Tata Capital Healthcare Fund has exhausted 90% of the corpus of its second vehicle and is planning a successor fund. In a separate development in the Indian private equity sector, Advent International is understood to be in talks with PAG to sell its majority stake in Manjushree Technopack.
Tata Capital exhausts 90% of $130m Fund II
Tata Capital Healthcare Fund, a growth-oriented PE firm focused on investments in the healthcare and life sciences sector in India, has exhausted 90% of its Fund II’s $130 million corpus, it said in a statement on Monday.
According to media reports, it is now firming up plans for Fund III.
Sponsored by Tata Capital, a subsidiary of Tata Sons, Tata Capital Healthcare Fund has so far raised over $200 million across two fund vintages and has invested in 18 companies, with seven exits thus far. It counts Linux Laboratories, Sakar Healthcare, Orbicular Pharmaceuticals Technologies, Atulaya Healthcare, Anderson Diagnostics, and Apex Kidney Care, among its portfolio companies.
Tata Capital Healthcare Fund II claims to have created 41 new jobs for every $1 million invested, it said in a statement.
PAG in talks to buy Manjushree Technopack
US-based PE investor Advent International is looking to sell its stake in Manjushree Technopack, India’s largest rigid plastic packaging solutions company, to PAG, the Economic Times reported on Monday.
Currently, Advent is understood to be holding a 97% stake in Manjushree, while the rest is owned by public shareholders.
If the talks fructify, the transaction could be the largest in India for Asia-focused PAG, which is led by Nikhil Srivastava in the country. While PAG has been investing in India since 2009, it opened its local office in 2019. PAG currently manages more than $3 billion in assets in India.
