The Netherlands-based Gilde Investment and private sector banking major and Yes Bank, will be jointly setting up a euro 75 million India Lifesciences Fund for exploring opportunities in pharma, healthcare and bio-tech."We are currently working on the legal structure of the Fund and fund-raising will commence in early-2007," Alok Gupta country head (lifesciences & technology) of Yes Bank, said here today.The funds will be primarily raised in Europe where Gilde, which already has two lifesciences funds, has tremendous expertise and network, while a small amount will be mopped up in India, Gupta said.In Europe, the funds will be raised from limited partners who are basically institutional investors while in India, apart from institutional investors, the fund also aims to garner resources from select corporates.The fund will invest in the range of $ 5-10 million in corporates as mandated in the fund's charter "but if we scent a good opportunity, we have the flexibility to invest more," Gupta said.The fund will cater to later-stage companies in the pharma, healthcare and bio-tech segments, which need growth capital. "Nowadays, capital is no longer in short supply. What companies are looking at are partners who understand the industry and can provide access to an international network. In other words, they want a partner who can add value and this is where the fund will essay a major role," Gupta said.
