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Press Release

TPG Healthcare – 2023 Year End Update

January 2024

Welcome to the next edition of the TPG Healthcare Newsletter, where we reflect on our activity in the second half of 2023 and share our excitement about the year ahead.

The breadth and reach of our healthcare platform stood out in 2023, as our teams announced partnerships with innovative companies providing and supporting high-quality care across the globe. In the U.S., our deeply thematic and long-term approach to the sector materialized in unique partnerships with leading healthcare corporations such as Cencora and Novant Health. In Asia, we supported our companies in making transformative acquisitions that significantly further their reach and cement their market leadership. In life sciences, we developed a dynamic portfolio of industry leading biotechnology companies that are delivering breakthrough innovations in areas like precision oncology, immunology, and rare diseases.

To kick off 2024, our partners from our TPG Capital business reflected on the themes and trends that excite us most in healthcare, from new models for delivering more holistic care, to continued advancements in therapeutics. While the industry will continue to evolve over the next 12 months, our investment focus remains unchanged: to support and grow companies that are bringing more value to the healthcare system and enabling better healthcare outcomes.

More from the Capital team

patients served

invested into R&D

people employed

  • The Deal: TPG Growth partnered with Crowe LLP to carveout and establish Crowe’s healthcare consulting business as an independent company named Kodiak Solutions.
  • The Angle: Provider groups and other healthcare organizations are under significant pressure to lower costs and are increasingly looking for outsourced, tech-enabled solutions that help them work more effectively. Kodiak’s services focus uniquely on a health system’s Office of the CFO, with a flagship product that is seen as the gold standard in the industry. 
  • What Else? Kodiak supports more than 1,800 hospitals across the country. We look forward to partnering with management and Crowe to grow the platform’s reach and capabilities. 

  • The Deal: TPG Life Sciences Innovations (TPG LSI) and the Rise Fund invested in three life sciences companies leading innovative therapeutic programs in areas of oncology (Bicara Therapeutics, MBrace Therapeutics) and immunology (Sudo Biosciences).
  • The Angle: We are going through an interesting period within the life sciences sector, marked by a wave of innovative technologies that are translating to significant clinical benefit for patients. Leveraging the scientific expertise of our LSI team and TPG's long history of building and growing high-value healthcare platforms, we're focused on providing inflection capital to companies that we believe can deliver outsized impact for our patients and the healthcare ecosystem. 
  • What Else? TPG's investment in MBrace was featured in Bain's 2024 Global Healthcare Private Equity Report.

  • The Deal: TPG Capital Asia and The Rise Fund portfolio company Columbia Asia acquired Ramsay Sime Darby (RSD), a regional hospital group with approximately 1.9k beds across 7 hospitals in Malaysia and Indonesia.
  • The Angle: Since our original investment in 2020, Columbia Asia has seen remarkable growth in profitability thanks to ramp-up of younger hospitals and cost saving initiatives. With the pandemic behind us, Columbia Asia has resumed expansion via both organic growth and M&A, including its acquisition of RSD, which will transform Columbia Asia into the second largest hospital group in Southeast Asia by bed count.
  • What Else? RSD provides the critical missing tertiary piece to Columbia’s existing secondary hospitals and super specialty ecosystem. The investment reflects our continued focus on building regional platforms of scale that are providing high-quality, specialty care.

  • Remind Me: TPG closed its previously announced acquisition of Nextech, a leading provider of electronic medical record (EMR) and practice management solutions to specialty provider spaces including ophthalmology and plastic surgery. Catch up here and here.
  • The Go-Forward: The industry has shifted from generalist to specialty-focused EMRs, and Nextech is a recognized leader in the end markets it serves. Partnering with management, we see a significant opportunity to deepen Nextech's leadership through new capabilities while also expanding into new specialties.
  • What Else? Nextech recently welcomed healthcare and tech industry veterans Halsey Wise, Anthony Colaluca, and Carl Pascarella to its board of directors.

While the most acute phase of the pandemic has long since receded, its impacts continue to be felt across the economy and society. Of particular importance, it’s forced us all to reset and rethink our approaches to healthcare. Add to this growing affordability concerns due to rising cost pressures and healthcare is squarely in focus today. 

To unpack this climate, we spoke with Seema Verma, Senior Advisor to TPG and the former administrator of Centers for Medicare and Medicaid Centers, and Katherine Wood, Partner at TPG, on the biggest opportunities and risks for healthcare today. Plus, TPG’s Zach Ferguson, Shinichiro Fuse, Carolyn Ng, and Lucian Iancovici shared their views on the fastest growing areas of healthcare. Read more in here.

We’re pleased to congratulate several team members from across our global healthcare franchise on their promotions to Firm Partner.

Mitesh Daga


Investment Highlights:
Sai Life Sciences, Manipal Health

Zach Ferguson

San Francisco

Investment Highlights:
AnovoRx, MedQuest Associates, Implantable Provider Group

Ankur Thadani


Investment Highlights:
Asia Healthcare Holdings, API Holdings, CARE Hospitals

Vincent Wong


Investment Highlights:
Novotech, Greencross Vets, iNova

In October, we were excited to join many of our investors and CEOs at TPG Capital’s Annual Investors Meeting and CEO Conference.

The day included deep dives into many of our healthcare portfolio companies, and a CEO panel featuring Monogram’s Mike Urchin. We also heard from a range of guest speakers, including executives from UnitedHealth Group, Microsoft, the Golden State Warriors, and representatives of past Presidential Cabinets on the critical issues and topics facing business leaders today. 

Hear President Todd Sisitsky reflect on the importance of this network to our investment strategy and ability to build healthy, successful companies

  • AHH acquired a majority stake in Asian Institute of Nephrology and Urology
  • Dr. Agarwal's raised $80M from existing investors, including TPG
  • CARE Hospitals received a majority investment from Blackstone, with TPG - through its Evercare Health Fund - remaining a minority shareholder
  • OneOncology celebrated five years of partnership with its practice partners, who treat hundreds of thousands of patients annually
  • Manipal Hospitals acquired AMRI Hospitals
  • Monogram achieved accreditation from the National Committee of Quality Insurance for its Complex Case Management program
  • Allogene’s Chief Medical Officer spoke about the power of allogeneic CAR T products at the 2023 STAT Summit
  • AnovoRx was voted as a top place to work in 2023 for the fifth consecutive year
  • Doc Generici welcomed former AlfaSigma CEO Pier Vincenzo Colli and TPG Senior Advisor John Fraher  and to its Board of Directors
  • Novotech issued several expert reports offering insight into global clinical trial activity, including a recent report on metastatic breast cancer
  • RefleXion closed on a $105M equity raised led by The Rise Fund
  • Sai Life Sciences surpassed its vision of supporting its global innovator partners in bringing 25 new medicines to market by 2025
  • BVI acquired Medical Mix, a medical device supplier for ophthalmic surgery across Spain and Portugal
  • Exactech announced that its Active Intelligence® platform, has supported more than 100,000 total joint replacement surgeries across the globe
  • Ceribell launched ClarityPro™ AI, expanding access to critical diagnosis of electrographic status epilepticus
  • BGB Group acquired healthcare consultancy Kx Advisors
  • Covetrus partnered with the American Veterinary Medical Association to award scholarships to vet technicians
  • Lyric CEO Raj Ronanki shared his key takeaways from Ted AI, the first AI-dedicated TED conference
  • Nextech was named to The Healthcare Technology Report's list of top 100 companies
  • WellSky acquired Corridor, a provider of tech-enabled outsourced coding, revenue cycle and education solutions to the post-acute healthcare industry


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Important Disclosures

This material is solely for informational purposes and shall not constitute an offer to sell or the solicitation to buy securities. The opinions expressed herein represent the current, good faith personal views of the author(s) at the time of publication, and do not necessarily represent the views of TPG, its affiliates, or any of its investment professionals. The opinions expressed herein are not definitive investment advice and should not be relied on as such. The information presented herein has been developed internally and/or obtained from sources believed to be reliable; however, TPG does not guarantee the accuracy or completeness of such information. We provide links to third party websites only as a convenience and the inclusion of such links does not imply any endorsement, approval, investigation, verification or monitoring by us of any content or information contained within or accessible from the linked sites. If you choose to visit the linked sites you do so at your own risk, and you will be subject to such sites' terms of use and privacy policies, over which TPG has no control. In no event will TPG be responsible for any information or content within the linked sites or your use of the linked sites. Predictions, opinions, and other information contained in this material are subject to change continually and without notice of any kind and may no longer be true after the date indicated. Any forward-looking statements speak only as of the date they are made, and TPG assumes no duty to and does not undertake to update forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking statements.

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