IDB Infrastructure Fund II to invest in AVIVO Group

EMIRATES BUSINESS

IDB Infrastructure Fund II, sponsored by the Islamic Development Bank (IDB) and other institutional investors, has joined hands with AVIVO Group, one of the largest healthcare networks in the GCC, with 32 healthcare facilities.
The IDB Infrastructure Fund II, with commitments of $750 million, invests in infrastructure opportunities across Asia,
Middle East and Africa and it has recently completed a significant investment in AVIVO to help in expanding its platform regionally.
“AVIVO is extremely happy to partner with IDB Infrastructure Fund II,” said Shailesh Dash, Chairman of AVIVO Group.
“This partnership allows us to enhance both execution and value creation in new territories in the region, and we strongly believe that this partnership will bring more value to AVIVO’s upcoming IPO,” pointed out Dash.
Stephen Vineburg, CEO of ASMA Capital Partners BSC (c), which manages the Fund, said, “This is an opportune time to invest in the healthcare sector and we are delighted to partner with AVIVO’s high caliber management team, with its proven track record in the development and management of a region-wide healthcare network.”
“AVIVO’s operational expertise in conjunction with our partnership, further strengthens AVIVO’s position to explore new geographies and become a premier healthcare services company in the region,” pointed out Vineburg.
IDB Infrastructure Fund II provides an efficient investment vehicle for global and regional investors to capitalise on the infrastructure investment opportunities across Africa, the Middle East, and Asia.
Anchor investors in the Fund include: Islamic Development Bank (IDB); Public Pension Agency (PPA), Kingdom of Saudi Arabia; Public Investments Fund (PIF), Kingdom of Saudi Arabia; Ministry of Finance, Kingdom of Bahrain; and Ministry of Finance, Brunei Darussalam.
“AVIVO has grown tremendously in the past five years across multiple locations and diverse specialties. We have been in discussions with the Fund over the past few months, and we see great opportunities in working together to further strengthen AVIVO’s market position as a leading integrated healthcare service provider in the region and beyond,” said Amitava Ghosal, CEO and Board Member of AVIVO Group.
He added, “AVIVO is set to enter Oman, Qatar, Saudi Arabia and South East Asia over the next phase of growth. During the next two years, AVIVO will be present in five of the six Gulf countries.”
Fund’s primary objective is to make private equity investments in infrastructure-related projects in the IDB’s 57 member countries, across Africa, the Middle East, Asia, as well as selected countries in South-East Asia.
The Fund may invest in a wide range of sectors, including power, energy, transportation, waste and water, telecommunication infrastructure and social infrastructure (including healthcare and education.
Whereas teh AVIVO Group is an entity established by AM Partners Limited as its healthcare initiative.
AVIVO established in February 2011 with the vision to create one of the largest integrated healthcare networks in the MENA and South-East Asia comprising hospitals, medical centres, niche surgical facilities, diagnostic facilities, tertiary care centres and other related assets.