India- and Southeast Asia-focused private equity firm Everstone, which is in process of raising $950 million for its fourth private equity fund, is looking to bet big on Indonesia’s healthcare sector in the next 5-7 years.
In the healthcare space, Everstone is already invested in Indonesia’s DV Medika, a medical supplier and manufacturer of hospital beds, through its platform Everlife.
“As the COVID-19 pandemic has exposed glaring gaps in medical infrastructure in most countries, we will enhance focus on Indonesia’s healthcare sector,” said Atul Kapur, co-founder and CIO of Everstone Group at DealStreetAsia Asia PE-VC Summit 2021, during a fireside chat titled – Strong capital structures, liquidity, and credit access key to navigate the crisis.
Elaborating on the strategy for SE Asia’s largest market, Kapur said, “our investments in Indonesia are based on two factors. We know the quick service restaurant (QSR) business there really well. It is a fabulous investment for us, and so is the medical device distribution business. Second, we can’t be private equity investment tourists and can’t jump in and out of Indonesia sitting in New York, Singapore or Mumbai. We need local partners to do what we want to do. It is unlikely we will go ahead in Indonesia just by ourselves.”
Everstone is also preparing for an exit from PT Sari Burger Indonesia (BK Indonesia), as Burger King India Ltd has expressed its intent to take over the fast-food chain’s Indonesia franchisee.
During the fireside chat, Kapur also touched upon India’s exit landscape, fundraising progress and milestones and outlook for real estate and renewable businesses.