InvAscent exceeds $200m target for third healthcare fund – exclusive

The India-focused private equity firm is set to hold a final close on its $250m hard-cap by the end of this quarter.

InvAscent Capital, an India healthcare-focused private equity firm, has raised about $210 million for its third fund, exceeding its $200 million initial target, Private Equity International has learned.

The firm held a $150 million first close for the India Life Sciences Fund III in early December and held a second close on approximately $210 million early last week, a source familiar with the matter told PEI. It is understood the firm is on track to hold a final close at its $250 million hard-cap this quarter.

Fund III will follow the same investment strategy as the firm’s earlier funds, providing growth capital to companies in the Indian pharmaceuticals, healthcare, and medtech industries. Ticket size per deal is between $10 million and $40 million.

Capital from its predecessor fund, India Life Sciences Fund II, which collected $150 million in 2014, has been invested in 11 companies to date, which include Synergia, a manufacturer of Vitamin K series of products and probiotics, as well as drug development company Aizant. Meanwhile, capital raised from its debut vehicle, the 2006-vintage, $100 million Evolvence India Life Sciences Fund, has been invested across eight investments including Gland Pharma, an injectables pharma firm, and HealthCare Global, a cancer-focused  hospital  chain.

Dubai-based fund of funds manager Evolvence anchored the firm’s first vehicle, while global institutional investors backed Fund II.

InvAscent could not be reached for comment.