Global and regional private equity firms have been shortlisted to acquire a minority stake in Malaysian private healthcare operator Avisena Healthcare, in a deal that could value the business at approximately RM1.5 billion ($368 million/€309 million).

According to a report by Business Times, Bain Capital, KKR, and KV Asia Capital have been identified as shortlisted bidders, with binding bids due by the end of July. The stake on offer is understood to be between 20% and 25%, representing a transaction value of approximately RM300 million to RM400 million (€62 million to €82 million). The information was provided by two people with direct knowledge of the matter, who asked not to be named as the talks remain private.

KKR and Bain Capital are among the world's largest global private equity investors, while KV Asia Capital is a South-east Asia-focused firm specialising in mid-sized companies across the region. The shortlisting of all three reflects the competitive interest that established South-east Asian healthcare platforms are generating among both global and specialist regional capital.

The deal arrives as South-east Asian healthcare assets draw intensifying investor attention, driven by rising household incomes, ageing populations, and growing demand for private medical services across the region. Malaysia's Sunway Healthcare raised RM2.9 billion (€598 million) in an initial public offering this year, the country's largest listing in nine years, underscoring the depth of capital market appetite for the sector. TPG has also hired banks to explore options for Asia OneHealthcare, including a potential sale or initial public offering, adding further evidence of a broader wave of healthcare transactions across the region.

The Avisena stake sale represents a significant transaction in Malaysia's private healthcare market, where the combination of demographic trends, rising insurance penetration, and increasing patient expectations for specialist care is creating durable long-term growth dynamics attractive to institutional investors with long-term investment horizons.

For private healthcare operators and investors monitoring South-east Asia, the Avisena process illustrates how mid-sized regional healthcare platforms with established clinical reputations are commanding premium valuations and drawing competitive processes from some of the world's most sophisticated healthcare investors.