Asia Pacific Healthcare Advisors announce the recapitalisation of its debt fund

Mumbai: Asia Pacific Healthcare Advisors (P) Ltd. (“Asian Healthcare Fund” or “AHF”) announced the recapitalisation of its debut fund, AHF Investment Trust, by Capital Dynamics. By recapitalizing the fund, AHF has reset the fund timeline and committed to follow on investments, while continuing to support the underlying AHF portfolio companies. At the same time, AHF was able to offer liquidity to the non-institutional limited partners of the fund.

The recapitalisation of AHF Investment Trust represents one of the first domestic fund recapitalizations in India, which was presented as a tender offer for limited partnership interests by a new limited partner. The transaction allowed AHF to access foreign investment capital, institutionalise its investor base and expand its portfolio through follow-on investment.

Duff & Phelps served as the exclusive sell-side secondary market advisor to AHF in connection with the recapitalization transaction. AZB served as legal advisor to AHF, and Cyril Amarchand Mangaldas served as the local legal advisor to the buyer.

Richard Olson, Managing Director at Duff & Phelps, commented: “Duff & Phelps is committed to supporting the Indian private investment ecosystem. Our Duff & Phelps Secondary Market Advisory team sees significant opportunity in India, and we are proud to facilitate the AHF recapitalisation. We are excited by the prospect of expanding our already active Indian practice and leading further growth in the Indian secondary market.”

Commenting on the transaction, Ajay Vij, Co-founder and CEO of AHF said: “This transaction is a validation of AHF’s vision and strategy of deploying our extensive operational and investment experience in healthcare and life sciences to a fast-growing, under-developed sector in India, by following an active hands-on investment approach.  We look forward to continue working with our exciting portfolio of companies in their growth journey.”

Varun Gupta, India Country Leader at Duff & Phelps, said, “As a truly global firm, Duff & Phelps is uniquely positioned to use our international reach to provide a solution that worked for our Indian client. Over the years, we have created a strong presence in India. Today, Duff & Phelps and our Kroll division have over 250 employees in the country, providing valuation, restructuring, alternative assets advisory, transaction advisory, investigation and dispute resolution, among other services.”

As one global firm, Duff & Phelps brings to India international best practices for valuations and governance that investors expect out of fund managers on the ground. With the acquisition of Kroll and the roll-out of secondary market advisory solutions, Duff & Phelps offers best-in-class alternative asset advisory services to general partners and limited partners. Duff & Phelps’ clients and relationships range from small venture capital clients up to large infrastructure funds and distressed asset investors, sovereign wealth funds and other limited partners.

About AHF: Founded in 2011, AHF is a New Delhi-based, India-focused private investment firm. AHF invests across India's healthcare and life sciences sectors and seeks to partner with promoters to maximize value creation potential. The AHF team is composed entirely of healthcare sector experts who apply their expertise and networks to support AHF’s portfolio. AHF’s current portfolio is composed of businesses in the healthcare delivery, consumer healthcare and medical device businesses.

About Buyer: Capital Dynamics is an asset management firm focusing on private assets including private equity, private credit and clean energy infrastructure. Capital Dynamics offers a wide range of products including primary funds of funds, secondaries, direct investments, co-investments, customized separate accounts as well as structured private equity solutions. The firm has USD 15 billion in assets under management and advisement.