Exit of the Year – Small Cap
(Equity commitment on entry – below USD 50m)

Apex Hospitals (Somerset Indus Capital Partners)

Somerset Indus Capital Partners exited its minority stake in India-based multi-specialty hospital chain Apex Hospitals to InvAscent for INR 2.3bn (USD 26.1m) in October 2025, securing a 4x return. The sponsor invested in 2019 and worked in partnership with the founding family to execute a three-part value creation plan: growing the business from two hospitals to seven; implementing a low-cost yet profitable operational model in line with government regulations; and introducing more technology solutions, including tele-ICU, which helps remote diagnosis and treatment of critical patients. Margins grew twofold during the holding period, while revenue and EBITDA both increased fourfold.

Eucalyptus Health (Airtree, Blackbird, Bond Capital, NewView Capital, One Ventures, W23)

Eucalyptus Health, an Australia-based telehealth platform, was sold to US-listed Hims & Hers Health in June 2026 for AUD 1.6bn (USD 1.15bn). The transaction – comprising USD 240m in cash plus deferred and performance-based earnouts – facilitated exits for the likes of Airtree, Blackbird, Bond Capital, NewView Capital, One Ventures, and W23. Blackbird first backed the company in 2019, paying AUD 1.5m for a 15% stake. It re-upped several times, including a Bond-led round at a AUD 560m valuation in 2023, and held 26% by time of exit. Blackbird’s USD 300m in proceeds are 2x the fund that made the initial investment.

Shinpachi (J-Star)

J-Star exited Shinpachi, a Japan-based seafood restaurant chain, to domestic industry major Skylark for JPY 11bn (USD 70m) in April 2026. The investment was said to have generated well above the targeted 3x return. Shinpachi was carved out from Echigoya, a diversified restaurant group facing financial problems, in 2017. J-Star committed capital from its third fund of JPY 32.5bn, taking an approximately 90% stake. At entry, Shinpachi had 27 stores in the Tokyo area and revenue of JPY 2bn. By exit, it had grown to 108 outlets nationwide, generating net sales of JPY 6.45bn and net income of JPY 300m.

SirionLabs (Avatar Growth Capital Partners, Brookfield Asset Management, Partners Group, Peak XV Partners, Tiger Global Management)

Haveli Investments acquired an up to 90% stake in India-based contract lifecycle management software provider SirionLabs at a valuation of approximately USD 1bn in February 2026. The transaction facilitated exits for the likes of Avatar Growth Capital Partners, Tiger Global Management, Peak XV Partners, Partners Group, and Brookfield Asset Management. Avatar committed USD 21m to the company, deploying 25% of its debut fund as co-lead of a USD 44m round in 2020 and re-upping in a Partners Group-led USD 85m round in 2022. The investment delivered a 38% gross IRR and a 3.5x multiple, returning 100% of the fund.

Wellbeing Nutrition (Fireside Ventures)

Fireside Ventures exited Wellbeing Nutrition, an India-based health and wellness business, when USV Pharma acquired a 79% stake in the business at an approximately INR 15.8bn (USD 175m) valuation in March 2026. The sponsor received proceeds of more than INR 3bn, said to equate to a 15x return. Fireside first backed Wellbeing Nutrition in 2021, leading a USD 2.2m Series A round. It re-upped when Hindustan Unilever led a USD 10m Series B the following year. The two investors ended up holding just under 40%, split roughly equally. Founded in 2019, Wellbeing Nutrition is a direct-to-consumer platform that sells nutraceuticals.