khanna

Investor Relations

Trish Khanna leads investor relations. Trish is the point of contact for the fund's investors, handling the conversations from first introduction through to ongoing updates, and keeping the chairman, the partners, and the deal team aligned on what investors are asking and what has been promised. Before Signal, Trish ran investor relations at Prospera Capital, and brings a background in healthcare investment, which means the questions investors ask about a drug, a royalty, or the company behind it get answered by someone who has sat on the investing side of them.

Get in Touch

For qualified institutional investors and family offices.