INDIA – Asia Healthcare Holdings (AHH), a TPG Growth-backed healthcare investment platform, has raised US$170 million in funding from Singapore’s sovereign wealth fund GIC.
AHH, which was incubated by TPG Growth in 2016 under Vishal Bali, invests in and operates a variety of single specialty healthcare companies under one umbrella.
GIC’s collaboration with TPG will assist AHH in adding more single specialty healthcare entities to its network.
According to a press release issued by AHH, the investment is one of the largest in India’s single specialty healthcare services sector.
From cancer treatment services to motherhood and Nova IVF, AHH’s innovative operating platform has built a strong track record of turning niche single specialty providers into market leaders in a short time.
According to Vishal Bali, executive chairman of AHH, the company will continue to see significant opportunities to add additional single specialty areas, including diagnostics.
He exuded confidence on the company’s operating model, which through the support obtained from the additional capital from GIC and TPG Growth will enable it ac can achieve similar results across the specialty areas.
AHH has invested roughly US$200 million in single specialty healthcare enterprises in oncology, mother and child care, and fertility to date.
AHH was launched in 2016 with the acquisition of Cancer Treatment Services International (CTSI), which operated one facility in Hyderabad, India
When TPG sold CTSI to Varian Medical Systems in 2019, it had grown to become a leading provider of high-quality oncology services in South Asia, with a network of 11 cancer hospitals and a pipeline of several more hospitals under construction.
Similarly, the Motherhood Women and Children’s Hospital network has expanded from three hospitals in 2017 to 16 hospitals by 2021, with several other facilities in the works.
AHH most recently acquired Nova IVF in 2019 and expanded it from 19 to 50 IVF centers spread across 35 cities in India and South Asia.
Notably, prior to GIC, the platform had previously agreed to raise US$50 million (Rs 342.7 crore) from Singapore state investor Temasek Holdings in 2018.
The transaction was subject to closing conditions as well as regulatory approval. However, the deal with Temasek fell through, according to VCCircle in 2019.
TPG’s financial advisor for the transaction was Barclays Bank Plc, and the PE firm’s legal advisor was Shardul Amarchand, according to the statement.
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