Pacific Plaza Health and Living, a Costa Rican private healthcare complex, has raised an undisclosed amount of funding from Aureos Capital’s Emerge Central America Growth Fund.
Aureos Capital’s Emerge Central America Growth Fund (EMERGE) has invested in Pacific Plaza Health and Living (“PPHL), a state-of-the-art private healthcare complex, designed to serve the growing middle class in Costa Rica and attract healthcare tourists from abroad.
PPHL will include Costa Rica’s second CIMA hospital. CIMA Hospitals provide high quality private healthcare and are operated by the International Hospital Consortium, who also run CIMA hospitals in Mexico and Brazil.
The EMERGE Fund was established by Aureos Capital Limited, the private equity fund management company specializing in investing in small to mid-cap businesses in emerging markets. The US$21m EMERGE Fund focuses on companies in Central America and the Dominican Republic and is one of three Aureos Latin American private equity funds.
José Ulate, Aureos’ Partner in Costa Rica says: “Pacific Plaza Health and Living is a project with great potential. PPHL is principally intended to satisfy the growing local demand for high quality medical services. However, we are confident that alongside serving local patients, it will draw in business serving the growing international health tourism market.”
“The CIMA hospital in San Jose has already proven Costa Rica’s ability to deliver top care and attract international patients.”
This 6th investment by EMERGE Fund will be used for the first stage of development of PPHL, including the construction of the hospital and the medical office building. PPHL will include the CIMA hospital, medical practice offices, a commercial development with restaurants and an apartment hotel intended for medical tourists; it is expected to be completed by the end of 2010.
Lou Aguilera, Partner at PPHL says: “We are pleased to have Aureos as our new equity partners in the Pacific Plaza healthcare project in Costa Rica. The EMERGE investment not only provides us the opportunity to start developing this project, but their management will also provide added value to the project’s evolution process.”
“This project represents a new phase of internationally certified and integrated healthcare facility in northern Costa Rica serving both local as well as international demand. The CIMA hospital brand is creating a national healthcare network throughout Costa Rica – Pacific Plaza will represent their flagship presence in the northern Costa Rica region.”
AUREOS CAPITAL LTD
Aureos Capital Ltd is a private equity fund management company which specializes in providing expansion and buy-out capital to unlisted mid-cap businesses across Asia, Africa and Latin America.
Since its establishment in 2001, Aureos has increased its funds under management to over US$1.1 billion and extended its geographical footprint to over 50 emerging markets covering Asia, Africa and Latin America, by establishing 16 regional private equity funds.
Investors in Aureos funds include institutional investors, bilateral and multilateral development finance institutions, fund of funds, family offices and foundations and high net worth individuals.