Asia Healthcare Holdings (AHH), a healthcare delivery platform backed by TPG Growth, has received a US$170 million investment from Singapore’s sovereign wealth fund GIC.
Asia Healthcare Holdings executive chairman Vishal Bali / Photo credit: Asia Healthcare Holdings
Under the deal, TPG will help AHH add more single-specialty healthcare entities to its network.
Launched in 2016, AHH provides oncology services in South Asia. It has a healthcare delivery platform in India that is used to run a network of single speciality hospitals. It has expanded to a network of 11 cancer hospitals, with a pipeline of more hospitals under execution.
Its Motherhood Women & Children’s Hospital network has grown from three hospitals in 2017 to 16 branches in 2021. AHH also acquired Nova IVF in 2019, which now runs 50 centers across 35 cities in India and South Asia.
Vishal Bali, former group CEO of Fortis Healthcare, leads AHH.
“The investment fits well with our strategy of investing in secular growth businesses in India and making quality healthcare more available and affordable,” said Pankaj Sood, head of direct investments in India and Africa at GIC.
See also: Series SEA: Who’s investing in the region’s health startups?
While Barclays Bank acted as the sole financial advisor to TPG for the transaction, Shardul Amarchand Mangaldas & Co were the legal advisors to TPG.
To date, AHH has invested nearly US$200 million across single-specialty healthcare enterprises focusing on oncology, fertility, and mother and childcare.
In 2019, TPG Growth, the growth equity platform of alternative asset firm TPG, sold Cancer Treatment Services International to Varian Medical Systems for US$283 million.
Editing by Collin Furtado and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
