ICG, a global alternative asset manager, has purchased PresMed Australia Pty Ltd., an Australian-based provider of private day hospitals, from Advanced Health Ltd.

Co-founded by Marc Resnik in 1997, PresMed has a collection of ophthalmic surgeons as well as surgeons of other surgical disciplines, such as ear, nose and throat, pain management, oral maxillofacial surgery, among others. The investment works to allow PresMed’s management and doctors to pursue their growth strategy by expanding its service through acquisitions and the development of facilities. The acquisition was made through ICG’s Asia Pacific Fund IV and represents the fund’s fifth acquisition to date.

“ICG has deep expertise in the local healthcare sector and PresMed intends to draw on ICG’s extensive understanding of the business and sector to support our mission to deliver leading healthcare services across Australia,” says Resnik.

ICG is being advised by Miles Advisory, Deloitte and DLA Piper. PresMed is being advised by Monash Advisory and Gilbert + Tobin.