Ajay Piramal group on Monday launched a $200 million private equity fund dedicated to healthcare.
This is the second healthcare-dedicated fund after Evolvence India launched one last year. The Mukesh Ambani-controlled Reliance Life Sciences, too, is looking at starting a similar fund along with MPM Capital that manages world’s largest healthcare-dedicated fund.
State Bank of India’s ex-chairman A K Purwar has teamed up with Ajay Piramal for this fund and is expected to be launched in September. The fund will invest in hospitals, specialty clinics, IT/BPO and hi-tech equipment manufacturer. “Each investment will be in the range of $15-$20 million,” Purwar told DNA Money.
“We see no conflict between our investments and current business. The fund will not invest in areas that the group has a presence,” said Swati Piramal, director, strategic alliances and communication, Nicholas Piramal. Money for the fund will be raised in the country as well as abroad.
”Though we have not earmarked the proportion of money to be raised, we will first raise the funds overseas and then remaining domestically,” Purwar said.
This is a Ajay Piramal Enterprise’s second fund. The Group made foray into financial services in last year March with the formation of Indiareit—a real estate fun.
“We prefer to be in areas where we have expertise and past experience. We have hands on experience in real estate and pharmaceutical,” Piramal said.
Source: DNA India