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Business News/ Companies / News/  SEBI allows Toro Finserve to raise fund size
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SEBI allows Toro Finserve to raise fund size

Kapil Khandelwal, managing partner of Toro Finserve said that SEBI has allowed the private equity firm to increase the size of its fund from $500 million to $900 million

Kapil Khandelwal, Managing partner, Toro FinservePremium
Kapil Khandelwal, Managing partner, Toro Finserve

Securities and Exchange Board of India (SEBI) has allowed private equity firm Toro Finserve LLP to increase the size of its fund from $500 million to $900 million, along with a greenshoe option of $100 million, said Kapil Khandelwal, managing partner of Toro Finserve.

India Healthcare Opportunities Fund (IHOF), launched in 2017 by Khandelwal, was aiming to make its first close in April 2020 to start investing in companies but the covid-led lockdowns affected the deal making cycle and it could not complete any investment till date, he said. “The need to invest in healthcare is all the more pronounced post-pandemic and we have got commitments from existing LPs to expand the fund size."

The fund seeks to invest $10-50 million in healthcare companies, including hospitals, day-care surgery, assisted living, rehab centres, and diagnostic laboratories.

“We will raise capital from large family offices, pension funds, hedge funds, fund of funds, environmental, social, and governance impact funds, and academic medical research centres and university endowment funds," Khandelwal said.

It is now targeting the first close at $300 million by mid-2023. “We are glad that most of our existing foreign institutional investors have been affirmative with our increased investment scope, and continue to stay invested despite a black swarm event like covid, which disrupted and delayed investments in hard assets, for which we were working pre-covid. Moreover, there is additional commitments from the investors. We lost a few institutional investors during covid for technical reasons," he added.

Khandelwal said opportunities are aplenty in healthcare. “Our estimate is India will need over $350 billion to create a robust healthcare delivery system that is cheaper, better and faster," he said.

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Published: 02 Sep 2022, 11:17 PM IST
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