"Both in PE deal volume and value there is a marked growth in health care," says Singh. Indeed, health care in India is witnessing greater interest from PE funds than BFSI (banking, financial services and insurance), another favoured sector of both local and global investors. He cites the example of Multiples Alternate Asset Management's investment in hospital chain Vikram Hospital and IDFC Alternatives' investment in Medi Assist India, a third-party administrator of health insurance policies. Karan Singh, Partner and Head of Bain & Co's Asia-Pacific health-care practice, says local funds are increasing their participation in India. Multinational funds are not the only ones actively chasing health-care assets in India. Its current and past health-care portfolio include investments in China, Japan, Turkey and Australia among other countries. Carlyle has an extensive global health-care portfolio.
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Expansion to Tier II and Tier III towns will also be a key driver of industry growth going forward," he adds. "The private sector continues to provide superior health-care services and has potential to further increase its share, especially in the tertiary care segment. But rising income levels, an ageing population, increasing prevalence and awareness of lifestyle diseases and rising insurance penetration have led to a strong demand for health-care services," says Bharadwaj. "India continues to have low hospital bed density and low health-care spend on a per capita basis. Neeraj Bharadwaj, Managing Director, Carlyle Asia Partners, says that the Indian health-care industry provides an attractive investment opportunity for PE funds. In the same year, Bain Capital invested $113 million in Emcure Pharmaceuticals, based in Pune. Last year, KKR invested $200 million in Gland Pharma, a Hyderabad- based injectables manufacturing company, while Carlyle put $161 million into Medanta Medicity, a multi-specialty medical institute in Gurgaon. No wonder then, in the last couple of years there have been some big-ticket investments by PE funds in the space, with multinational funds such as KKR and Carlyle leading the way. However, health care became the most preferred sector in 2013. Also, a clutch of PE investors is looking to buy a majority stake in Vasan Healthcare which operates eye care and dental hospitals.Īccording to a survey by global management consulting firm Bain & Company, retail and consumer goods were the sectors most favoured by PE funds in India in 2012. Olympus Capital and India Value Fund in May pumped in Rs 400 crore in Kochi-based health-care services company Aster DM Healthcare. The bullish trend has sustained in the second quarter (April to June) as well with some big deals.
HAS ALREADY CLOCKED 16 PE INVESTMENTS IN THE FIRST QUARTER (JANUARY TO MARCH) OF THIS YEARThe health-care sector has already clocked 16 PE investments in the first quarter (January to March) of this year.
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