GIC, Singapore’s sovereign wealth fund, announced on December 18 that it will invest an additional USD 150 million in India-based Asia Healthcare Holdings (AHH), a private equity firm backed by GIC and TPG.
This follows GIC’s first investment of USD 170 million in AHH in February 2022.
“We are pleased to continue supporting AHH’s growth with our long-term capital, global network, and resources,” said Choo Yong Cheen, Chief Investment Officer of Private Equity, GIC.
“As a long-term investor, we are confident in India’s single specialty healthcare sector, which has strong tailwinds for growth driven by increasing per capita income, urbanization, high awareness of specialty care, and improved supply of high-quality clinics. AHH’s potential to expand into newer sub-segments positions it well for continued success,” he added.
AHH was acknowledged as “one of South Asia’s largest healthcare delivery platforms” with a “unique approach to investing in and growing different single specialty healthcare companies under one enterprise” in a news release published by GIC on Wednesday.
To date, AHH has invested approximately USD 300 million across hospital chains in Oncology, Mother & Childcare, Urology & Nephrology, and IVF & Fertility under daycare specialty.
AHH’s platform today includes Motherhood Hospitals, Nova IVF, and Asian Institute of Nephrology & Urology (AINU) hospitals.
Motherhood is a pan-India chain of mother and childcare hospitals offering comprehensive services from pre-conception to post-birthing care for women and a wide range of services under pediatric care, including the largest network of Neonatal Intensive Care Units (NICU).
Nova is a leading fertility solutions provider offering best-in-class IVF services across South Asia.
AINU is India’s only Urology & Nephrology specialty hospital network recognized for its advanced urological care, including robotic surgery and high-end nephrology procedures. Under AHH, these entities have established market leadership in their respective verticals and regions.
“We started AHH as a healthcare delivery platform that would invest, transform and grow single specialty enterprises under one holding company,” said Vishal Bali, Executive Chairman, AHH. “Over the years, our differentiated investment approach has since delivered strong growth opportunities to bridge the demand- supply gap of healthcare services in India. Together with our seasoned leadership team, targeted investments in cutting-edge medical technology and steadfast focus on providing quality care to patients, we have successfully transformed our single specialty healthcare enterprises into market leaders within a short period of time.”
“Looking ahead, we continue to see huge growth opportunities in single specialty healthcare delivery enterprises. AHH’s distinct operating model, and the synergies we can leverage from the scale of the platform will enable us to replicate our success across new specialties we bring under our fold. GIC and TPG Growth’s long-term commitment to AHH is the catalyst to accelerate our growth,” Bali added.
Ankur Thadani, Partner at TPG, said, “Since TPG Growth first incubated AHH in 2016, we have stayed focused on our mission to take a differentiated approach to healthcare investing, which is to build and grow businesses that are adding value to the healthcare system that enable better outcomes for patients. We are proud to have supported AHH’s rise to market leadership, and in continuing our partnership with GIC, aim to support AHH as they further innovate and scale their platform across India.”
“Our additional investment reflects our confidence in AHH’s management team and the strength of its differentiated brands and diversified businesses. We look forward to deepening our partnership with Vishal and the AHH team in their mission to make quality healthcare more accessible and affordable in the market,” said Pankaj Sood, Head of Direct Investments, India and Africa, Private Equity, GIC.
