Global investment firm TPG announced on 17 March the establishment of One Aged Care, a new senior healthcare services group bringing together three previously separate, established Singapore care providers. The deal was carried out through TPG's mid-market growth fund in Asia, bringing together ECON Healthcare, Orange Valley Nursing Homes, and Ambulance Medical Service (AMS) under one holding structure; All three brands will continue to operate under their own names.
One Aged Care launches with 16 nursing home facilities and more than 2,400 beds across Singapore and Malaysia, alongside AMS's emergency ambulance and medical transport services. According to the release, the group intends to align clinical standards and quality frameworks across its constituent brands while each continues to operate independently in the market.
One Aged Care is TPG's first such platform in aged care, and Ong Hui Ming has been appointed Group CEO, bringing 20 years in the aged care sector and having previously served as CEO of ECON Healthcare Group. She is the second generation of leadership at ECON, a family-founded business; her father, Ong Chu Poh, ECON Healthcare's founder, will move into a Senior Advisor role at the new group. Richard Seow chairs One Aged Care and said the group's ambition was to build a trusted organisation that "upholds dignity and compassion" while strengthening care delivery across the region.
TPG cited Singapore's demographic profile as context for the move, describing the country as among the fastest-ageing societies globally, with roughly 21% of its resident population aged 65 and above in 2026. TPG's Ganen Sarvananthan, Managing Partner and Co-Head of Asia, said the deal responds to rising regional demand for long-term care, with further growth planned across Singapore, Malaysia, and potentially other Southeast Asian markets.
TPG already owned Orange Valley through its Invest Healthcare Group prior to this development, and separately acquired Econ Healthcare for roughly S$88 million in a deal announced in February 2025 and completed by June. Singapore's Competition and Consumer Commission (CCCS) cleared that acquisition in September 2025, finding no reduction in competition for nursing home or non-residential care services. TPG has formed similar group structures elsewhere in Southeast Asia, including PropertyGuru, XCL Education, Asia One Healthcare, and Pathology Asia Holdings.
Residents and families of ECON Healthcare and Orange Valley facilities will see no immediate change in branding or day-to-day care under the new structure, TPG said.
