Investment

Deal of the Week: Indian family office leads co-invest deal worth $100 million-plus

PremjiInvest, the family investment group, has led a $126 million investment round in a Boston-based healthcare group. The deal is indicative of the growing clout of family offices in global private markets. 

Billionaire Azim Premji’s family office co-invested with a number of other family-backed investment groups as well as institutional money in the Series F round for Iora Health, a private healthcare company. 

Two investment groups – F-Prime Partners and Devonshire Investors – linked to the Johnson family and their ownership of Fidelity Investments, together with Cox Enterprises, a holding and investment group owned by the Atlanta-based Cox publishing family participated in the round. 

Big institutional participants included Temasek Holdings, Khosla Ventures, and Polaris Partners. The advancement of the round and the nature of the investment is effectively at a private equity level. 

PremjiInvest, which is based in Bangalore, but has senior staff in Mumbai and Boston, has emerged as one of the world’s biggest family offices in terms of the deals it has done in the last two years. It’s led seven deals in the venture capital sector worth $615 billion since 2018. 

The Premji’s wealth comes from Wipro, a family business started by Azim’s father Mohamed Premji in 1945. Last year the conglomerate, which is also based in Banglore, had revenues of $8.2 billion. 

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