KUALA LUMPUR (March 17): TPG has set up a new senior healthcare platform that brings together three operators in Malaysia and Singapore to tap rising demand from Southeast Asia’s rapidly ageing population.
The One Aged Care platform consolidates ECON Healthcare, Orange Valley Nursing Homes, and Ambulance Medical Service under a unified holding structure while retaining their individual brands, the US-based alternative asset manager said in a statement.
“The region’s demographic transition is accelerating demand for quality long-term care,” said TPG’s managing partner and co-head of Asia Ganen Sarvananthan.
Malaysia is already an ageing society, typically defined as a country where at least 7% of the population are aged 65 and above. In Singapore, one of the fastest ageing societies globally, some 21% of its resident population is above that age group.
One Aged Care is launching with 16 nursing home facilities with more than 2,400 bed capacity across Singapore and Malaysia, as well as emergency ambulances and medical transport services.
TPG said the initiative, driven by its Asia midmarket growth fund, aims to build “integrated, scalable, and outcomes-focused models” supported by resource sharing, standardised clinical frameworks and continued investment in service innovation and workforce development.
Ong Hui Ming, who has 20 years of experience in the aged care sector and is former chief executive of ECON Healthcare, has been appointed to lead One Aged Care.
“Care needs are becoming increasingly complex,” Ong said. “The sector must continue to evolve towards sustainable and scalable models that deliver meaningful outcomes.”