IFM Investors and UniSuper partner with PRP Diagnostic Imaging

Oksana Patron

21 November 2022

IFM Investors’ Long Term Private Capital Fund (LTPC) in partnership with UniSuper has announced they have entered into a binding transaction to partner with diagnostic imaging provider, PRP Diagnostic Imaging (PRP), and will acquire a majority interest in the business alongside its doctors and management.

Additionally, UniSuper would take an approximately 30% direct co-investment stake alongside LTPC.

The firm said this investment would be the first deal for IFM’s LTPC Fund which was anchored by UniSuper and HostPlus.

The LTPC Fund targets long-term investments in well-established, economically durable businesses across the Australian and New Zealand technology, business services, healthcare, waste, consumer staples and logistics sectors.

IFM and UniSuper said they saw 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.

They said PRP was well positioned to meet increasing demand for preventative diagnostics and invested heavily in its technology and systems to drive patient outcomes and support business growth.

“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 Investors executive director, private equity Adrian Kerley, said.