In this episode, Swati Chaturvedi sits down with Didier Choukroun, founder and CEO of SPHERE Healthcare Investments, to explore the journey of building a data-driven healthcare real estate empire. Didier shares his remarkable path from starting in France, expanding into Latin America, and eventually establishing a multi-billion-dollar portfolio across the U.S. and Europe. Listeners will learn about SPHERE’s unique approach to healthcare investments, including their focus on data analytics, vertical integration, and partnerships with healthcare operators. Didier explains how the firm delivers high IRRs and consistent cash yields by combining market insight, operational expertise, and a disciplined investment strategy. The episode also highlights SPHERE’s recent partnership with Propel(x), aimed at making institutional-level healthcare real estate opportunities accessible to accredited retail investors. Didier shares insights into the evolving healthcare investment landscape and offers advice on risk management, strategic growth, and leveraging data for smarter decision-making. This conversation is a must-listen for sophisticated investors, healthcare professionals, and anyone interested in the intersection of real estate, data, and public health.
Title: Building a Data-Driven Healthcare Real Estate Empire with Didier Choukroun
Guest: Didier Choukroun, Founder & CEO of SPHERE Healthcare Investments
Host: Swati Chaturvedi, CEO of Propel(x)
Episode Overview:
In this episode, Swati Chaturvedi talks with Didier Choukroun, the visionary behind SPHERE Healthcare Investments, a leading healthcare-focused real estate investment firm. Didier shares his journey from his early career in France and Latin America to establishing SPHERE in the U.S., expanding into Europe, and building a $1.3 billion portfolio across 15 U.S. states and several European countries.
Key Discussion Points:
SPHERE’s unique investment approach:
SPHERE’s portfolio highlights:
Why Listen:
This episode is packed with actionable insights for investors, healthcare professionals, and anyone curious about the intersection of real estate, data analytics, and public health. Didier’s story illustrates how strategic vision, data-driven decision-making, and operational expertise can create a resilient, high-performing investment firm.
Resources & Links:
SPHERE Investments
Propel(x)
Timestamps:
00:00 – Welcome & Introduction
00:45 – Overview of SPHERE Healthcare Investments
02:57 – SPHERE’s building blocks: data, team, vertical integration
04:27 – Portfolio size, assets, and track record
12:11 – Didier’s early career and entrepreneurial journey
19:40 – Early U.S. investments and lessons learned
27:24 – SPHERE’s current data-driven strategy
34:07 – Partnership with Propel(x)
40:35 – Final thoughts for the audience
Swati Chaturvedi (00:02.766):
Alright. Welcome with me today Didier Choukroun, whom I’ve now known for over two years. Welcome, Didier.
Didier (00:14.466):
Thank you very much, Swati. It’s a pleasure to be here.
Swati Chaturvedi (00:18.594):
Didier has a long history in the industry, which we’ll touch on in more detail. He leads SPHERE Healthcare Investments, a healthcare real estate-focused fund. Didier, I’ll let you take it from here and tell us about SPHERE Investments before we dive into your personal background.
Didier (00:45.026):
Sure. SPHERE Investments is a firm I founded in 2010, dedicated to healthcare investment management, primarily in real estate. Our goal has always been to improve public health—that’s reflected in the name SPHERE, which stands for Strategic Public Health, Equities, and Real Estate.
Since 2010, we’ve expanded into 15 U.S. states. Our headquarters is in Miami, and we own medical office buildings, surgery centers, hospitals, and post-trauma care hospitals.
Swati Chaturvedi (01:18.808):
Thank you.
Didier (01:42.818):
In 2024, we decided to expand into Europe. We now have offices in France, Italy, Spain, and soon the UK. We believe our model, proven in the U.S., can add value to the European market.
The building blocks of SPHERE, which have driven our success, are threefold:
Swati Chaturvedi (04:13.87):
Fantastic. And you manage about $1.3 billion in assets across 39 properties in 15 states—is that correct?
Didier (04:27.266):
Yes, that’s correct, and we also have assets in France.
Swati Chaturvedi (04:35.918):
Spain, Italy, UK… global reach. Congratulations. Regarding the 12 assets you’ve disposed of, your track record of success is remarkable, with high IRRs. Would you like to elaborate?
Didier (05:01.922):
Absolutely. It’s important to look at the full range of returns across all assets. For instance, in 2020, our portfolio of four assets had IRRs ranging from 15% to 42%, with an average of 23.5%. Even the lowest was sold due to an investor request, not underperformance. Our success is more about careful strategy and work than chance, though of course timing and market conditions play a role.
Swati Chaturvedi (07:48.494):
Consistently delivering an average IRR of 23–24% over more than a decade is significant. And your annual cash yield is above 10% on average?
Didier (08:10.69):
Yes. Our IRRs come from assets held for over four years on average—not quick flips—demonstrating long-term value creation.
Swati Chaturvedi (09:27.342):
Impressive.
Didier (09:49.231):
Our value comes from deep data insights, strong relationships with operators, and a unique model in healthcare real estate. Most properties are still operator-owned, and our ability to add value beyond purchase price differentiates us from competitors who buy assets on the open market at tight cap rates.
Swati Chaturvedi (12:05.454):
So how did you get started? Tell us about your background.
Didier (12:20.61):
I was born and raised in France, and after undergrad, worked for Bouygues, a major French construction and real estate development company. I led international expansion and opened their office in Spain. For personal reasons, I moved to the U.S. 30 years ago, initially working for Colliers International, then founding my first company in 1996 with an angel investor. We managed investments in Latin America for U.S. and Canadian pension funds and sold the company to BNP Paribas in 2001.
Swati Chaturvedi (17:37.056):
You’re multilingual—French, Spanish, Portuguese, English, and some Hebrew—and have built and sold a company. Very impressive.
Didier (18:04.386):
Yes. After BNP, I turned my attention to U.S. real estate. From 2004–2010, I invested in distressed assets, including office buildings and data centers. One notable example: a 50%-occupied office building bought at $35/sq. ft., sold 18 months later at $158/sq. ft.—a significant turnaround, though luck played a role. The 2008 crisis taught us the importance of risk management, which informs how SPHERE operates today.
Swati Chaturvedi (27:24.696):
Tell me about your current data-driven strategy.
Didier (27:39.511):
Investing in data began with understanding tenant risk in healthcare real estate. We now deeply analyze healthcare operations, reimbursement, and regulations. We acquired Prime Healthcare Analytics in 2014, giving us a proprietary platform for decision-making, opportunity identification, bias elimination, and expansion. This approach informs all our investments, including real estate, private equity, and private credit.
Swati Chaturvedi (34:11.851):
Let’s talk about your partnership with Propel(x). Why did you choose to work with them?
Didier (34:22.722):
Historically, institutional-quality opportunities were inaccessible to private investors. Propel(x) allows us to bring those same high-quality investments to accredited retail investors, expanding our capital sources while maintaining our rigorous standards. This partnership ensures retail investors gain access to institutional-level real estate opportunities.
Swati Chaturvedi (40:46.22):
Thank you, Didier, for sharing your story and insights.
Didier (40:52.26):
Thank you, Swati. Pleasure.