Asia Healthcare Holdings raises $170 mn from Singapore's GIC

To date, Asia Healthcare Holdings has invested approximately $200 million across single specialty healthcare enterprises in oncology, mother and child care, and fertility.

Asia Healthcare Holdings (AHH), an investment platform for the healthcare sector backed by TPG Growth, has raised $170 million in funding from Singapore’s sovereign wealth fund GIC.

Incubated by TPG Growth in 2016 under Vishal Bali, AHH invests in and operates various single specialty healthcare companies under one enterprise. GIC’s partnership with TPG will help AHH add more single specialty healthcare entities under its network. To date, AHH has invested approximately $200 million across single specialty healthcare enterprises in oncology, mother and child care, and fertility.

“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,” said Vishal Bali, executive chairman of AHH.

“From cancer treatment services to motherhood and Nova IVF, our innovative operating platform has built a strong track record of turning niche single specialty providers into market leaders in a short time. We continue to see significant opportunities to add additional single specialty areas, including diagnostics, and are confident that our operating model, supported by additional capital from GIC and TPG Growth, can achieve similar results across these specialties as well,” he said.

AHH was launched in 2016 with the acquisition of Cancer Treatment Services International (CTSI), which operated one facility in Hyderabad, India. By 2019, when TPG sold CTSI to Varian Medical Systems, it had become a leading provider of high-quality oncology services in South Asia and expanded to a network of 11 cancer hospitals with a pipeline of several more hospitals under execution.

Similarly, Motherhood Women & Children’s Hospital network has grown from three hospitals in 2017 to 16 hospitals in 2021, with several other facilities under execution. Most recently, AHH acquired Nova IVF in 2019 and grew it from 19 IVF centres to 50 IVF centres across 35 cities in India and South Asia.

“For more than five years, we have been committing significant growth capital, resources, and operational skills to create leading single specialty businesses across the healthcare services continuum under AHH,” said Ankur Thadani, business unit partner in TPG Growth. “What we’ve created in AHH is truly differentiated and we are pleased to welcome GIC as a long-term partner to grow the platform and continue to drive improvements in healthcare quality and outcomes across a range of specialties and markets.”