Ashmore Group, an emerging markets investment specialist, has completed an investment in Diagnosticos Cardiologicos Especializados (Diacorsas), a private healthcare company in Colombia.
Ashmore says it has initially invested $11.6 million in the business in the form of a loan, though it did not indicate how much it would ultimately invest. The investment comes from the Ashmore I – FCP Colombia Infrastructure Fund.
Diacorsas, which was founded in 1992, specialises in the construction and operation of hospitals and speciality medical centres. It currently operates four hospitals and medical service centres in Colombia, and claims to have turned around the performance of three of the centres which were in a “challenging financial situation”.
Ashmore said the centres provide “international standard” medical services, particularly for Colombia’s “significant and rapidly growing” middle class.
“Social infrastructure, especially healthcare, is a sector we think has great potential in Colombia,” said Camilo Villaveces, head of Ashmore’s team in Colombia.
“Diacorsas is an attractive investment and there are many hospitals that can be added to the platform which would benefit from Diacorsas’ expertise and focus on providing high quality healthcare.”
The firm said its investment would allow Diacorsas to add more hospitals to its platform.
Headquartered in London and listed on the London Stock Exchange, Ashmore Group was originally part of Australia and New Zealand Banking Group before going independent in 1999.
It manages more than $77 billion across multiple strategies and focuses on a number of emerging market investment themes including debt, equity and alternatives.