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Exclusive: Sabre Partners strengthens top deck, raises big chunk of new fund

India-focussed mid-market private equity firm Sabre Partners has beefed up its top management by bringing on board new partners and has also raised a significant chunk of capital for its new fund, a top executive told VCCircle.

The PE firm is targeting a total corpus of Rs 600 crore ($85 million) for the latest fund and expects a final close by September this year, Rajiv Maliwal, founder and managing director, Sabre Partners, said.

“We have already received 46% of the corpus since we launched the fund four months back,” he added.

The PE firm will invest in the healthcare and financial services sectors from the new fund. The average ticket size of the fund is expected to be Rs 15-75 crore, he said.

Limited Partners (LPs), including one international institution and two domestic institutions from Sabre Partners’ previous funds, have doubled down on the new fund.

The private equity firm has counted Small Industries Development Bank of India (SIDBI) as an LP in its previous funds.

New appointments

Maliwal said that Davesh Manocha has rejoined the PE firm as a partner after leaving earlier in 2016. He had quit to start his venture Juno Clinic.

The private equity firm has also brought on board Jagannath Samavedam from venture capital firm Ventureast as a partner. It has also roped in Rajesh Relan, who earlier had stints at insurance firms PNB MetLife and Aviva Life Insurance, as an operating partner, one year ago.

Previous funds

The private equity firm’s first fund, which had a total corpus of Rs 900 crore, was aimed at the financial services sector in early 2000. It also took an advisory assignment for a Rs 500-crore fund targeted at the infrastructure sector around the same time.

Sabre Partners had morphed into a healthcare-focussed PE firm with its second fund of Rs 200 crore.

The private equity firm’s third fund was closed above the targeted Rs 250 crore in 2017.

Sabre Partners has deployed about 86% of the third fund and expects to make one more investment from it, said Maliwal.

The investments from the third fund include home healthcare services firm Portea and HungerBox, an online platform that connects caterers and corporates.

The private equity firm’s latest exit was from specialty pharmaceutical company Vyome Therapeutics Inc. (formerly Vyome Biosciences) earlier this year. “We have been tracking good returns,” said Maliwal without elaborating further.