IFM Investors’ Long-Term Private Capital Fund (LTPC) and UniSuper have entered into a binding agreement to acquire a majority stake in one of Australia’s leading diagnostic imaging providers, PRP Diagnostic Imaging, alongside PRP doctors and management
The investment marks the first deal for IFM’s LTPC Fund, which was anchored by UniSuper and HostPlus. In addition to investing in LTPC, UniSuper will take an approximately 30 per cent direct co-investment stake alongside LTPC.
LTPC seeks long-term investments in well-established assets across Australia and New Zealand’s technology, business services, healthcare, waste, consumer staples and logistics sectors.
Commenting on the partnership, IFM Investors’ executive director of private equity, Adrian Kerley, said that he looks forward to ongoing collaborations with “a high-quality, well-run business with significant growth potential”.
“We are looking forward to ongoing collaboration with the doctors and management to support its next stage of growth.”
With a long-term investment focus, IFM and UniSuper see opportunities to continue PRP’s growth trajectory, expand its geographical reach and invest further in technology and systems with the aim of continuing to drive leading patient care and experience.
UniSuper chief investment officer John Pearce said: “PRP is a great investment with a strong growth story which we anticipate will continue. It aligns with our strategy to invest in high-quality assets for our members and adds to our growing $10 billion private markets portfolio.
“As genuine active long-term investors, we continue to look for sizeable direct opportunities that enable our members to grow their retirement savings.”
IFM and UniSuper were advised by RBC Capital Markets, Allens, EY and KPMG on the binding transaction.