SCPE seals $50m Indonesia deal

The firm has invested in the hospital business of local corporate Emtek.

Standard Chartered Private Equity (SCPE) has invested $50 million in the hospital unit of Indonesian corporate Elang Mahkota Teknologi (Emtek), according to a statement.

The firm aims to help Emtek expand its healthcare business in Indonesia, by developing its hospital network in the country. The chain is being developed by acquisitions and infrastructure development of new medical facilities, leveraging Emtek and Standard Chartered Bank’s international and domestic networks.

SCPE currently has about $300 million invested in Indonesia, although the firm invests across Asia Pacific, as well as in African and the Middle East.

In December last year, the firm invested $25 million in Indonesian power plant operator Navigat Group, the investment following a $58 million investment in the business in January 2012 made out of the $658 million Standard Chartered IL&FS Asia Infrastructure Growth Fund, Private Equity International reported earlier. 

While the firm has remained active, its private equity operations recently went under a major restructuring.

In December, the firm appointed China-based Wei Zhu as new co-head of its private equity unit amid a wave of restructuring that included the departure of three managing directors, PEI reported earlier.

Zhu joined the firm as head of China from CVC Capital Partners in 2009 and replaced former co-head of private equity, Alastair Morrison, earlier this year. He now works alongside co-head Nainesh Jaisingh, who is based in the firm's Singapore office and will focus on the firm's investments in North Asia.

Standard Chartered Private Equity is the captive GP of global banking corporation Standard Chartered. The private equity unit manages around $4 billion in assets under management and invests from the bank’s balance sheet across its three target emerging regions.