360 ONE Asset has crossed the halfway mark of its maiden healthcare-focused Private equity fund and aims to wrap up the fundraising activities by early summer next year, a top executive told VCCircle.
The asset management firm, part of the Mumbai-listed and Bain Capital-backed wealth and asset manager 360 ONE WAM Ltd, is targeting a total corpus of around Rs 1,000 crore ($118million) for the Healthcare Opportunities Fund, said Tarun Sharma, head of healthcare and consumer at 360 ONE Asset.
“We anticipate closing the fund in the next couple of quarters, likely by early summer next year, as we are already more than halfway to our target,” Sharma said.
The asset management firm, earlier known as IIFL Asset Management, expects to make eight to 12 investments from this fund, said Sharma. “Additionally, we’ve allocated around 10-15%of the fund’s budget for follow-on investments,” he added.
The fund’s investment ticket size will range from Rs 30-40 crore on the smaller side to Rs70-80 crore on the larger side. It will deploy the capital over the next year and a half.
“After deployment, our focus will shift to managing the fund and delivering strong a good performance. Considering how things pan out, following that, we will begin considering the next healthcare fund,” said Sharma.
Currently, 360 ONE Asset’s healthcare portfolio is focusing on identifying opportunities in the medical devices and diagnostics segments. The fund will focus on minority investments, be it early or late-stage bets, Sharma said.
The investment firm recently invested in TPG-backed contract drugmaker OneSource Specialty Pharma in a secondary transaction. 360 ONE Asset’s other portfolio companies in the healthcare sector include Kauvery Hospitals, Hearing Solutions, Innova Captab, Rainbow Hospitals, and Qure.ai, among others.
360 ONE Asset manages alternative investment funds as well as mutual funds and offers portfolio management services to investors. Its funds invest in public and private equities, fixed-income securities, and real estate. The company's private equity investments span across stages from early- and mid-stage, to late-stage and pre-IPO investing.
According to its annual report, 360 ONE's asset management business had Rs 72,248crore in assets under management as of March 31. Of this, Rs 38,313 crore was under alternative investment funds, Rs 24,355 crore under portfolio management schemes and separately managed accounts assets, and Rs 9,580 crore in mutual fund assets.
