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Jul, 06 2018

TPG Growth’s Asia healthcare unit raises $50 mn from Temasek

Temasek owned a $197 billion portfolio as of 31 March 2017, with significant exposure in Singapore, India and the rest of Asia.

US private equity giant TPG Growth’s healthcare platform is raising $50 million (Rs 342.7 crore) from Singapore state investor Temasek Holdings.

Temasek is investing through wholly owned unit Sheares Healthcare, TPG Growth said in a statement. The deal is subject to closing conditions and regulatory approval, it added.

Asia Healthcare, which is led by Vishal Bali, 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 currently holds only two investments: One in Rhea Healthcare Pvt. Ltd and the other in Cancer Treatment Services International (CTSI). Rhea runs a hospital chain under the Motherhood brand. Asia Healthcare had picked up a 65% stake in CTSI for $33 million in April 2016 and had invested $33 million in Rhea for a significant majority stake in July the same year.

The recent funding deal, when it closes, will help Asia Healthcare grow and diversify its portfolio, TPG Growth said.

“…We will continue to support the existing CTSI and Motherhood businesses, invest in our operating platform, and partner with new businesses that can benefit from the operational know-how that Asia Healthcare offers,” said Bali.

Other management team members in Asia Healthcare include Shobhit Agarwal, finance chief and head of business development; and Binu John, head of biomedical and supply chain.

TPG Growth, which is the middle market and growth equity investment platform of global alternative asset firm TPG, has assets under management of $13.2 billion.

TPG Growth had a known direct healthcare investment 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 owned a $197 billion portfolio as of 31 March 2017, with significant exposure in Singapore, India and the rest of Asia.

Its healthcare bets in India include Global Health Pvt. Ltd, the firm behind Medanta hospital; and HealthCare Global Enterprises Ltd, which runs the HCG chain of cancer-care hospitals.

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