Services: TPG subsidiary raises $ 50 million from Temasek

MUMBAI: Asia Healthcare Holdings (AHH), an operating and investment platform for private equity firm TPG Growth, announced today that it has raised $ 50 million from from Sheares Healthcare, an investor and healthcare provider.

Sheares Healthcare is wholly owned by Temasek, Singapore's sovereign investment fund. According to a statement released by TPG, Sheares works closely with portfolio companies to shape health care delivery, primarily in Asia, through innovative, appropriate and patient-centered care.

Focusing on India and Southeast Asia, AHH is targeting investment opportunities in single-specialty health care companies. This funding will be used to develop and diversify the AHH platform.

"With AHH, we set out to create a unique regional operating platform that connects specialized healthcare companies with experienced and skilled executives and investors," said Matthew Hobart, associate at TPG Growth.

The AHH portfolio currently consists of Cancer Treatment Services International (CTSI), a network of specialized cancer hospitals in South Asia, also known as the American Oncology Institute. , and Rhea Healthcare Pvt based in Bengaluru. Ltd., which operates a network of hospitals for women and children under the brand "Maternity".

Since its partnership with AHH and TPG Growth in 2016, CTSI has grown from a single facility to seven. The Maternity Network has also expanded its service lines and growth operations from three to eight hospitals. TPG stated that there are more facilities in the pipeline for CTSI and Maternity.

TPG stated that health care is a priority for business in India and around the world. In addition to CTSI and Motherhood, India, investments included Sutures India, which is now known as Healthium MedTech and was sold to Apax Partners in 2018.

TPG Growth also made a significant investment in Asiri Hospitals, an important private hospital network in Sri Lanka, to help the network expand its service lines and increase its presence across the country and beyond. of the. Globally, TPG Growth's healthcare investment includes companies such as Evolent Health, GoHealth Urgent Care, Northstar Anesthesia, Precision for Medicine and RefleXion.

Among other platforms, TPG's other relevant investments in Asia include Healthscope, Manipal Hospitals, Matrix Labs and United Family. TPG and Manipal Hospitals are also bidding for the assets of Fortis Hospitals, India's second largest health care chain.