An India and South Asia-focussed investment platform founded by a US-based firm and raising capital from a Singapore-based company. That is the cross-geographical pedigree of Asia Healthcare Holdings (AHH).
Founded by US-headquartered TPG Growth, AHH recently raised $50 million from Sheares Healthcare, wholly-owned by Singapore's investment company Temasek. That said, AHH's uniqueness comes from the spotlight it has put on single speciality healthcare ventures. Especially since the healthcare industry is chasing large acquisition targets, the recent moves to acquire Fortis' hospitals network being a case in point.
Founded in 2016, AHH was an early mover in investing in the single speciality space, which allows for a quicker pace of scale-up, says Vishal Bali, AHH Executive Chairman. “The unique proposition of this platform is that it is made up of healthcare professionals, it invests and grows different single speciality ventures and each one of us plays a consolidated role in the different companies,” Bali told
The company is co-owned by TPG Growth that had put in $68 million and Temasek's Sheares Healthcare, and there is no place for a third investor now on the platform, he said.
AHH's portfolio currently has Cancer Treatment Services International (CTSI), a network of single-speciality cancer hospitals across South Asia, also known as American Oncology Institute, and Bengaluru-based Rhea Healthcare Pvt Ltd, which operates a network of hospitals for women and children under the ‘Motherhood’ brand, a note from AHH said.
Pointing out that AHH engages and grows ventures from scratch, Bali said CTSI has expanded from a single to a seven-facility network. ‘Motherhood’ too has expanded its service lines and grown from three to eight hospitals.
Other members of the management team who play significant roles in the ventures they invest in include Shobhit Agarwal, Chief Financial Officer and Head of Business Development; Binu John, Head of Biomedical and Supply Chain; Lloyd Nazareth, Group Chief Executive Officer of CTSI; Vamsi Penmecha, Head of IT; Rajesh Sivan, Head of Real Estate and Projects; and Vijayarathna V, CEO of Motherhood, the note said.
With funds added to the kitty, Bali said they would continue to invest in single speciality ventures in the region, including ones that could align with the existing ones they are invested in.
Healthcare is a key area in India and globally for TPG Growth that had invested in Sutures India, now known as Healthium MedTech and sold to Apax Partners in 2018. TPG Growth also made a significant investment in Asiri Hospitals, a private network of hospitals in Sri Lanka, to help the network grow its footprint across the country and beyond. TPG’s other investments in Asia include Healthscope, Manipal Hospitals, Matrix Labs, and United Family, the note said.