GIC buys a majority stake in hospital platform Asia Healthcare Holdings, ET HealthWorld
New Delhi: GIC, Singapore’s sovereign wealth fund, has acquired a majority stake in Asia Healthcare Holdings, the single specialty hospitals platform backed by GIC and TPG.
On Wednesday, GIC has announced an additional $150 million in AHH. This follows GIC’s first investment of $170 million in AHH for a 40% stake in February 2022.
AHH, one of South Asia’s largest healthcare delivery platforms, is engaged in investing in and growing different single speciality healthcare companies under one enterprise, according to an AHH statement.
Incubated by TPG Growth in 2016 under the leadership of former CEO of Fortis Hospitals Vishal Bali, AHH has invested about $300 million across hospital chains in Oncology, Mother & Childcare, Urology & Nephrology, and IVF & Fertility under daycare specialty.
AHH was launched in 2016 with the acquisition of Cancer Treatment Services International (CTSI), which operated one facility in Hyderabad, India. In 2019, Varian Medical Systems had acquired CTSI, which has a network of 11 cancer hospitals across South Asia.
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 while Nova is a leading fertility solutions provider offering IVF services across South Asia.
AINU is Urology & Nephrology specialty hospital network that provides advanced urological care, including robotic surgery and nephrology procedures.
“Over the years, our differentiated investment approach has since delivered strong growth opportunities to bridge the demand- supply gap of healthcare services in India,” said Vishal Bali, Executive Chairman, AHH.
“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,” he added.
“GIC and TPG Growth’s long-term commitment to AHH is the catalyst to accelerate our growth,” Bali added.
“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,” said Ankur Thadani, Partner at TPG.
“We are pleased to continue supporting AHH’s growth with our long-term capital, global network, and resources. 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,” said said Choo Yong Cheen, Chief Investment Officer of Private Equity, GIC.
Incubated by TPG Growth in 2016 under the leadership of former CEO of Fortis Hospitals Vishal Bali, AHH has invested about $300 million across single specialty healthcare enterprises in oncology, mother & childcare, and fertility.
AHH was launched in 2016 with the acquisition of Cancer Treatment Services International (CTSI), which operated one facility in Hyderabad, India. In 2019, Varian Medical Systems had acquired CTSI, which has a network of 11 cancer hospitals across South Asia.
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