Healthcare-focused Somerset Indus Capital Partners has closed its third fund (Fund III) at about $288 million, exceeding its initial target of $250 million.
The fund drew participation from limited partners (LPs) in Europe, the United States and Southeast Asia, the firm said in a statement.
Investors include development finance institutions, investment firms, domestic financial institutions, insurers, funds of funds, and family offices.
The firm also saw a high proportion of commitments from existing investors, along with participation from new limited partners (LPs).
With Fund III, Somerset will continue to focus on addressing healthcare access gaps across India’s “missing middle,” particularly in tier II and III markets.
The fund will invest in scalable healthcare businesses delivering affordable, accessible, quality care across healthcare delivery, pharmaceuticals, medical devices, diagnostics, and allied sectors.
“India’s healthcare ecosystem is undergoing a structural transformation, particularly beyond the metros,” said Mayur Sirdesai, Partner, Somerset Indus Capital Partners.
“Fund III positions us to deepen our presence in underserved markets and partner with entrepreneurs building scalable healthcare platforms,” he added.
Somerset typically invests between $15 million and $40 million per portfolio company. However, through co-investment syndication alongside its strong LP network, the firm has the flexibility to participate in significantly larger transactions in the range of $60-80 million.
Through Fund III, Somerset has already made three investments – Cyrix Healthcare (medtech servicing), Printmann Offset (pharmaceutical packaging), and NU Hospitals (a nephrology- and urology-focused single-specialty hospital chain).
