Temasek and Warburg Pincus are preparing to sell their majority stake in healthcare supply chain management firm Global Healthcare Exchange, with the deal expected to be valued at up to $5bn, according to a report by the Financial Times.
The Singaporean government-backed investment firm holds a majority stake in GHX, with Warburg Pincus holding the remainder. The two investors are reportedly working with advisors on a sale process that could involve a full or partial stake sale. GHX, which provides cloud-based inventory, supply chain, and payment management services for healthcare suppliers and providers, is expected to receive formal bids later this year.
Temasek has been invested in GHX since 2017, while Warburg Pincus took a minority stake in the company in 2021.
The move comes amid a broader trend in private equity, with firms globally already having offloaded nearly $119bn in assets in 2025 through sales or public listings. This is the second-highest level of exits seen in the last two decades, according to a Bain & Co analysis of Dealogic data, although still behind the record $211bn in exits achieved in 2021 during a period of high sponsor-backed deal activity.
The auction process for GHX is likely to attract interest from both private equity groups and strategic buyers, though it remains possible that Temasek and Warburg Pincus may decide to retain ownership if the bids do not meet their expectations.
Temasek and Warburg Pincus declined to comment on the matter. GHX also declined to comment on speculation regarding the sale process but reiterated that the company remains focused on delivering innovative supply chain solutions to enhance efficiency and reduce costs for healthcare providers and suppliers.
In recent months, private equity firms have made substantial exits from the software sector, with Warburg Pincus, alongside management, fully exiting a 90% stake in electronic health records company Modernizing Medicine in a $5.3bn deal with Clearlake Capital, realising nearly a 10-fold return on their investment.
Other notable private equity exits include Thoma Bravo’s sale of energy software company Quorum to Francisco Partners for $2.4bn and Blackstone’s potential exit of electronic health records company HealthEdge.
Temasek initially acquired its stake in GHX from Thoma Bravo in 2017, valuing the company at $1.8bn, while Warburg Pincus injected $500m into GHX in 2021. As part of that deal, Thoma Bravo fully exited its stake.
Temasek currently has $291bn in assets under management, while Warburg Pincus manages $87bn in assets.
