AVCJ

IndiaVenture eyes $25m first close on healthcare fund

  • Mirzaan Jamwal
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IndiaVenture Advisors (IVA), the PE arm of Indian healthcare company Piramal Enterprises, expects to reach a first close at around INR1.5 billion ($25 million) next month on IndiaVenture Trust Fund II, which has a full target of INR10 billion.

The fund was registered in March 2013 and has so far received commitments of INR1.25 billion, mostly from banks and financial institutions invested in the first fund. They have doubled their commitment to IVA's second fund.

The fund is sized at INR5 billion with the greenshoe option to raise a further INR5 billion. IVA is currently raising capital from domestic investors and will attempt to raise INR5 billion or 50% of the corpus from overseas investors.

The 2008 IndiaVenture Trust Fund I closed on INR4 billion and focuses on investments in hospitals, specialty clinics and high-tech equipment manufacturing units. For the second fund IVA will also look at investments in the education sector.

Private equity interest in Indian healthcare sector - from hospital services to medical devices - is at an all-time high, with more than $1 billion invested in the sector in 2012, according to AVCJ Research. This compares to $333 million in 2011 and $478 million in 2010.

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