Asia Healthcare Holdings (AHH), the single-specialty healthcare investment platform incubated by TPG Growth in 2016, on Monday said that it has signed a definitive agreement for a $170 million investment from Singapore’s sovereign wealth fund GIC.
GIC’s investment will help AHH add more single specialty healthcare entities under its network, the company said.
Pankaj Sood, Head of Direct Investments, India and Africa for GIC, said that the investment fits with the firm's strategy of "investing in secular growth businesses in India and making quality healthcare more available and affordable."
Vishal Bali, Executive Chairman of AHH, said in the statement that the platform continues to see significant opportunity to add additional single specialty areas, including diagnostics.
“At AHH, we have built a differentiated approach to bridge the demand-supply gap in healthcare services in India and the broader South Asia region by backing single specialty healthcare delivery enterprises with a combination of capital, operating expertise, and cutting-edge clinical practices to power their growth,” added Bali, former Group CEO at hospital chain Fortis Healthcare.
Since inception, AHH has invested around $200 million across single specialty healthcare enterprises in oncology (Cancer Treatment Services International) , mother and childcare (Motherhood), and Fertility (Nova IVF Fertility, it said.
AHH was launched in 2016 with the acquisition of Cancer Treatment Services International (CTSI), which operated one facility in Hyderabad, India.
By 2019, TPG had sold CTSI to Varian Medical Systems, with block buster returns.
It said that its Motherhood Women & Children’s Hospital network has grown from 3 hospitals in 2017 to 16 hospitals in 2021, with several other facilities under execution. AHH also acquired Nova IVF in 2019, which has grown from 19 IVF centres to 50 IVF centres till date, across 35 cities in India and South Asia.
Notably, prior to GIC, the platform had agreed to raise $50 million (Rs 342.7 crore) from Singapore state investor Temasek Holdings in 2018. The deal was subject to closing conditions and regulatory approval. However, the deal with Temasek fell through, VCCircle reported in 2019.
Barclays Bank Plc was the financial advisor to TPG for the transaction while Shardul Amarchand acted as the legal advisor to the PE firm, the statement said.
