PRIVATE equity firms Southern Capital and TPG have surfaced as contenders to acquire IHH Healthcare Bhd’s International Medical University Malaysia (IMU), but sources familiar with the matter say that Southern Capital could be the front runner to bag the deal. It is understood that IHH and Southern Capital have held talks that indicate Southern Capital is the preferred bidder, but details on the negotiations are scarce. A high-ranking executive of Southern Capital declined to comment on the firm being the favourite when approached by The Edge.