Kotak Alternate Asset Managers Marks First Close of INR 1,600 Cr Life Sciences Fund The fund aims to target early- to growth-stage companies across pharmaceuticals, biotechnology, medical devices, digital health, and diagnostics.
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Kotak Alternate Asset Managers Ltd, a subsidiary of Kotak Mahindra Group, announced the first close of its Kotak Life Sciences Fund, a private equity vehicle aimed at India's healthcare and life sciences sector.
The fund, sized at INR 1,600 crore (USD 193 million), has secured INR 250 crore (USD 30.2 million) from family offices, institutional investors, ultra-high-net-worth individuals, and industry executives.
The fund aims to target early- to growth-stage companies across pharmaceuticals, biotechnology, medical devices, digital health, and diagnostics. "This fundraising underscores investor confidence in our track record and the structural opportunities in the healthcare sector," said Lakshmi Iyer, CEO of Investment and Strategy at Kotak Alternate Asset Managers.
The firm announced the fund in November 2024, intending to raise up to USD 190 million. Kotak Alternate Asset Managers has a strong history in life sciences, having deployed nearly INR 4,000 crore in healthcare-related ventures over the past two years.
Ashish Ranjan, director of private equity at the firm, said, "Life sciences is a sector where we see immense potential for long-term growth. Our focus is on businesses that can innovate and scale over the next decade," he stated.
Notable investments by Kotak in the life sciences space include Ahammune Biosciences, a biopharma company developing therapies for dermatological conditions, and Immuneel Therapeutics, specialising in cell and gene therapies for cancer. Other portfolio companies include Niramai Health Analytix, an AI-based breast cancer detection startup; Monitra Healthcare, a wearable health monitoring device developer; and Eyestem Research, which works on cell therapy for retinal diseases.
With over USD 22 billion in assets under management, Kotak Alternate Asset Managers continues to expand its footprint in private equity, real estate, infrastructure, and credit.
