Apollo, a New York-listed global alternative asset manager, has announced an investment in PanAsia Health Limited, the holding company of Southeast Asian healthcare provider Health Management International (HMI).
Financial details of the investment were not disclosed but Apollo said the deal was made through funds within its Hybrid Value platform. The said platform has so far led over $18 billion in investment commitments.
HMI is a regional private healthcare provider with a presence in Singapore, Malaysia, and Indonesia. Founded in 1998, the group is known for its two hospitals in Malaysia–the Mahkota Medical Centre and Regency Specialist Hospital–both praised for their clinical quality and breadth of specialties.
Alongside these, HMI has also invested in various healthcare facilities in Singapore, making it one of the most diversified and robust healthcare providers in Southeast Asia.
According to the latest announcement, HMI will use the investment to support its growth strategy, allowing the company to invest in other high-quality healthcare businesses and broaden its influence in the region.
In January 2022, DealStreetAsia reported that HMI secured $52.46 million in funding from a vehicle backed by its founding family and private equity firm EQT.
HMI is the fourth investment made by Apollo’s Hybrid Value platform in Asia in the last 24 months, highlighting the firm’s continued focus on expanding its presence across Asian markets, according to Matt Michelini, partner and head of Asia Pacific and chairman of the Hybrid Value investment committee at Apollo.
Apollo’s Hybrid Value business, with its $13 billion in assets, collaborates closely with Apollo’s Private Equity and Credit teams. The platform’s investments over the past 18 months include Energos, Hero FinCorp, GI Alliance, Atlas Air, and New Era.
As of March 31, 2023, Apollo had approximately $598 billion of assets under management.