Singapore's Temasek has said it is investing $347.2 million in the Chinese health care sector.
The Singapore sovereign wealth fund will make the investment in the China operations of Columbia Pacific Management, Bloomberg reported.
The fund will partner with Columbia to form a 50-50 joint venture that taps into the growing health care sector in China. The JV will focus on providing health care services to China's burgeoning middle-class population.
The strategy will be to offer affordable services in China, Columbia said in a statement. Columbia will also look at expanding China foot print with acquisitions and Temasek's funding will help fuel growth in China.
"We can confirm that we have entered into a joint venture with Columbia Pacific Management," a Temasek spokesman told the WSJ.
The number of people in China over the age of 60 is estimated rise two-fold in the next 30 years, signaling the rising need for affordable health care services in the world's most populous country.
Temasek hired last month John Vaske from Goldman Sachs Group to drive alliances and expansion in the United States and Canada.
The Singapore sovereign wealth fund has been ramping up its investments in the US and Canada in recent months. It said July it was planning to open an office in San Francisco. Temasek already has an office in New York.
Apart from Temasek other global funds too have shown interest in the Chinese health care sector. Bain Capital said earlier this year it was investing $150 million in Asia Pacific Medical Group, which has a network of hospitals and clinics in China.
