JAKARTA, July 8 (Reuters) - TE Asia Healthcare Partners, a healthcare group backed by U.S. private equity firm TPG Capital, and Altrui Investment Management are investing $50 million in two medical projects in Indonesia, according to a statement from TE Asia on Thursday.
The facilities are a heartology cardiovascular centre in the Brawijaya Hospital Saharjo and a cardiac hospital, both in the capital Jakarta, with the latter due to open in late 2022.
Altrui will take a 25% stake in the projects, while TE Asia and doctors in the two facilities will hold the remaining 75%. TE Asia will be the majority stakeholder, the statement said.
"This comes at a time when public hospitals in Indonesia are struggling to cope with high patient load, especially amidst the continued expansion of universal health coverage and the ongoing pandemic," TE Asia Group CEO Eng Aik Meng said.
Indonesia has a shortage of cardiologists and TE Asia and Alturi expect demand for private healthcare to increase on the back of a growing middle class population and due to high cases of cardiovascular diseases in Southeast Asia's biggest country.
Southeast Asia's healthcare sector has attracted more investments in recent years, including Singapore's sovereign wealth fund GIC investing $180 million in Malaysia's Sunway Berhad's healthcare business and private equity firm General Atlantic investing $55 million in Indonesian-South Korean joint venture Kalbe Genexine Biologics. (Reporting by Tabita Diela; Editing by Fransiska Nangoy and Ed Davies)
