Helios Investment Partners generated approximately US$460 million in realised liquidity in 2025 amid multiple exits within the year, including its portfolio company, T2S Group, which completed its listing on the Casablanca Stock Exchange, marking a new phase of growth for the Moroccan MedTech business.
https://www.digital.zenithbank.com/ZEQ/ZEQ-jan-2026/index.html#p=1The T2S listing, announced earlier this year, raised MAD 1.1 billion, equivalent to approximately US$120 million, and valued the company at around MAD 4.9 billion, or approximately US$520 million. The offering was oversubscribed 44 times, attracting strong demand from Moroccan and international investors. Helios remains T2S’ largest shareholder following the IPO, with a 42% stake.
The transaction follows a period of significant growth and transformation for T2S. The business has more than 30 years of operating history and has developed into an integrated MedTech platform spanning medical equipment distribution, manufacturing, digital systems and technical services, serving healthcare providers across Morocco and other African markets.
Since Helios invested in T2S in 2021, four complementary businesses have been integrated into a single platform, alongside investment in governance, management, operations, technology and commercial capabilities. This has strengthened the group’s ability to provide services across the healthcare value chain, including equipment distribution, technical support, maintenance and specialised medical technologies.
T2S has also continued to contribute to the development of Morocco’s healthcare ecosystem, supporting access to advanced medical technologies while investing in radiopharmaceutical capacity and local engineering and technical capabilities.
The listing provides T2S with greater visibility and access to capital as it enters its next phase of expansion. For the business, it marks an important milestone in its evolution from a leading Moroccan MedTech company into a broader, more integrated platform with ambitions across Africa.
For Helios, the transaction demonstrates the range of pathways available to portfolio companies as they mature, with public markets providing an opportunity to broaden the shareholder base and access new capital while allowing Helios to retain a significant stake in the business.
Helios said its US$460 million in realised liquidity in 2025 reflects its continued focus on building businesses with the scale, resilience and institutional strength to attract their next pool of capital.
