Mumbai-based private equity firm Somerset Indus Capital Partners has raised $288 million for its third fund, surpassing its initial target of $250 million. The firm focuses on healthcare investments and will use the funds to address healthcare access gaps in India’s Tier II and Tier III markets.
Details:
The third fund’s participants include development finance institutions, global investment firms, domestic financial institutions, insurance companies, funds of funds, family offices, and impact investors from Europe, the United States, and South-East Asia. Somerset Indus Capital Partners will invest in scalable healthcare businesses across healthcare delivery, pharmaceuticals, medical devices, diagnostics, and allied sectors. The firm has already made three investments through Fund III: Cyrix Healthcare, Printmann Offset, and NU Hospitals. Somerset typically invests between $15 million and $40 million per portfolio company but has the flexibility to participate in larger transactions of $60-80 million through co-investment syndication alongside its limited partner network.
Company Context:
Founded in 2011 by Avinash Kenkare and Mayur Sirdesai, Somerset Indus Capital Partners has assets under management of around $500 million across three funds. The firm’s earlier funds have delivered strong performance, with Fund I generating approximately 4.0x distribution to paid-in capital and Fund II advancing toward exits with its first realization completed in September 2025 at approximately 4x multiple on invested capital.
Industry Context:
Somerset Indus Capital Partners’ third fund is significant in the healthcare investment sector as it aims to deepen the firm’s presence in underserved markets and partner with entrepreneurs building scalable healthcare platforms. The fund’s focus on addressing healthcare access gaps in Tier II and Tier III markets aligns with the growing demand for affordable, accessible quality care in India.
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Source: YourStory