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Lombard invests in The Medical City

Lombard Investments has purchased a minority stake in a medical services company in the Philippines, with an eye on the increasing domestic demand for private healthcare.

Lombard Investments, a private equity firm with offices in Bangkok, Hong Kong and San Francisco, has taken an 18 percent stake for about $14 million (€9 million) in Professional Services, a healthcare provider based in the Philippines.

Professional Services owns and operates The Medical City, a private tertiary care hospital comprising of a 500-bed hospital complex and 280 medical clinics.

Pote Videt told PEO that it is one of only two hospitals in the Philippines to be certified with the Joint Commission International Accreditation, an international healthcare certificate endorsing the quality and safety of healthcare services.

“The Medical City is well-positioned to benefit from the strong domestic demand for private healthcare as well as a growing international medical tourism industry,” said Videt in a statement.

The firm made the investment from the $234 million Lombard Asia III, an expansion capital fund focussed on investments in Southeast Asia. Other deals from its third Asia fund include a $18.9 million investment in Krungthep Land, a mid-sized home-builder in Thailand; and a $18.2 million investment in SNC, a Thai manufacturer of air-conditioner parts.

Limited partners in Lombard Asia III include the likes of CDC Group, the UK government-funded, emerging markets fund of funds investor; CalPERS, the largest US public pension fund; and Asian Development Bank, the multilateral development finance institution for Asian countries.