Global investment firms that had backed Indian hospital chains have been able to seal healthy exits, which has further spurred private equity investments into the sector. A similar trend is seen playing out in SE Asia as well where investors are betting big on the resilient and evergreen sector.
Our most-read story in April traces PE investments in hospitals and exits, new healthcare-focused funds targeting South and SE Asia, and the valuation landscape.
The April edition also saw us break two exclusive deal stories in the healthcare space in Vietnam. While GIC has topped up its investment in paediatric clinic chain Nhi Dong 315, PE veteran Bert Kwan’s new investment firm has backed Heli Care. Meanwhile, from Greater China, healthcare and tech IPO hopefuls are seen to turn the fortunes of HK’s stock market.
Among the most-read stories includes our coverage of the asset allocator community. Our four The LP View columns during the month featured top executives from IFC, Blauwpark and Asante Capital.
From the GP quarters, we reported on fundraising activities from Dymon Asia PE, Foundation PE and the launch of two new SE Asia-focused mid-market funds.
Check out our curated list of trending scoops and analytical takes from April 2024:-
Lured by robust exits, PE firms line up for hospital assets in India; SE Asia to follow
Successful PE exits in India’s hospital space are having a rub-off effect on Southeast Asia’s healthcare space as the regions have common investors and share a similar growth trajectory.
Two new SE Asian mid-market PE funds in the market to raise more than $500m
Even though mid-market funds are the flavour of the season, exit opportunities in this part of the world, especially Indonesia, remain uncertain.
The LP View: ‘Exits, not fundraising, is the big challenge for SE Asian fund managers’
The primary issue is the lack of liquidity, which underscores the urgent need to address exit challenges, said a top executive at IFC.
GIC tops up investment in Vietnamese paediatric clinic chain Nhi Dong 315
GIC’s previous investments in Vietnam include Vingroup’s medical unit Vinmec, VNLIFE, local conglomerate Masan Group, and Vietcombank.
SE Asia-focused Dymon Asia PE in the market to raise fourth fund
The PE firm is targeting to raise $500 million for the vehicle, which implies it will be smaller than its predecessor, which closed in 2022 at a hard cap of $650 million.
Indonesia’s wealth fund INA looking to double down on private credit
While companies in developed markets can rely on the public market, companies in Indonesia unfortunately cannot. Hence, a need for substantial alternative capital.
PE veteran Bert Kwan’s new investment firm backs Vietnamese clinic chain Heli Care
Kwan established Center Back Capital after he left multi-asset investment firm Silverhorn where he was private equity head, a position he took in 2022.
LPs now have a better understanding of the PE opportunities in SE Asia: Novo Tellus
The PE firm said all its existing limited partners (LPs) returned for Novo Tellus Fund III, alongside a set of new global LPs who joined the vehicle.
The LP View: Blauwpark targets global PE investments with $30-40m in commitments this year
On the PE side in Asia, the family office primarily looks at the top quartile managers by size in the mid-market and lower mid-market.
The LP View: Is China pullback a double whammy for APAC funds?
Amid China jitters, private equity investors are increasingly turning to other regions to diversify their investment portfolios.
The LP View: Shanghai’s new 100b yuan fund shows growing prominence of state LPs
The formation of the investment behemoth comes as state capital investors have become an increasingly important source of dry powder for fund managers in China’s venture market.
SG’s Foundation PE looking to raise rupee fund to cash in on growing India market
Creating a rupee-based fund enables PE firms to tap into the liquidity of the Indian markets characterised by the substantial appetite of local HNIs, family offices, and wealth managers.
India: In tough times, LPs look for new ideas while backing first-time funds
First-time funds in India amassed only $15 million during Q1 this year, a mere 1.14% of the overall $1.3 billion raised by GPs during the January-March period.
Tech, healthcare IPO aspirants to overturn HK’s subdued stock market
IPO aspirants submitted a total of 64 applications to the Hong Kong Stock Exchange in Q1, marking an increase of 23% year-on-year.
