Somerset Indus Capital Partners raises $288M in Fund III

Somerset Indus Capital Partners, the Mumbai-headquartered private equity fund focused on healthcare investments, has raised $288 million for its third fund, exceeding the initial target of $250 million.

A statement from the firm said the participants in the third fund included development finance institutions (DFIs), global investment firms, domestic financial institutions, insurance companies, funds of funds, family offices, and impact investors across Europe, the United States and South-East Asia. This was a mix of existing and new investors.

“India’s healthcare ecosystem is undergoing a structural transformation, particularly beyond the metros. Fund III positions us to deepen our presence in underserved markets and partner with entrepreneurs building scalable healthcare platforms. We remain committed to delivering measurable impact alongside sustainable financial returns,” said Mayur Sirdesai, Partner, Somerset Indus Capital Partners.

The private equity firm said Fund III will focus on addressing healthcare access gaps across India’s “missing middle,” particularly in Tier II and Tier III markets. The fund will invest in scalable healthcare businesses delivering affordable, accessible quality care across healthcare delivery, pharmaceuticals, medical devices, diagnostics, and allied sectors.

Somerset has already made three investments through Fund III--Cyrix Healthcare, which is into medtech servicing; Printmann Offset (pharmaceutical packaging); and NU Hospitals (a nephrology and urology focused single-specialty hospital chain).

Somerset typically invests between $15 million and $40 million per portfolio company. However, through co-investment syndication alongside its limited partner network, the firm has the flexibility to participate in larger transactions in the range of $60–80 million.

Founded in 2011 by Avinash Kenkare and Mayur Sirdesai, Somerset Indus Capital Partners has assets under management of around $500 million across three funds.

According to the private equity firm, its earlier funds have delivered strong performance, with Fund I generating approximately 4.0x distribution to paid in capital while Fund II is advancing toward exits, with its first realisation completed in September 2025 at approximately 4x multiple on invested capital (MOIC).

Somerset said across its portfolio, it has partnered with first-generation entrepreneurs to build scalable healthcare platforms that expand access and drive innovation.