Avigo closes third fund at $240 million
Delhi-based Avigo Capital Partners has closed its Avigo SME Fund III at $240 million, to be committed to investments into mid-market firms, according to reports.
The fund has reportedly made two investments already, to companies in the energy and digital media sectors, totaling more than $27 million, and will continue to target firms linked to manufacturing and infrastructure services, as well as media and retail, Avigo's Managing Partner Achal Ghai told media.
The Avigo SME Fund III made its first close in May 2009 after raising $165 million. According to Indian reports, key investors include Australia's Aria Pension Fund; Squadron Capital from Hong Kong; IFC and Export Development Canada; Siguler Guff from the US; and CDC Group and Prudential Portfolio Managers, both from the UK.
Avigo aims to invest in 12-14 companies from the fund within the range of $7-10 million, reports add. The fund follows the firm's $125-million Avigo SME Fund II, which has been fully invested following its induction in 2007.
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