The fund will enable provision of equity capital into the Indian mid-market segment allowing them to scale-up over a period of time
Somerset Indus Healthcare India Fund (Fund II), managed by Somerset Healthcare Investment Advisors (Somerset), an independent India-dedicated fund manager plans to make investments in SME companies in the Indian healthcare sector. Somerset is an upcoming fund manager that has demonstrated the ability to generate commercial returns by backing businesses that provide affordable healthcare solutions.
According to a report in VCCircleThe government of India-backed National Investment and Infrastructure Fund’s NIIF Fund of Funds has committed to invest Rs 125 crore ($17 million) in Somerset Indus Healthcare India Fund II. Somerset’s second fund is an offshore entity domiciled in Mauritius. The fund is targeting to raise around $80 million. The PE firm is simultaneously raising $20 million for its Somerset Indus Healthcare India Fund, which is registered with the Securities and Exchange Board of India (SEBI).
The NIIF’s commitment is likely to help Somerset mark the final close of its fund by the end of the year, according to a person associated with the deal.
The fund will enable provision of equity capital into the Indian mid-market segment allowing them to scale-up over a period of time. A large portion of the capital is expected to be channeled into sectors that have potential for strong returns as well as high direct and indirect development impact.
