Apollo Global Management has committed to invest in PanAsia Health, the holding company of Singapore regional healthcare firm HMI Group, through its hybrid value business, it said on Monday (Jun 26).

The US-based alternative asset manager did not disclose the value of the investment.

“This is the fourth investment made by hybrid value in Asia in the last 24 months, highlighting our continued focus on expanding Apollo’s presence across Asian markets,” said Matt Michelini, head of Asia Pacific and chairman of Apollo’s hybrid value investment committee.

Apollo’s US$13 billion hybrid value business operates via both private equity and credit teams. Investments over the past 18 months include Energos and Hero FinCorp, it added.

Apollo said proceeds from the investment into PanAsia will support HMI’s growth strategy as the company seeks to continue expanding in South-east Asia.

Founded in 1998, HMI owns 45 primary care and health screening centres, 15 specialist centres, and an 11-storey ambulatory care centre, in addition to a panel of some 1,500 primary and specialist clinics through its medical benefits network in Singapore.

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It also owns two tertiary hospitals in Malaysia, according to the statement. REUTERS