Tano reaches $97m second close on India fund
Tano Capital has reached a $97 million second close on its latest India-focused vehicle, Tano India Private Equity Fund II, which has a final target of $150 million. The fund will look for growth capital investments in sectors such as infrastructure, consumer, healthcare and manufacturing.
The firm announced its $54 million first close in December 2010, with California-based Charles E. Johnson and family as the anchor investor. Johnson, former CEO of Franklin Templeton Worldwide, founded Tano in 2004. Asia Alternatives Management also committed capital to the fund. At the time, Tano was said be aiming for a second close in March.
The private equity firm, whose India operations are overseen by Carlton Pereira and Hetal Gandhi, launched its debut India fund in 2006, raising $100 million. It has made direct investments in 10 portfolio companies, with an average deal size of $15-18 million, including Icomm Telecommunications, Virgo Engineers, Anil Printers and ABG Motors.
Tano exited two Indian companies in 2010. A minority stake in Ravin Cables was sold to Prysmian, an Italian cable and support services company, in January, earning Tano an IRR of 18% on its initial $3.4 million investment. The firm's holding in Shilpa Medicare was sold off in tranches, with a final exit in August, reportedly generating a 4.5x return on an initial $2 million investment.
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