14 February 2024
Apis Growth Fund I Partially Exits Position in Star Health
London, 13th July, 2023: Apis Growth Fund I (“the Fund”), a private equity fund managed by Apis Partners LLP, a UK-based asset manager that supports growth stage financial services and financial technology businesses, today announced the successful partial exit of its position in India-based private health insurer Star Health & Allied Insurance Co. Ltd. (“Star Health”, “the Company”). The fund sold US$51 million of shares in Star Health, representing approximately 24% of the Fund’s remaining stake in the Company. The Fund invested in Star Health in 2016 and remained a shareholder in the Company following its IPO in late 2021.
Star Health was founded in 2006 and is the largest stand-alone private health insurer in India. The Company has the deepest distribution network among health insurers with a presence across all Indian states of the country, and has been a key enabler of improving access to quality healthcare at affordable rates for mass-market customers in India.
Apis Partners has been a strong supporter of the growth and success of Star Health and remains committed to supporting the Company. Apis Partners’ key focus is on investing limited partners’ capital to create not only financial returns but also social returns on an investment, maximising ESG and Impact performance. This can be demonstrated by Star Health having provided health insurance and quality healthcare to over 170 million lives since inception.
About Apis Partners
The Apis Group (“Apis”) is an ESGI-native global private equity and venture capital asset manager that supports growth-stage financial services and financial infrastructure businesses by providing them with catalytic growth equity capital. Collectively Apis, through its team of approximately 40 professionals with deep industry expertise, manages or advises on total committed capital from investors (including drawn and invested capital) of US$1.2 billion.
Including its headquarters in London, Apis has representation in eight countries across Europe, Asia, and Africa. Apis is highly conscious of the developmental impact that the provision of growth capital for financial services and financial infrastructure businesses in growth markets can achieve, and as such, financial inclusion is a core tenet of Apis’ approach and investment mandate. Apis became a signatory to the United Nations-backed Principles for Responsible Investment (UNPRI) upon inception of the firm in 2014.
About Star Health
For more information on Star Health please see https://www.starhealth.in/about-us/
Stephanie Mullard: email@example.com