SAN FRANCISCO & MERIDIAN, Idaho & LAS CRUCES, N.M.--(BUSINESS WIRE)--The Rise Fund, TPG’s multi-sector global impact investing strategy, today announced investments in two leading medical colleges, The Burrell College of Osteopathic Medicine (“BCOM”) and Idaho College of Osteopathic Medicine (“ICOM”) and the launch of the Center for Health Education and Access (“The Center”), a new, integrated, mission-driven osteopathic education platform. Existing investor, Rice Management Company will retain its stake in both schools and become an investor alongside The Rise Fund in the Center for Health Education and Access.
BCOM and ICOM offer Doctor of Osteopathic Medicine (DO) degrees. BCOM, which opened in 2016 in partnership with the leadership of New Mexico State University, is accredited by the Commission on Osteopathic College Accreditation (“COCA”) and its 2020 graduating class had a 100% residency placement rate. ICOM opened in 2018 in partnership with the leadership of Idaho State University and expects final COCA accreditation following graduation of its first class in May 2022. Both universities boast state-of-the-art facilities and utilize the latest technologies and learning methods to ensure success in both the classroom and future professional practice.
“There is an acute need for access to primary care in the U.S., specifically in rural regions, and a growing imbalance between the demand for physicians and limited capacity of U.S. medical schools,” said Matt Hobart, Co-Managing Partner of TPG Growth who leads healthcare investments at The Rise Funds. “DO programs are growing rapidly and are well-positioned to address the fundamental supply/demand imbalance that the country has been facing for more than a decade. While still in their early stages, BCOM and ICOM rank in line with the highest quality DO schools in the U.S. and have maintained that momentum through the pandemic, with on-campus operations resuming for the upcoming semester,” added John Rogers, Partner and Education Sector Lead for The Rise Funds.
As a public benefit corporation, the Center for Health Education and Access will support the missions of ICOM and BCOM to promote the education of healthcare professionals who will improve access in underserved communities. The Center will pursue partnerships with national health systems to advance clerkship placement and graduate medical education and will pursue new opportunities to expand access within the field of medical education. BCOM and ICOM will remain independent institutions with separate management teams and majority independent boards of trustees, per accreditation requirements.
“We are excited to welcome The Rise Fund as a partner in our mission to improve the quality and accessibility of medical education. We look forward to continuing to support both schools strategically and with appropriate oversight,” said Allison Thacker, President and Chief Investment Officer of the Rice Management Company, which oversees the Rice endowment.
In conjunction with this announcement, Nick Turkal, MD, has been named CEO of the Center for Health Education and Access and a Board of Trustees member for both BCOM and ICOM. Dr. Turkal brings more than two decades of experience in medical education, previously serving as President and CEO of Advocate Aurora Health Care. He has also served as Associate Dean of the University of Wisconsin School of Medicine and on the Board of Trustees of Creighton University.
The Center for Health Education and Access joins The Rise Funds’ existing investments in higher and continuing education including Instride, a public benefit company that is expanding access to college degrees for working adults, and Teachers of Tomorrow, the nation’s largest teacher alternative certification program. Its investments also benefit from the expertise of Senior Advisors including former U.S. Secretary of Education Arne Duncan and Rick Levin, former CEO of Coursera and the 22nd President of Yale University. The Rise Funds’ commitment to providing accessible healthcare and innovative healthcare delivery models is expressed through investments in Evercare Group, the leading healthcare delivery group in emerging markets with 30 hospitals, 16 clinics, and 82 diagnostic centers across South Asia and Africa; Zipline, the world’s largest automated on-demand delivery service for critical medical supplies; and Ceribell, innovator of the world’s first Rapid Response EEG.
Macquarie Capital, Kirkland and Ellis, and Cooley Godward advised The Rise Fund on its investment.
About The Rise Funds
The Rise Funds are a core pillar of TPG Rise, TPG’s global impact investing platform. Founded in 2016 by TPG in partnership with Bono and Jeff Skoll, The Rise Funds invest behind impact entrepreneurs and growth-stage, high potential, mission-driven companies that are focused on achieving the United Nations’ Sustainable Development Goals. The Rise Funds deliver capabilities and expertise across a wide variety of sectors and countries at scale, focusing on opportunities in climate and conservation, education, food and agriculture, financial technology, healthcare, and technology.
With more than $13 billion in assets across The Rise Funds, TPG Rise Climate, and Evercare Health Fund, the TPG Rise platform is the world’s largest private markets impact investing platform committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns.
For more information, visit therisefund.com or @therisefund on Instagram.