Signal Royalty Partners

Signal Healthcare
Royalties Fund

Contractual Cash Flows. Disciplined Underwriting. Operator Edge.

Focus
Healthcare Royalties
Segment
Mid-Market
Approach
Operator-Led

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
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.

378Publications
7Books
19Honors & awards
Full Credentials & Bibliography →
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.
June 2026 · Exit
Care Bears Sold to Authentic Brands Group
IVEST 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.
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.
June 2026 · PE Hub
4x Revenue Growth Under IVEST Stewardship
Under IVEST and Cloverlay's ownership, Care Bears reached 85% global brand awareness — second worldwide in its peer group — with distribution across 190+ territories.
May 2025 · Partnership
Exclusive PE Partner of Licensing International
IVEST named the exclusive strategic private equity partner of Licensing International, the leading trade association for the $356+ billion global brand licensing industry.
2023 · Acquisition
Acquired Cloudco Entertainment
IVEST acquired Cloudco Entertainment — owner of Care Bears, Holly Hobbie, and Madballs — in a deal reported at $100 million.

A Structural Gap
in Healthcare Royalties

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

$0B
Healthcare royalty transactions (2025)
+40% vs. five-year average
$0B
Synthetic royalties (2025)
First year exceeding $4B
0%
Healthcare PE write-off rate
vs. 4.6% all-industry average
$25-150M
Structural gap from KKR/HCR consolidation
Mid-market opportunity

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

Three Investment Sleeves

0%
Approved-Asset Royalties
60-70% allocation. Contractual royalty streams on FDA-approved drugs, biologics, and therapeutics with established commercial trajectories.
0%
Synthetic Royalties
25-35% allocation. Structured cash flow interests created through debt-like instruments tied to product-level revenue. The fastest-growing segment.
0%
Devices & Diagnostics
10-20% allocation. Royalty streams from medical devices, diagnostic platforms, and healthcare technology with recurring revenue characteristics.
$25-150M
Ticket Size
16-18
Portfolio Positions
≥ 8 yrs
Weighted Avg. Life

Five-Lens Diligence

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

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

Where Deals Come From

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

Direct engagement with pharmaceutical and biotech business development teams
Leading university technology transfer offices
Established licensing and royalty intermediaries
Corporate portfolio rationalization and non-core asset sales
Distressed and special situation opportunities

Get in Touch

For qualified institutional investors and family offices.