Raj Shah

Dr. Raj Shah is a Partner at Nordic Capital, where he chairs the firm's Healthcare sector team and serves as Head of the UK. He joined the firm in February 2015, based in the London office of NC Advisory (UK) LLP. He brings more than 25 years of healthcare experience spanning clinical practice, investment banking, and private equity.

Shah's career is unusual in that he began as a clinician: he originally qualified and practiced as a cardiac surgeon at Oxford and is a Fellow of the Royal College of Surgeons. He holds degrees in Medicine and Surgery from Imperial College London and an MBA from London Business School. He later moved into finance, ultimately becoming Co-Head of EMEA Healthcare Investment Banking at Goldman Sachs International, where he spent more than a decade advising private equity and corporate clients on major healthcare transactions — including Nordic Capital's landmark 2011 exit of Nycomed to Takeda for roughly €9.6 billion.

At Nordic Capital, Shah is a responsible advisor on several of the firm's healthcare investments and has led exit processes (including ConvaTec). He holds non-executive positions on the boards of several Nordic Capital portfolio companies, sits on Nordic Capital group-level boards, and serves on the boards of healthcare charities. In January 2026 he was appointed a Non-Executive Director of The British Land Company PLC.

• Invests through Nordic Capital's private equity funds in established healthcare companies — pharmaceuticals, medical devices/medtech, life-sciences software (SaaS), and healthcare services — typically via control buyouts and growth investments, not seed/angel rounds.
• Healthcare is a core pillar of the firm: Nordic Capital Funds have invested in ~17+ healthcare companies, accounting for roughly 40% of aggregate invested capital, reflecting a 20+ year track record in European healthcare.
• Brings a practitioner's lens to diligence. In his own words: *"As a former cardiac surgeon, I find it particularly interesting when we meet companies with extremely exciting and innovative products that are at the cutting edge of science."*
• Focus areas pair scientific/clinical credibility with operational scaling — building global category leaders (e.g., wound care, ostomy care, specialty pharma, regulatory/drug-safety software) and supporting buy-and-build and international expansion agendas.