Tata Capital closes Opportunities Fund at $600m
Tata Capital has closed its Tata Opportunities Fund (TOF) with $600 million in commitments, short of its target of $1 billion. The fund was launched back in March 2011, with the mandate of investing within the Tata group of companies and also in Indian companies outside it.
In a statement Tata Capital described TOF as being one of the largest ever debut funds to target Indian investments.
The fund's LPs include around 10 global institutional investors from North America, Asia and the Middle-East. Among them are sovereign investors, financial institutions, global corporates and high net-worth families.
Tata Capital said it investors would take part in co-investments alongside the fund on a mutually discretionary basis.
According to AVCJ research, the Japan Bank of International Cooperation is among the fund's investors.
The fund is sector agnostic and seeks to provide growth and buyout capital in deals ranging from $50 - 200 million. In March 2011, the fund invested INR2.2 billion ($48.74 million) in Roots Corporation, a subsidiary of Tata Group's The Indian Hotels Company Limited (IHCL), which runs the budget Ginger Hotels chain.
Mukund Rajan, former managing partner of Tata Opportunities Fund, told AVCJ in February that "given the growth trajectory of the Tata Group in recent years, PE is emerging as an important source of risk capital."
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