Hong Kong-based private equity firm Templewater is close to acquiring a controlling stake in Luye Medical’s Singapore units while Hillhouse Capital is preparing to hit the market for a new Asia-focused private credit fund, according to Bloomberg reports.
Templewater close to picking majority in Luye Medical’s SG units
Hong Kong-based private equity (PE) firm Templewater is close to signing a deal that will give it a majority stake in the oncology and cardiology businesses of Luye Medical Group in Singapore, Bloomberg reported.
The potential deal involves OncoCare Cancer Centre and Novena Heart Centre and values the two Luye units at about $337 million including debt. The report added that Templewater could acquire about 51% stake in the assets.
Luye Medical Group is part of Luye Life Sciences Group. It owns and operates 30 facilities in Australia, China, and Singapore via its subsidiaries Luye Medical International and Luye Medical China.
The report said while the deal is advanced, it could still fall through at the last minute.
Hillhouse said to be eyeing $1.1b for Asia private credit fund
PE firm Hillhouse Capital is reportedly looking at raising between $900 million and $1.1 billion for a new Asia-focused private credit fund, Bloomberg has reported, citing people with knowledge of the move.
The new fund – Elham Credit Partners – will reportedly make performing credit investments of between $50 million and $75 million in well-established companies that post a profit before interest, taxes, depreciation, and amortization.
Hillhouse has traditionally focused on public and private equity. Now it wants to capture a share of Asia’s private credit market, which has been growing steadily, according to Preqin.
The Global Private Capital Association earlier said private credit funds targeting Asia jumped 76% last year to a record $11.2 billion, driven by both regional and India-dedicated strategies.
Last week, Orion Capital Asia, a Singapore-based private credit investor, raised $205 million for the first close of its third fund, which is dedicated to direct lending opportunities in Asia Pacific.