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Mumbai: Tata Capital Healthcare Fund (TCHF), one of the private equity arms of Tata Capital Ltd, is looking to raise its second fund next year, a senior executive said.

“We are looking to raise our next fund after 6-8 months from now and we will be looking to tap larger fund size than our existing one," said Visalakshi Chandramouli, partner at TCHF.

At present Chandramouli is deploying capital from TCHF’s maiden fund of $75 million which it had raised from domestic and foreign investors; it has additionally received $15 million from its limited partners as co-investments. Co-investment involves limited partners investing alongside the PE fund.

TCHF focuses on the healthcare and life sciences sector. It counts Swiss fund HBM Healthcare Investments Ltd as its anchor investor.

“We have deployed nearly 75% of our existing fund across six transactions and we will be investing rest of the capital across two more transactions in next six months," Chandramouli added.

Apart from exhausting its existing fund, TCHF is looking to exit a few of its investments before hitting the road to raise new capital.

The fund, which typically invests in the range of $5-15 million per transaction, has made investments in Pune-based Novalead Pharma Pvt. Ltd, Amanta Healthcare Ltd, Sandor Nephro Services Pvt. Ltd, Lokmanya Hospitals Pvt Ltd and Shriji Polymers India Ltd.

“We are simultaneously looking to exit a couple of investments where we have invested four years back and we are keener on undertaking a sale to a strategic partner than exiting through a secondary deal," she added. In PE parlance, a secondary deal is one in which an existing PE investors sells its stake in a company to a peer.

Tata Capital manages private equity and venture capital funds with cumulative assets under management of approximately $1 billion. Its other funds include Tata Capital Growth Fund, Tata Capital Innovations Fund, Tata Capital Special Situations Fund-Trust and Tata Opportunities Fund.

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