EQT backs Southeast Asia healthcare benefits administrator
EQT has made an investment of undisclosed size in MHC Asia, a Southeast Asia-based healthcare benefits administrator that helps corporate clients customize health and wellness offerings.
The private equity firm is participating through its Asia mid-market fund, which closed at $800 million last year and targets deployments in the EUR40-100 million ($47-119 million) range. EQT will work alongside Dr. Low Lee Yong, founder and CEO of MHC, to build out the company’s client portfolio and regional presence.
Founded in 1994 and headquartered in Singapore, MHC processes about 1.8 million medical claims each year for insurance and corporate clients, covering approximately 800,000 patients. In addition to third-party administration, medical claims processing and adjudication services, the company claims to be able to draw insights from health, wellness and lifestyle data. Clients can use this information to maintain the optimal balance between cost and quality of care.
“EQT is impressed with MHC’s leading position and its innovative, technology-driven approach to go beyond the traditional role of a typical healthcare benefits administrator,” Brian Chang, a partner at EQT, said in a statement.
MHC’s model is like that of CXA Group, which helps companies control rising employer healthcare costs through a technology suite that combines data analytics with wellness and benefits administration programs. It uses health screening, lifestyle risks, sensor and claims data to predict future premiums for more than 400,000 employees across 600 enterprises in 20 countries.
Last month, the company, which is also based in Singapore, raised $25 million from a string of strategic backers, including HSBC and the Asia investment arms of Singtel and Sumitomo Corporation.
Other recent investments under EQT’s Asia mid-market strategy include VBill, a third-party payment services provider in China that focuses on small and medium-sized enterprises, and Shanghai Artwall Environmental Technology, a Chinese wallpaper manufacturer. In each case, the private equity firm took a minority stake and agreed to work with management on growth initiatives.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.