El-Toro India Healthcare Opportunities Fund Coverage in VC Circle Kapil Khandelwal Toro Finserve LLP QuoteUnquote with KK www.kapilkhandelwal.com

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Kapil Khandelwal’s
Toro Finserve raising
debut healthcare real
estate fund
29 May, 2017
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2. Private equity firm Toro Finserve LLP, which is
floated by investment and healthcare industry
veteran Kapil Khandelwal, is raising its debut
healthcare real estate fund, the company said in a
statement.
The $500-million India Healthcare Opportunities
Fund (IHOF) includes an additional leverage of
$250 million, the statement added.
The fund, registered as SEBI Alternative
Investment Fund under Category II, has received
commitments of $110 million from Indian state
governments, ultra high-net-worth individuals,
and fund-of-funds from abroad, it said. The
formal roadshow for the fund-raising will begin
from June or July.
The fund is also in discussions with various banks
and financial institutions for lease rental
discounting (LRD) and leverage and distribution, it
added.
IHOF will invest in stabilised assets such as
hospitals, diagnostic centres, rehab facilities and
assisted living facilities set up by stablished
healthcare operators in Tier I and II cities.
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3. “Our fund expects to create and invest in
healthcare infrastructure where institutional
investments in the space have been shy and
selective around a few chains of private hospitals
so far,” Khandelwal, managing partner at Toro
Finserve, said.
The fund is currently evaluating deals worth $200
million with Indian hospital chains, assisted living
and diagnostic centres to issue term sheets, he
added.
Khandelwal also said the fund has built a
consortium of partners to help reduce the time to
market and operating costs for the healthcare
facilities it invests in. The fund aims to become
India’s first healthcare Real Estate Investment
Trust (REIT) and list its fund in four to five years on
Indian or Singapore stock exchanges.
Khandelwal said the team has worked on over $42
billion of real estate transactions and $2 billion of
healthcare transactions globally.
The fund’s advisory committee members include
Arvind Lal, chairman of Dr. Lal PathLabs, and
Kewal Handa, former managing director of Pfizer
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4. Healthcare has been attracting a lot of
investments in the past few years, and a number
of healthcare-focused funds, including Quadria
Capital and India Life Sciences Fund II, have
emerged.
Fundraising by PE firms
A number of private equity firms have successfully
closed their fundraising process in the past
months while some are on the road.
Last week, International Finance Corporation (IFC)
said private equity firm Kedaara Capital Advisors
Ltd was raising
(https://www.vccircle.com/kedaara-capital-to-
float-second-fund-gets-ifc-backing/) its second
fund.
Earlier this year, homegrown PE firm ChrysCapital
Management Co overshot its $600-million target
for its seventh fund.
Last year, Multiples Alternate Asset Management
Pvt. Ltd wrapped up the fundraising process for
its second fund to raise the fifth-largest sector-
agnostic private equity investment corpus ever
raised for India.
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5. In December, Fairfax India Holding Corporation,
part of India-born Canadian billionaire Prem
Watsa’s Fairfax Financial Holdings Ltd, raised $500
million.
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