TE Asia, Singapore family office Altrui, invest $50m in two cardio facilities in Indonesia
TE Asia Group CEO Eng Aik Meng / Source: TE Asia Group
July 8, 2021
TPG-backed TE Asia Healthcare Partners is investing $50 million in two cardiovascular facilities in Indonesia with Altrui Investment Management, a single-family office based in Singapore.
Altrui, which has investments in education, agriculture, and new technologies, will take a 25% stake in the two projects, marking the firm’s foray into healthcare. TE Asia and the doctors in the two cardiology practices will hold the remaining 75%. TE Asia will be the majority shareholder.
The facilities are the recently-opened Heartology Cardiovascular Centre in the Brawijaya Hospital Saharjo in Jakarta, and an upcoming hospital in South Jakarta that is expected to start operations in late-2022.
TE Asia, Altrui invest $50 million in Indonesian health projects
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TE Asia Group CEO, Eng Aik Meng
TE Asia Healthcare, backed by global investment firm TPG Capital, has already committed US$170m in healthcare since its inception in 2014. It is ready to put another US$90m to work in Southeast Asia over the next 18 months.
HMi caught up with group CEO and founding member of TE Asia Healthcare, Eng Aik Meng, to discuss the dynamics of the Southeast Asian health market and how the firm’s business model is well suited to take maximum advantage of the opportunities he identifies.
Eng also serves as a senior advisor at TPG Capital. Prior to setting up TE Asia Healthcare, he was group COO of Fortis Healthcare International. Before venturing into the healthcare industry, he held various positions in the maritime industry, the last being president of APL. He graduated with an MBA from Harvard University.
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