Asia-Pacific-focused private equity investor Morgan Stanley Private Equity Asia (MSPEA) and China-based Sihuan Pharmaceuticals, one of MSPEA’s portfolio companies, along with Sihuan’s chairman, have together agreed to invest RMB1.2 billion (approximately US$200 million) in two China-based hospitals: HY Hospital in Huai’an and JB Hospital in Nanjing. The investments are being made through a joint venture in which MSPEA and a Sihuan subsidiary each hold a 38.1 percent stake. The joint venture will pay RMB803.7 million (approximately US$131 million) for an unspecified stake in HY Hospital, and will invest RMB409.3 million (approximately US$67 million) for a 69 percent stake in JB Hospital.