On Monday, Singapore’s sovereign wealth fund Temasek said it is purchasing a 41% share in India’s Manipal Health Enterprises from investors, including TPG, increasing its investment to 59% in one of the country’s major hospital networks.
A source told Manipal that Temasek paid roughly $2 billion for the new share. Manipal didn’t immediately comment.
TPG, a Manipal investor since 2015, will sell its interest but reinvest in a new fund.
The National Investment and Infrastructure Fund (NIIF), India’s sovereign wealth fund, would sell its complete interest to Temasek, while Ranjan Pai’s family ownership will drop from 50% to 30%.
According to a joint investor statement, Manipal’s 29 facilities in 16 locations and 4,000 clinicians treat over 5 million patients annually.
Puneet Bhatia, the co-managing partner of TPG Capital Asia, stated, “By reinvesting through our new Asia fund – TPG Asia VIII, we look forward to continuing to support Manipal’s aim of bridging the quality healthcare infrastructure gap in the country.”
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