New Delhi, June 10 -- Healthcare-focused private equity firm Somerset Indus Capital Partners has elevated a senior executive to partner after recruiting him from a mid-market private equity firm.

Vaibhav Doshi, who joined Somerset almost two years ago, has been promoted to a fund partner from executive director, the PE firm said Wednesday.

Doshi joined Somerset from the Malaysia-headquartered PE firm Creador, which focuses on investments in South and Southeast Asia, in July 2024.

Doshi has nearly two decades of experience, spanning across venture and private equity. In the past, he has worked with several financial services companies, including Edelweiss Financial Services, Anand Rathi Securities, Citi Venture Capital International, and Motilal Oswal Securities Ltd.

He is an alumnus of the Indian School of Business, Hyderabad, and the University of Mumbai.

"His sense of ownership in all fund activities and his keenness to institutionalise show his ability to lead the Somerset franchise in the coming years," wrote Mayur Sirdesai, managing partner at Somerset, in a social media post.

Apart from Sirdesai and Doshi, Somerset's top deck also includes partners Avinash Kenkare, Ramesh Kannan and Sharad Ladha.

Doshi's elevation follows Somerset raising its third fund, which exceeded its initial target of $250 million (around Rs 2,125 crore). The firm marked the final close of its third fund in March after raising close to $288 million.

The fund received backing from both existing and new limited partners including development finance institutions, investment firms, domestic financial institutions, insurance companies, funds of funds, family offices, and impact investors across Europe, the US, and Southeast Asia.

VCCircle reported last year that Somerset was exploring new opportunities and themes in the sector while continuing to invest in areas such as hospitals, clinics, pharmaceuticals, and diagnostics, taking a more nuanced approach by exploring subsectors.

Somerset is an investor in homegrown healthcare companies such as Genworks, Global Pharma, Sterling Hospitals, Krsnaa Diagnostics, and Emil Pharmaceutical Industries, among others.

Published by HT Digital Content Services with permission from VC Circle.