On 16 January 2024, The Fred Hollows Foundation (Australia), Rohto Pharmaceutical (Japan), and TVM Capital Healthcare (Singapore and Dubai), announced the closing of a significant equity investment in Alina Vision, a leading eye care business which currently operates two hospitals in Vietnam. 

Alina Vision operates hospitals in the underserved Vietnamese ophthalmology market, providing affordable and high-quality eye care services for people across all income levels to combat avoidable blindness; and meeting the impact investing strategy of TVM Capital Healthcare. 

Alina Vision was founded by international development organisation The Fred Hollows Foundation in 2018. Over the past five years, The Fred Hollows Foundation and Rohto Pharmaceutical, a leading eyecare company in Japan, have provided financial backing, eye surgery training and clinical support to Alina Vision to grow the organisation from inception to more than 80 employees across two eye hospitals.   

Alina Vision completed over 2,800 cataract surgeries in 2023 and has a vision to grow its network to a chain of hospitals across Vietnam with significant increased capacity. Cataracts represent the most common cause of blindness in individuals aged 50 years and over in Vietnam, affecting mainly women. The demand for cataract surgeries is expected to rise significantly, surpassing the available service supply. The investment of industry specialist growth capital investor TVM Capital Healthcare will provide Alina Vision access to operational, clinical, training, and management resources, in addition to the equity investment, and accelerate the growth plans while elevating quality of care.   

Hoda Abou-Jamra, Managing Director of TVM Capital Healthcare in Southeast Asia, commented: “This deal marks the most substantial investment by TVM Capital Healthcare in the region to date. We look forward to working closely with the management team of Alina Vision to execute our mutually agreed expansion plans. This investment is testament to our impact investment strategy, which is to design, build, and scale promising healthcare solutions that address patients’ needs and fill market gaps, ultimately contributing to equal access to quality healthcare.”  

Ian Wishart, CEO of The Fred Hollows Foundation, added: “We are very pleased to have TVM Capital Healthcare on board to support us and the Alina Management team in scaling the business to help reduce avoidable blindness in Vietnam and the region. Alina Vision already invests significant resources in recruiting and training Ophthalmologists, Optometrists and Nurses with our and Rohto’s help. We can now enhance our efforts and execute on our growth plans."



Nuevo Asia Capital, Singapore acted as deal advisor to Alina Vision, Herbert Smith Freehills / Pro Legis Singapore acted as legal counsel to The Fred Hollows Foundation, Ashurst Singapore as legal counsel to Alina Vision, and Aptus Law Singapore and Indochine Counsel Vietnam as legal advisors to TVM.

Cover Photo Credit: Michael Amendolia