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.