SINGAPORE (Reuters) - U.S.-based private investment firm Bain Capital has invested $157 million in Indonesian private healthcare company Mayapada Healthcare Group, or Sejahteraraya Anugrahjaya Tbk PT, according to a joint statement on Thursday.
The companies said the investment, made via Bain Capital's special situations strategy, will be used to further expand Mayapada's hospital operations via organic and strategic growth initiatives.
Bain Capital's special situations team uses a combination of credit and equity strategy and has more than $20 billion in assets under management.
The investment marks Bain Capital's first in Indonesia, Southeast Asia's biggest economy.
Southeast Asian healthcare assets are gaining favour as global investors bet on the region's growing affluence and aging population and the sector's ability to weather the current challenging economic environment.
"Indonesia faces a growing gap between healthcare supply and demand due to demographic shifts like an aging population and rising affluence," said Jonathan Tahir, Mayapada's chairman and Group CEO, in the statement.
Bain Capital's partner and special situations head of Asia, Sarit Chopra, said the firm had "deep conviction" about Mayapada's continued growth as the private healthcare market in Indonesia is just beginning to develop.
Founded in 2008, Mayapada operates seven private hospitals across Indonesia, including a flagship hospital in south Jakarta, with more than 1,000 beds, according to the statement.
It has several projects in the pipeline and plans to operate more than 2,000 beds by 2027, the statement showed.
Shares of the company have surged 747% year-to-date, according to LSEG data.
The transaction is targeted to close in early 2025, subject to regulatory and public shareholders approval, the statement said.
($1 = 4.4300 ringgit)