The Hindu Business Line : Evolvence launches $150-m fund

The Dubai-based Evolvence Capital has launched a $150-million private equity fund to support the growth plans of mid-sized pharmaceutical, biotech and contract-research and manufacturing companies in India.

The fund, christened Evolvence India Life Sciences Fund, is likely to be operational this September, Mr Hari Buggana, Managing Director of the Fund, told Business Line. The fund is looking at a universe of 300 pharmaceutical, biotech and contract-research and manufacturing companies and expects to finalise deals with two companies in the next three months, he said.

The Mauritius-based fund has Evolvence Capital as its anchor investor.

The Fund will look to pick up minority equity in the mid-sized companies and so the mind-set of the management of the companies seeking equity funding would be important, he said.

0The growth potential of products being researched or launched, intellectual property and its competitive position are some of the other indicators that the Fund would evaluate.

Set up in 2000, Evolvence Capital has assets under management worth more than $750 million.

Mr Khaled Al-Muhairy, who earlier worked for the Abu Dhabi Investment Authority, is the Chief Executive Officer and founder of Evolvence Capital.

The Fund looks to provide growth capital, risk-sharing in research and development of products facing patent expiration, acquisitions of $5-15 million businesses overseas and upgrading of existing infrastructure.

The Fund will look at investments of about $5-15 million, with an outlook of five to seven years, the company said.

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