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TPG Growth's healthcare investment platform AHH gets backing from Temasek

TPG Growth's healthcare investment platform AHH gets backing from Temasek

In addition to $50 million, TPG had made an initial investment of $68 million on the asset, says Vishal Bali, executive chairman, Asia Healthcare Holdings.

Healthcare platform Asia Healthcare Holdings (AHH) has raised $50 million from Temasek-owned Sheares Healthcare, an investor and provider of healthcare delivery services. AHH, an operating and investment platform focused on healthcare investments largely in India and South Asia, was founded by US private equity giant TPG Growth.

In addition to $50 million, TPG had made an initial investment of $68 million on the asset, Vishal Bali, executive chairman, AHH told Business Today. With the recent investment of $50 million, now the platform has a total funding of $118 million, he added. "Both the investors are committed to investing substantially further, though the exact amount of this investment is not known," Bali said. AHH targets investment opportunities in single-specialty healthcare businesses and the funding will now be deployed to grow and diversify the AHH platform.

According to a note by TPG, the AHH portfolio currently consists of Cancer Treatment Services International (CTSI), a network of single-specialty cancer hospitals across South Asia also known as American Oncology and Bengaluru-based Rhea Healthcare Pvt. Ltd, which operates a network of hospitals for women and children under the "Motherhood" brand.

Since partnering with AHH and TPG Growth in 2016, CTSI has expanded from a single facility to seven cities. The Motherhood network has also grown significantly since AHH and TPG invested in 2016, expanding its service lines and growing operations from three to eight hospitals. With many more facilities in the pipeline, the note says, both CTSI and Motherhood are on track to expand for years to come. The investment from Sheares Healthcare builds on AHH's strategy to assemble a group of leading regional healthcare executives and global investors.

"By deploying the operational expertise of AHH's management team, we've made outstanding progress with our first two investments in India. Now, with the addition of best-in-class partners at Sheares Healthcare and Temasek, we see a clear opportunity for AHH to grow into one of the most exciting healthcare platforms in South Asia," said Matthew Hobart, Partner at TPG Growth.

Led by Executive Chairman Vishal Bali, AHH's management team includes Shobhit Agarwal, CFO and Head of Business Development; Binu John, Head of Biomedical and Supply Chain; Lloyd Nazareth, Group CEO of CTSI; Vamsi Penmecha, Head of IT; Rajesh Sivan, Head of Real Estate and Projects; and Vijayarathna V, CEO of Motherhood. The platform is supported by TPG Growth's healthcare team, which has deep investment expertise in both the sector and region.