US private equity major TPG Growth’s healthcare platform, Asia Healthcare Holdings, on Thursday said it has raised $50 million (Rs 3.43 billion) from an arm of Singapore's Temasek Holdings.
Led by Vishal Bali, Asia Healthcare targets investment opportunities in single-speciality healthcare businesses. Bali had resigned as Fortis Healthcare Group CEO in December 2014. In the same year, he co-founded home healthcare services provider Medwell Ventures.
Asia Healthcare has made two investments: Rhea Healthcare Pvt Ltd, which runs a hospital chain under the Motherhood brand, and the other is Cancer Treatment Services International (CTSI). Asia Healthcare had bought a 65% stake in CTSI for $33 million in 2016.
Since partnering with AHH and TPG Growth in 2016, CTSI has expanded from a single facility to seven. The Motherhood network has also grown significantly since AHH and TPG invested in 2016, expanding its service lines and growing operations from three to eight hospitals. With many more facilities in the pipeline, both CTSI and Motherhood are on track to expand for years to come.
TPG Growth is the middle market and growth equity investment platform of global alternative asset firm TPG. The firm had invested in medical devices firm Healthium MedTech (formerly Sutures India), which it sold to Apax Partners earlier this year. TPG Growth’s parent TPG has a stake in hospital chain Manipal Hospitals, which is in the race to acquire Fortis Healthcare Ltd.
Temasek's Healthcare's bets in India include Global Health Pvt. Ltd, which runs Medanta Hospital; and HealthCare Global Enterprises Ltd, which runs the HCG chain of cancer-care hospitals.
Temasek invested in Asia Healthcare through its wholly owned arm Sheares Healthcare, which works closely with portfolio companies
to shape healthcare delivery, through innovative, appropriate, and patient-focused care. The deal is subject to closing conditions and regulatory approval.