TPG Launches Singapore, Malaysia Senior Healthcare Platform After Econ Buy

TPG has established a senior healthcare platform spanning Singapore and Malaysia by combining three existing portfolio companies, as the US private equity firm scales up its exposure to Asia’s ageing population.

The newly formed entity, One Aged Care, brings together Singapore-based Econ Healthcare Asia, Ambulance Medical Service and Orange Valley Nursing Homes under a unified holding structure, TPG said Tuesday in a release. The platform aims to deliver scalable, outcomes-focused care models as demand for elderly services grows across Southeast Asia.

TPG acquired Econ Healthcare, including its AMS ambulance unit, last May in a deal valuing Econ at S$87.8 million (then $65.5 million). TPG’s portfolio company Invest Healthcare owns and operates Orange Valley Nursing Homes in Singapore, where roughly 21 percent of the resident population is aged 65 and above, according to statistics cited by the firm.

“The region’s demographic transition is accelerating demand for quality long-term care,” said Ganen Sarvananthan, managing partner and co-head of Asia at TPG. “A scaled and professionally managed healthcare group such as One Aged Care can support that demand, broadening access to care while leveraging technology to enhance care service offerings.”

Family-Led Management

One Aged Care launches with 16 nursing home facilities and more than 2,400 beds across Singapore and Malaysia, alongside emergency ambulance and medical transport services. The platform was created under Texas-based TPG’s Asia mid-market growth strategy, which also backs Australian home care provider Five Good Friends alongside Swedish fund manager EQT.

Ong Hui Ming, former chief executive of Econ Healthcare, has been appointed group CEO of One Aged Care. Her father, Econ founder Ong Chu Poh, will serve as senior advisor to the platform.

“One Aged Care provides a strengthened foundation to support the continued growth of Econ Healthcare, Orange Valley and AMS as established care service providers,” Ong Hui Ming said. “By aligning clinical standards, quality frameworks and shared capabilities at the group level, we can enhance continuity of care and scale best practices across the community and the aged care continuum — while preserving the identity and strengths of each brand.”

TPG’s other healthcare interests in the region include Indian hospital group Asia Healthcare Holdings, which the US firm backs alongside Singapore sovereign giant GIC. The partners announced in late 2024 that GIC would deploy a further $150 million into AHH following an initial commitment of $170 million in 2022, with the Bengaluru-based group having invested a total of $300 million into hospitals focused on urology, oncology, fertility and other specialties.

TPG is also considering a sale or IPO of its Asia OneHealthcare, a Malaysian medical services provider, in a deal that could value the Kuala Lumpur-based group at as much as MYR 30 billion ($7.6 billion), Bloomberg reported in December.

Cashed Up for Asia Deals

TPG’s $5.3 billion Asia VIII fund, whose closing was announced in May 2024, represents the firm’s largest-ever vehicle targeting the region.

The same month saw TPG disclose $2.5 billion in fundraising for a pair of Angelo Gordon co-branded vehicles, TPG AG Asia Realty V and TPG AG Japan Realty Value. TPG had acquired real-estate-focused Angelo Gordon in 2023 in a $2.7 billion deal.

TPG also raised more than $6.2 billion for its latest credit fund, exceeding an earlier goal to raise more than $6.2 billion, as the firm seeks to originate bespoke debt financings for public and private borrowers and private equity portfolio companies, according to a Bloomberg account late last year.