Investment funds

Overview of Ant Care Business II. L.P.

With developments such as the amendment of the Medical Service Law in 2007, medical corporations are now permitted to venture into managing for-fee senior citizen’s homes and elderly residences. Additionally, the implementation of restructuring of long-term convalescence facilities* in fiscal 2008 has prompted medical corporations that until now had concentrated on elderly treatment across Japan to seek to become major players in the inpatient care services sector. In addition to companies like the large private-sector joint-stock companies targeted by the Ant Care Business I. L.P. investment fund, medical corporations are likely to take the lead in expanding and restructuring the inpatient care services industry.

In line with these industry trends, the Ant Care Business II. L.P. investment fund established in 2008 will leverage expertise in inpatient care services gained through the investments made by the Ant Care Business I. L.P. investment fund, targeting investments in [i] for-fee senior citizen’s homes and elderly residences managed by medical corporations and other companies (real estate) and [ii] inpatient care service providers formed into groups by medical corporations and other companies (equity), in addition to [iii] growing businesses providing peripheral services related to the medical and nursing-care fields (equity).**

* Long-term convalescence facilities are facilities primarily serving patients who require long-term medical-care. Many of the elderly hospitalized are said to be more in need of long-term nursing-care than intensive medical-care provided by a doctor. The Ministry of Health, Labour and Welfare has begun to explore policies to rationalize medical costs and to convert long-term convalescence facilities into nursing-care facilities and other types of institutions.

**Jointly with Ant Capital Partners, ACA serves as angeneral partner.

Name
Ant Care Business II. L.P.
Primary investment targets
Nursing-care facilities (real estate), inpatient care companies (equity), providers of related peripheral services (equity), etc.
Portofolio Companies
Altidea Inc.
Investment scheme
See diagram below.
Healthcare Team : Investment funds : Ant Care Business II. L.P. Venture Capital Investment Limited Partnership

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