Vishal Bali, executive chairman, Asia Healthcare Holdings.
Mumbai: Asia Healthcare Holdings (AHH), backed by US private equity giant TPG Growth, has raised $50 million from Singapore state investor Temasek-owned Sheares Healthcare.
The deal is subject to closing conditions and regulatory approval, AHH said on Thursday.
AHH, which invests in single-specialty healthcare businesses in India and South Asia, will use the money to grow and diversify the platform, TPG said.
“With AHH, we set out to create a unique, regional operating platform that connects single-specialty healthcare companies with experienced, skilled healthcare executives, and investors. We’ve made outstanding progress with our first two investments in India. Now, with the addition of best-in-class partners in Sheares Healthcare and Temasek, we see a clear opportunity for AHH to grow into one of the most exciting healthcare platforms in South Asia,” said Matthew Hobart, partner, TPG Growth.
TPG Growth is the global mid-market growth equity platform of TPG. It has $13.2 billion in assets under management. Sheares Healthcare, which is a wholly owned subsidiary of Temasek, works closely with portfolio companies to deliver healthcare services, primarily in Asia, through innovative, appropriate, and patient-focused care.
The AHH portfolio currently consists of Cancer Treatment Services International (CTSI), a network of single-specialty cancer hospitals across South Asia, and Bengaluru-based Rhea Healthcare Pvt. Ltd, which operates a network of hospitals for women and children under the Motherhood brand.
“AHH’s specialised mandate and experienced team, paired with the support of two pre-eminent investors, creates a truly exciting and differentiated combination. Together, we will continue to support the existing CTSI and Motherhood businesses, invest behind our operating platform, and partner with new businesses that can benefit from the operational know-how that AHH offers,” said Vishal Bali, executive chairman, AHH.
Healthcare has been a core sector for TPG Growth. Besides, CTSI and Motherhood, it had invested in Sutures India, or Healthium MedTech, before selling it to Apax Partners in 2018. Globally, TPG Growth’s healthcare investments include Evolent Health, GoHealth Urgent Care, Northstar Anesthesia, Precision for Medicine and RefleXion.