Current portfolio

Icon Group

Asia Pacific’s largest integrated cancer care provider, providing advanced radiotherapy and medical oncology treatments

Icon Group is a leading vertically integrated cancer care provider, offering radiation oncology, medical oncology, compounding and pharmacy services through a network of facilities across Australia, New Zealand, Singapore, Hong Kong and mainland China.

  • Sector
  • Country
  • Responsible Advisor
    Ken Wong
  • Fund
    EQT Infrastructure V
  • Entry
  • Web
Icon Group

Icon Group is built on the strong vision to deliver the best care possible, to as many people as possible, as close to home as possible. As Australia’s largest vertically integrated cancer-care operator, Icon brings together all aspects of high-quality cancer treatment, including radiation oncology, medical oncology, compounding and pharmacy, to deliver an integrated cancer care service for patients.

Icon Group currently operates 45 Radiation & Medical Oncology clinics across Australia and Asia Pacific, and produces more than one million personalised cancer drug infusions per year through its specialized cancer compounding business. Icon Group also operates Australia’s largest private oncology-focused clinical trials program with a growing reach across the global Icon network.

Market trends and drivers
Oncology care is a mission-critical healthcare service with growing demand driven by rising cancer incidences globally due to aging population and lifestyle factors including alcohol consumption and lack of exercise, increasing treatment rates and improving survivability of cancer leading to recurring treatment patterns.

Icon has a leading position in each of its businesses and operates in markets with high barriers to entry, stable regulatory environments and strong downside protection given the non-cyclical demand profile.

Investment potential
EQT Infrastructure V is committed to support the long-term development of Icon Group and to provide the resources and expertise required to accelerate growth of Icon’s oncology and compounding businesses including through an ambitious digitalisation agenda and an increased sustainability/ESG focus.

Board of directors

  • Chairperson
    Paul McClintock
  • Board member
    Jill Watts
  • Board member
    Zita Peach
  • Board member
    Jean-Luc Butel
  • Board member
    Dr. John Zalcberg
  • Board member
    Dr. Ian Irving
  • Board member
    Mark Middleton
  • Board member
    Ken Wong


  • Group CEO
    Mark Middleton
  • Group CFO
    Ross Kocharsky
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