Naresh Patwari, who quit Boston-based private equity firm TA Associates to float his own mid-market PE investment house, Jashvik Capital, has marked the first close of the maiden fund.
Patwari had floated Jashvik Capital in July and is aiming to scoop up around $350 million under the maiden fund. The firm did not disclose how much it has garnered as part of the first close.
First close is a fundraising milestone post which a fund can start deploying capital.
Jashvik Capital seeks to invest in profitable growth businesses in large addressable markets in healthcare/pharma and consumer sectors in India.
Patwari, Founder of Jashvik Capital, said, “India presents an attractive option for investors globally. We are likely to be the fastest growing large economy for at least the medium term, if not longer.”
“If we are buying in the next 1-2 years, we will likely see margin expansion by the time we look to exit. Finally, as India PE continues to mature, the quality and depth of liquidity options will continue to improve on a strong baseline,” he added.
In August, the PE firm added two healthcare veterans as operating partners, Vijender Singh and Anil Matai.
Operating partners are usually not directly involved in deal sourcing and making investments. But they use their domain experience to work with portfolio companies of the PE and venture capital firms to generate more value.
Singh previously led organizations in healthcare, consumer and wellness sectors in India. He has around three decades of experience of scaling mid-sized Indian businesses in these sectors.
He is currently CEO of Metropolis Healthcare, one of India’s largest healthcare diagnostics companies having joined the firm over six years ago after leaving as COO of Dr Lal’s PathLabs, India’s top diagnostics company. In the past, he has also held leadership roles at Ranbaxy Labs, in its over-the-counter and wellness business, and at Bausch & Lomb.
Matai also comes with over three decades of experience of leading global and local scale organizations and startups in healthcare, pharmaceutical and consumer products industries.
Prior to joining Jashvik, Matai was managing director at Zydus Healthcare, one of India’s top pharmaceutical formulations companies. Before Zydus, he was the CEO of Novartis Pharma India and held leadership roles at GlaxoSmithKline India and Globalpharma Dubai.
The PE firm would be seeking companies in healthcare and consumer-related industries and would be investing between $10 million and $50 million in a single company. It would focus on picking up minority stakes in the portfolio companies though it may do a few control deals, too, in the future.
Patwari had been associated with deals in companies like Indira IVF; nutritional supplements firm OmniActive Health; R&D informatics service provider Zifo; W brand of womenswear retailer TCNS; and quick-service restaurant operator Devyani International.
Before joining TA Associates eight years ago he had worked at ICICI Venture, McKinsey & Company and Schlumberger.