Mumbai-based private equity firm Somerset Indus Capital Partners has exited its investment in Apex Hospitals, a Rajasthan-based multispecialty hospital chain, marking the first exit from its second fund, according to a press statement.
The firm delivered a 4x return on the investment, underscoring its thesis of backing scalable healthcare businesses in underserved Tier II and Tier III markets.
InvAscent has invested $ 30 million (about Rs 265 crore) through a mix of primary infusion and secondary purchase from exiting investor Somerset Indus Capital Partners, the Economic Times reported.
Somerset invested in Apex in May 2019 and has since played a hands-on role in guiding the company’s growth strategy. Over the past six years, Apex has tripled revenues, expanded EBITDA more than fourfold, and doubled its workforce, while also launching new digital health initiatives, including tele-health and E-ICU services to improve access in smaller towns.
The hospital group also established a Cancer Care Centre of Excellence, the first in the region, strengthening its specialised care offering.
“Somerset’s journey with Apex reflects our core philosophy of backing scalable, high-impact healthcare platforms,” said Ramesh Kannan, senior partner at Somerset, adding that Apex’s focus on the “missing middle” in smaller cities aligned well with the fund’s impact-driven mandate.
The exit comes at a time when Somerset is preparing the final close of its third fund, which is expected to exceed its $250-million target, as reported by DealStreetAsia earlier this month. The fund has attracted commitments from a diverse pool of LPs, including European and US DFIs, Indian banks, insurance firms, funds of funds, family offices, and impact investors.
Somerset, which manages about $500 million across three funds, has backed 15 healthcare businesses, including Ujala Cygnus Hospitals and Krsnaa Diagnostics. Its first fund delivered around 4x DPI, while Fund II is now entering its exit phase, with Apex marking the start.
The firm said it will continue to seek opportunities in healthcare platforms that expand affordability and access in India’s underserved regions.
