ADV Partners invests in Indian eye care chain

Approximately 50 percent of Fund I has been invested, according to ADV.

ADV Partners has acquired an undisclosed stake in Chennai-based Dr Agarwal’s Eye Hospitals from Evolvence India for about $40 million, according to Suresh Prabhala, a partner at ADV, Private Healthcare Investorreports.

Of the total investment, an undisclosed amount will be used to give an exit to Evolvence India, the hospital said in a statement.

ADV is investing through its debut fund, ADV Opportunities Fund I, a 2015-vintage vehicle that raised $550 million. Some of its investors are the Pennsylvania State Employees’ Retirement System, the New York State Common Retirement Fund and fund of funds manager Asia Alternatives Management, according to PEI’s Research & Analytics.

Approximately 50 percent of Fund I has been invested, according to ADV. The fund targets mid-market opportunities across sectors with a focus on China, India and other developing markets in Asia, as reported by Private Equity International. Typical investments range from $25 million to $75 million.

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