Singapore sovereign wealth fund GIC Pte Ltd is investing another US$150 million in Asia Healthcare Holdings, two years after putting $170 million into the Indian company, which operates single-specialty hospitals.
GIC announced the new investment in a statement on December 18.
According to the wealth fund, Asia Healthcare has invested more than $300 million into specialities including oncology, urology and nephrology, mother and child care, and fertility treatments across its hospitals.
GIC is “confident in India’s single-specialty healthcare sector which has strong headwinds for growth” on the back of rising incomes, urbanisation. high awareness of speciality care, and better supply of high-quality clinics, says Choo Yong Cheen, the wealth fund’s chief investment officer of private equity.
“Asia Healthcare Holdings’ potential to expand into newer sub-segments positions it well for continued success,” he adds.
GIC doesn’t publicly disclose its asset data. The Sovereign Wealth Fund Institute puts the figure at around US$800 billion as of March 2024.
