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Evolvence investment
Our Bureau
Bangalore
June 21
The $150-million Evolvence India Life Sciences Fund has made its debut with a $5-million (Rs 22 crore) investment in Bangalore's cancer care group HealthCare Global Enterprises.
Evolvence plans to invest the Rs 600-crore-plus corpus in some 35 companies over the next three years on an active participation model.
It is actively looking at 7-10 companies spread across Bangalore, Hyderabad and Ahmedabad for the near future, according to Mr Hari Buggana, Managing Director of the fund's advisory firm Invascent.
The Mauritius-based Evolvence may typically put in $10-15 million (Rs 45-60 crore) in each of the companies active in areas such as biopharma, contract research, fermentation, medical devices and vaccines.
Due diligence is on for investment in a generic pharmaceutical manufacturing company in the South; it may be closed in six weeks, Mr Buggana told Business Line.
The fund has opened its presence with HCG and may put in more money into the oncology group, he said.
The year-old fund is promoted by Evolvence Capital, Dubai, which manages assets exceeding $1 billion.
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