An Exclusive IMGlobalWealth.news Interview
For those seeking residence in one of Europe’s more dynamic and increasingly sought-after economies, Portugal continues to stand out. It offers stability, a supportive business environment, and a lifestyle that blends climate, culture and accessibility in a way few jurisdictions can match. For some investors, the attraction goes further, providing a structured pathway that may, over time and subject to meeting regulatory requirements, extend beyond residency towards citizenship.
Within this evolving landscape, healthcare-focused investment strategies are emerging as a distinct route. They offer not only access to Portugal’s Golden Visa framework, but also the opportunity to deploy capital into MedTech and healthcare innovation that can enhance efficiency, improve outcomes, and contribute to better quality of life. For investors, this introduces a more purposeful dimension, where financial objectives are aligned with the development of technologies that address real-world challenges.
In this second interview, Ray de Bono speaks with Shabir Chowdhary, founding partner of RYSE Asset Management, a specialist healthcare and technology investment firm. Originally trained as a biochemist at Imperial College London, Chowdhary began his career in pharmaceuticals before transitioning into finance, holding roles at institutions including Merrill Lynch and Morgan Stanley in London and New York. He later returned to Imperial to complete an MBA focused on finance and entrepreneurship, before going on to build and scale an asset management business to over USD 4 billion under management. This combination of scientific grounding and capital markets expertise underpins RYSE’s approach to early-stage healthcare investing.
Building on our earlier conversation, this follow-up examines how the fund operates in practice and what, in an increasingly competitive Golden Visa landscape, sets it apart.
“From a residency perspective, the fund is structured to meet the requirements of Portugal’s Golden Visa programme. It provides legal residency through a regulated investment fund route, with the possibility, subject to statutory conditions, of progressing towards permanent residence or citizenship.”
1) In a crowded Golden Visa fund market, what makes RYSE different?
💬 We are a venture capital fund focused on healthcare and technology, but the key distinction is that we are not passive providers of capital. We work closely with founders and boards after investment, helping them define and execute against clear commercial and operational milestones. In early-stage healthcare, that level of involvement is critical. Capital alone is rarely sufficient to scale.
Portugal was a natural next step following the success of our UK-based strategy. It allows us to offer a healthcare-focused investment route that is not dependent on real estate, which has become particularly relevant following recent Golden Visa reforms.
“We focus particularly on software-driven healthcare businesses, where regulatory pathways can be faster and where exit horizons typically range between three and seven years”
2) How do you approach risk in early-stage healthcare investing?
💬 We are disciplined about where we enter. By the time we invest, companies must have completed clinical trials in at least one market and secured regulatory approval. We do not fund that early, higher-risk phase. Our focus is on supporting companies at the point where they are preparing to commercialise.
Partnerships play an important role here. Collaborations with healthcare systems and institutions enable early validation in real clinical environments, reducing both technology and market risk. They also open pathways for co-investment, licensing and potential exits, which are critical in this segment of the market.
3) Why is Portugal strategically relevant for HealthTech and MedTech?
💬 Portugal offers a compelling combination of factors. It has a strong academic and research ecosystem which include the likes of but is not limited to Centro Hospitalar e Universitário de Coimbra, University of Lisbon Faculty of Medicine, CUF and Champalimaud Foundation, a steady pipeline of life sciences graduates, competitive operating costs and meaningful government support for innovation.
We have seen this in practice. One of our women’s health portfolio companies conducted clinical trials in Portugal, achieving FDA approval using in part clinical data from Portugal, at a fraction of the cost of comparable trials in the US or UK. That kind of efficiency is highly attractive when scaling healthcare technologies.
“Healthcare innovation is driven by long-term and growing structural demand”
4) Which areas of healthcare innovation will define the next decade?
💬 Women’s health and mental health remain highly active and under-addressed areas. Over the medium to long term, however, the defining pressures will come from chronic conditions such as cardiovascular disease, diabetes, and cancer, which continue to place a significant and growing burden on global healthcare systems.
This is where much of the innovation is now being directed. Technologies that enable earlier diagnosis, continuous monitoring, and more personalised treatment pathways are becoming increasingly important, particularly in managing long-term conditions such as type 1 and type 2 diabetes.
We focus particularly on software-driven healthcare businesses, where regulatory pathways can be faster and where exit horizons typically range between three and seven years. This allows for both scalability and clearer visibility on potential outcomes, while addressing areas of healthcare where demand is structurally set to increase.
5) How does this compare with more traditional Golden Visa investment routes?
💬 Public markets offer liquidity but are exposed to volatility. Real estate provides tangible assets but is cyclical and sensitive to macroeconomic shifts. Healthcare innovation is driven by long-term and growing structural demand.
While these investments are not asset-backed and carry the risks associated with private markets, we mitigate this through deep sector expertise, early clinical validation and a concentrated, hands-on portfolio approach. Given our extensive market and MedTech experience, we can also bring in strategic co-investors who may later acquire or scale the businesses we support, improving exit visibility.
6) Where does Windsor Capital fit into this model?=
💬 Windsor Capital plays a complementary role by supporting high-net-worth individuals through citizenship and residency-by-investment solutions. Beyond immigration, many clients are seeking access to credible alternative investments. RYSE provides that exposure within a regulated framework aligned with broader global mobility objectives.
7) What should investors consider when combining investment with residency goals?
💬 Investors need to assess both the investment profile and the immigration framework. From an investment perspective, early-stage healthcare offers strong potential, but it requires a clear understanding of risk and time horizon.
From a residency perspective, the fund is structured to meet the requirements of Portugal’s Golden Visa programme. It provides legal residency through a regulated investment fund route, with the possibility, subject to statutory conditions, of progressing towards permanent residence or citizenship.
For many investors, this combination, exposure to healthcare innovation alongside a medium or long-term global mobility strategy, represents a meaningful evolution beyond traditional property-led approaches. It also carries a broader dimension. Capital deployed in this way supports the development of MedTech and healthcare solutions that can ultimately make a tangible difference to people’s lives.
𝑷𝒆𝒓𝒔𝒑𝒆𝒄𝒕𝒊𝒗𝒆𝒔
For RYSE, the proposition extends beyond access to a qualifying investment. It is about participating in a strategy built on sector expertise, active portfolio engagement and exposure to a field where demand is set to grow steadily.
Set against the backdrop of Portugal’s broader appeal, the model offers investors a route that combines financial ambition with long-term relevance.
𝑩𝒊𝒐𝒈𝒓𝒂𝒑𝒉𝒚
Shabir Chowdhary is the Managing Partner and Founding Partner of RYSE Asset Management, a London-based healthcare venture investment platform focused on early-stage and growth-stage HealthTech and MedTech companies.
Trained as a biochemist at Imperial College London, Shabir later completed an MBA with a focus on finance and entrepreneurship. He began his career in international investment banking with Merrill Lynch and Morgan Stanley, working across London and New York, before founding and scaling an institutional asset management business that grew to over USD 4 billion under management.
Across his career, Shabir has raised more than USD 4.5 billion and supported multiple successful investments and exits. At RYSE, he combines scientific insight with institutional-grade financial expertise to back innovations that improve healthcare access, efficiency, and outcomes globally.
Key Contacts:
For more information on the RYSE Golden Opportunities Fund please see below contact info:
- Personal LinkedIn Profile Link: Click Here
- Company Name: RYSE Asset Management LLP
- Address: 1 Knightsbridge Green, London, SW1X 7NE, UK
- URL: Link
- RYSE’s LinkedIn Profile Link: Click here
- E-mail: [email protected] and [email protected]
- Phone: +44(0)7790137662
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