Kapil Khandelwal, Managing Partner, Toro Finserve, said that the Securities and Exchange Board of India (SEBI) has allowed private equity firm Toro Finserve LLP to increase its fund size from $500 million to $900 million, along with a $100 million greenshoe option. with.
India Healthcare Opportunities Fund (IHOF), launched in 2017 by Khandelwal, was targeting its first closure in April 2020 to start investing in companies, but the Covid-led lockdown hit the deal-making cycle and It could not meet any investment till date. They said. “The need to invest in healthcare is all the more evident post-pandemic and we have received commitment from existing LPs to expand the size of the fund.”
The fund seeks to invest $10-50 million in healthcare companies including hospitals, day-care surgery, assisted living, rehab centers and diagnostic laboratories.
“We will raise capital from large family offices, pension funds, hedge funds, funds of funds, environmental, social and governance impact funds, and academic medical research centers and university endowment funds,” Khandelwal said.
It is now targeting the first closure of $300 million by the middle of 2023. “We are delighted that most of our existing FIIs have been positive with our increased investment horizon, and continue to invest in spite of the COVID black herd phenomenon, which has hampered and delayed investments in hard assets, for which we were already working. covid. In addition, there are additional commitments from investors. We lost some institutional investors during COVID due to technical reasons.”
Khandelwal said that there is immense potential in healthcare. “We estimate that India will need more than $350 billion to build a robust healthcare delivery system that is cheaper, better and faster,” he said.
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