Seattle Firm Brings in $135M for Asian Hospital Fund

Seattle-based Columbia Pacific has closed its second round of financing for Columbia Asia, the money management firm’s hospital consortium, adding $135 million to bring the fund’s total amount of equity raised to $325 million. Columbia Asia develops and operates hospitals in Asia, having made its debut in 1994 with the opening of a property in Malaysia. The company presently operates 13 medical facilities in India, Malaysia, Vietnam and Indonesia, and the new investments will fuel the development of more. The group behind the Columbia Asia Fund includes the Baty Family of Seattle as principal investor, and individuals and families based mainly in the northwest region of the U.S. Columbia Asia has a bevy of projects on tap; a total of 14 properties will be in the construction phase by this fall. India is a top priority for the entity. One of the first American firms to jump into the burgeoning Indian healthcare market with both feet, Columbia Asia will eventually have 21 hospitals and an airport clinic in India, located predominantly outside the city centers and targeting overlooked middle-income communities. According to Dublin, Ireland-based resource firm Research and Market’s India Healthcare Trends 2008 Report, there is a great gap between healthcare facilities in rural and urban India, and supply outweighs demand across the country. Beyond India, ultimately, the healthcare entity’s hospital portfolio will also include a total of 11 properties in Malaysia, three facilities in Vietnam and three facilities in Indonesia. All told, investment in Columbia Asia’s expansion will exceed $600 million. Columbia Pacific manages two investment funds, the Columbia Asia Fund and the $200 million Columbia Pacific Opportunity Fund.