Temasek to invest $50m in TPG's Asia healthcare platform
Asia Healthcare Holdings (AHH), a healthcare-focused operating and investment platform managed by TPG Growth, has raised $50 million from Singapore’s Temasek Holdings.
The new investment is being made through Temasek-owned Sheares Healthcare and will be used to grow and diversify AHH’s platform, according to a release. Currently the platform owns two assets: Cancer Treatment Services International, a chain of oncology clinics focused on India and South Asia, and Indian maternity hospital operator Rhea Healthcare.
AHH is headed by Vishal Bali, former CEO of India’s Fortis Healthcare and founder of home healthcare start-up Medwell Ventures. The platform targets investment opportunities in single-specialty healthcare businesses in South Asia where it can leverage its sector expertise to accelerate growth.
“By deploying the operational expertise of AHH’s management team, we’ve made outstanding progress with our first two investments in India,” said Matthew Hobart, a partner at TPG Growth. “Now, with the addition of best-in-class partners at Sheares Healthcare and Temasek, we see a clear opportunity for AHH to grow into one of the most exciting healthcare platforms in South Asia.”
TPG Growth, the middle market investment platform of TPG Capital, is currently deploying its fourth global fund, which closed at $3.7 billion last year and invests in companies across a range of industries with a focus on strong consumer brands. It also manages the Rise Fund, an impact investment vehicle that closed last year at $2.1 billion. Including the Rise Fund, TPG Growth has about $13.5 billion in assets under management worldwide.
Outside of AHH, TPG Growth’s healthcare investments in South Asia include Sri Lanka’s Asiri Hospitals, in which it holds a 29% stake purchased from Actis in 2015, and Indian online eyewear retailer Lenskart. Earlier this year the firm exited its stake in Indian medical device supplier Healthium Medtech to Apax Partners, in a deal that also provided an exit for CX Partners.
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