The UK-headquartered alternative asset manager ICG, through its Asia Pacific Fund IV, has acquired PresMed Australia Pty Ltd from Johannesburg Stock Exchange-listed Advanced Health Limited, per an announcement.
This is the fund’s fifth acquisition to date, the firm said. It has previously acquired New Zealand’s Canopy Healthcare, South Korean industrial thermistors manufacturer JamesTech, and Malaysian retail chain TF Value Mart.
In May this year, ICG closed its fourth Asia Pacific fund at $1.1 billion, exceeding its target of $1 billion and increasing in size by 60% from the last vintage.
The investment in PresMed follows ICG’s string of healthcare deals in the region such as Canopy Healthcare, Everlight Radiology, and Cura Day Hospitals.
Founded in 1997, PresMed specialises in the establishment and management of surgical day hospitals, possessing one of the largest collections of ophthalmic surgeons in Australia, as well as other specialised surgical disciplines.
ICG said its investment will allow PresMed’s management and doctors to pursue their growth strategy by expanding its platform through further acquisition and development of facilities and continuing to grow PresMed’s leadership in its existing markets.
The asset manager provides flexible capital to mid-market businesses across Australia, New Zealand, Japan, South Korea, Hong Kong, and Southeast Asia. It manages $68.5 billion of assets across structured and private equity, private debt, real assets, and credit.
Earlier this month, ICG established an Asia-Pacific infrastructure equity team focusing on mid-market transactions, corporate-led deals, and scaling platforms. The platform will invest in sectors such as renewable energy, EV transition, digital infrastructure, and recycling and the circular economy.
In April, it also announced the launch of its Asia-Pacific real estate business and hired a dedicated team to invest in real estate equity and debt in the region.
Back in 2018, ICG bolstered its Asia-Pacific team with four investment hires, including Escamillo Lin as managing director and head of Southeast Asia, and promoting Wooseok Jun as head of Asia-Pacific.