Everstone Capital: Mid-market private equity across India and Southeast Asia

Everstone Capital is the private equity business of the Everstone Group, a global investment firm whose assets under management exceed USD 8 billion. Headquartered in Singapore with seven offices globally — Singapore, Mumbai, New Delhi, Gurgaon, New York, Dubai and Mauritius — the firm invests with a control mindset and growth bias in businesses with a nexus to India and Southeast Asia, wherever they may be headquartered.

Investment thesis

Everstone backs mid-market companies where operational expertise and strategic capital can drive long-term, sustainable growth. The firm favours control-growth and cross-border opportunities, and explicitly ties impact to returns — its partnership with the International Finance Corporation (IFC) includes adopting IFC's rigorous ESG Performance Standards across the platform.

Sectors & stages

Focus sectors: technology, healthcare, financial services, consumer and industrials. Stages: mid-market buyouts and growth investments, typically taking control or significant minority positions.

Fund & cheque sizes

The firm's fifth fund, Everstone Capital Partners V (Fund V), is targeting $800 million. In November 2025 the IFC committed $100 million to the platform — about $60 million earmarked for Fund V plus co-investment capital — following IFC's $50 million commitments to each of Everstone's Fund III and Fund IV. Earlier funds raised: $425 million (Fund I, 2006), $580 million (Fund II, 2010), $730 million (Fund III, 2016) and an approximately $300 million bridge Fund IV.

Notable portfolio

Everstone acquired a majority stake in Wingify — one of India's most prominent software buyouts — backing a SaaS company with over $50 million in ARR; founder Paras Chopra stayed on as shareholder and board member, with IFC co-investing $10 million. Other technology investments include Apexon, Acqueon (majority stake sold to Long Ridge Equity Partners), Omega Healthcare, Everise and MediaMint. The firm exited Omega Healthcare to Ontario Teachers' Pension Plan for $800 million, sold Sahyadri Hospitals to Ontario Teachers' (subsequently acquired by Manipal Hospitals for ₹6,400 crore), and has invested in Restaurant Brands Asia, the Burger King India franchisee.

Partners & team

Co-founded in 2006 by former Goldman Sachs executives Sameer Sain (Co-founder and CEO of the Everstone Group) and Atul Kapur, with Avnish Mehra serving as Vice Chairman and head of private equity.

Programs run

Everstone runs no founder accelerator; its platform support comes through in-house operating resources and its ESG and impact framework developed with the IFC.

How to approach

Everstone engages mid-market companies for control or significant-minority investments — best approached through investment bankers with a clear operational-improvement thesis.