Bamboo Capital Partners wants to raise $100 million for an impact fund targeting Asian healthcare businesses, Private Equity International understands.
The Luxembourg-based firm is understood to be in discussions over an anchor commitment for Healthcare Access (HEAL) with several institutional investors, according to a source with knowledge of the fundraising.
It is expected to hold a first close by June, subject to an additional potential commitment from a pharmaceutical company, the source noted.
Bamboo declined to comment on fundraising.
HEAL will aim to deploy two-thirds of its capital into clinics and pharmacies across India, Pakistan, Indonesia and Bangladesh as part of a buy-and-build strategy on top of Bamboo’s existing investments in Indian primary care clinic The Family Doctor and Indonesian pharmacy chain Viva Healthcare, the source said. The remainder of the fund will target technology and medical equipment that can be used across the platform.
The firm invested in The Family Doctor and Viva Healthcare through its debut impact vehicle, the 2007-vintage Oasis Fund, which amassed $53 million to invest across a range of geographies and sectors, including housing and education. Bamboo held a first close on $31 million for its second financial inclusion-focused fund in 2015, having secured commitments from TIAA. It is unclear whether it has held another close.
The firm is also in market with Bamboo Energy Access Multiplier, a platform similar to HEAL that is set to deploy $50 million in equity for distributed energy service companies in sub-Saharan Africa and Asia, according to a February statement. BEAM held a first close in December and is expected to reach its $100 million target by year-end, PEI understands.