Five years after stalking BHP in the most high-profile activist investing campaign in ASX history, the $48 billion investment giant Elliott Management is returning to Australia to back specialist health and education private equity fund HEAL Partners.

Under a strategic relationship between Elliott and HEAL, the US giant founded by billionaire Paul Singer will become an anchor investor in HEAL’s second fund, which will seek to raise between $US350 million and $US500 million in the coming weeks. HEAL stands for health, education and lifestyle.