49742 - India Life Sciences Fund IV

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Summary of Investment Information

Project Number

49742

Company Name

India Life Sciences Fund IV

Date SPI Disclosed

Jun 26, 2024

Country

India

Region

South Asia

Projected Board Date

Jul 29, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jun 20, 2025

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Oct 16, 2024
Signed : Dec 23, 2024
Invested : Jun 18, 2025

Sector

Growth Equity Fund

Project Description

IFC proposes an equity investment of up to US$25 million in India Life Sciences Fund IV (the “Fund or “Fund IV”), a private equity fund (PE) fund focused on providing growth capital to small and mid-market healthcare companies across (i) pharmaceuticals; (ii) healthcare delivery; (iii) medtech; (iv) specialty ingredients; (v) animal health; and (vi) other allied areas, and together with India Life Sciences Fund IV Domestic (Domestic Fund) is targeting US$325 million in total commitments. The Fund is expected to size its average ticket per company in the range of US$10-50 million in 12-15 companies.

Associated Advisory Engagement

The Fund will sign up for Ethical Principles in Health Care (EPIHC) demonstrating the Fund’s and its investees’ commitment to high ethical standards and responsible practices. The Fund will encourage its relevant investees to sign up for EPIHC as well. Moreover, the Fund is also contemplating a wide array of IFC’s advisory products that could upgrade standards of its investees including (i) Health Quality Advisory: IFC will perform rapid quality assessment at relevant investees of the Fund on no-fee basis and explore further needs; (ii) Healthcare Benchmarking: IFC will invite relevant investees to participate in 2025 round of IFC health benchmarking; (iii) DigiHealth: IFC and the Fund will explore the opportunity at relevant clients.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	25.0

Development Impact

The Fund is expected to provide growth capital and value creation to 12-15 small to mid-market healthcare companies in India. Invascent will support these companies to scale up production and implement expansion strategies, including into other emerging markets. By investing in quality, scalable businesses that address the mass market at an affordable price, it will improve access to quality, affordable healthcare. Supporting Invascent to scale will also demonstrate the PE model is able to scale and expand its contribution to meet India’s rising healthcare needs.

IFC will provide financial additionality through own account equity that will support the Fund reach its target size given the higher risk perception around thematic strategy funds. This will include mobilizing additional investors to the Fund by providing expertise and introductions to potential new LPs. IFC’s non-financial additionality will also include strengthening Invascent’s ESMS in line with IFC’s E&S and Performance standards; and providing access to IFC’s health advisory services and specialists. In addition to this, IFC will also help the Fund Manager improve gender diversity of its investment team and portfolio companies through the incorporation of gender-smart policies at the Fund and investee level and reporting of gender-disaggregated targets.

E&S Category Rationale / Risks and Mitigation

The Fund will focus on subsectors within the key thematic area, i) pharmaceuticals; (ii) healthcare delivery; (iii) medtech; (iv) specialty ingredients; (v) animal health; and (vi) other allied areas.. The Fund will not invest in activities on IFC Exclusion List, coal related projects, and any higher risk activities that may include involuntary resettlement, risk of adverse impacts on indigenous peoples, significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, risk of significant retrenchment or significant occupational health and safety risks. The main E&S risks and impacts of this Project derive from activities of Fund’s investee companies and their E&S capacity and systems in place to manage these risks as well as the fund manager’s capacity to adequately assess E&S risks, require corrective actions where needed, and monitor their implementation. Overall, the E&S risk of the proposed investment is medium, and the project is categorized as FI-2 according to IFC's Policy on Environmental and Social Sustainability. The applicable E&S requirements will be i) the IFC Exclusion List; ii) the relevant national E&S laws and regulations; and iii) the IFC Performance Standards (PS).

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2025.

Investee	Country Of Investment	Sector
ABI Health	India	S-AC- Other Health Services
Fleming Labs	India	G-FA- Pharmaceuticals and Medicine Manufacturing
Geri Care	India	S-AC- Other Health Services
Maiva Pharma	India	G-FA- Pharmaceuticals and Medicine Manufacturing
Map Care	India	S-AC- Other Health Services

The Fund Manager has an ESMS in place. The ESMS provides clear guiding principles for E&S due diligence, risk categorization, corrective action plan, investment conditions, monitoring, and reporting. The ESMS is also benchmarked to the 2012 IFC Performance Standards. The ESMS is currently being reviewed and updated and will be required to reflect additional guidance with regards to exclusion of high-risk investments. An external communications mechanism will be developed as part of the ESMS upgrade. The fund manager engages external qualified consultants to conduct E&S due diligences (ESDD). IFC will review the Fund’s ESDD reports for the first three investments before the Fund makes the investment to support proper ESMS implementation. IFC will also review ESDDs before pro-rata contribution is made by IFC in case of investments already existing prior to IFC's participation in the Fund. IFC will periodically supervise the Fund and its investee companies.

S.no	Title	Anticipated Completion Date
1	Appoint ESMS officer	08/12/2024
2	Upgrade ESMS	08/12/2024

Contacts

For Inquiries About the Project, Contact

Invascent ILSF Manager LLP
Hariharnath Buggana
Chairman and Managing Director

Hari.buggana@invascent.com

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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