Singapore's SeaTown backs buy-and-build healthcare platform

FHH comprises over 50 specialists representing 13 medical specialities who together generate annual revenue of more than SGD 130m. There is also a companion platform, known as Smarter Health, that provides data-driven technology intended to improve coordination between different healthcare ecosystem stakeholders, including insurers.

FHH is described as a “ground-up, purpose-built healthcare group” that is already one of the largest private healthcare providers in Singapore. It will grow through a buy-and-build strategy, expanding its geographical footprint and extending its reach into other ancillary healthcare services that offer operational synergies.

The FHH team is led by Yit Ming Liaw and Hong Huei Lee, who both previously held senior executive positions at IHH Healthcare, Southeast Asia’s private hospital giant.

“FHH’s vision to make healthcare accessible, affordable and accountable resonates strongly with us. We are very pleased to be able to partner with such an exceptional founding team and group of dedicated specialist doctors to achieve this goal,” said Dickson Loo, a managing director at SeaTown, in a statement.

“The good traction we have had and the continued interest in FHH is testament that this vision is shared by many practitioners in the industry.”

IHH has more than 80 facilities across 10 countries. It was formed by Khazanah Nasional as a holding vehicle for a string of healthcare assets, some of which were acquired from private equity firms. More recently, IHH has been in divestment mode, having agreed to sell its medical education arm to a consortium led by The Rise Fund.

SeaTown focuses on alternative, absolute return strategies. It manages multi-asset and public equity strategies through open-end funds as well as private investment strategies in closed-end funds. Last year, the fund involved in the FHH deal – SeaTown Private Capital Master Fund – provided a USD 50m Series B round for Vietnamese e-commerce enabler OnPoint.

Also last year, SeaTown announced that its latest fund would welcome commitments as small as USD 100,000 from mass affluent investors. The mass affluent contribution was expected to reach USD 200m-USD 300m, coming on top of USD 1bn from Temasek and Seatown.

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• Topics
• Southeast Asia
• Healthcare
• Expansion
• Singapore
• Temasek Holdings
• Growth capital