India VC Reservoir reaches final close on maiden fund
Indian early-stage investor Reservoir Investment Managers has reached a final close on its maiden fund, Exfinity Technology Fund - Series I (ETF-I) at INR1.25 billion ($20 million).
The GP announced a first close of INR1 billion in June and, with the green shoe option, it has now collected INR25 million more to close the fund. The vehicle has a five-year life span with an option of two one-year extensions. It has a hurdle rate of 12% with a 2% management fee and 15% carried interest.
According to VC Circle, the fund is targeting businesses looking to establish a global footprint in sectors such as big data and analytics, cloud computing, app development, e-commerce, education and healthcare. Four deals are already said to be near closing.
Reservoir was formed last year by several Indian IT industry veterans, including Infosys executives V. Balakrishnan and Mohandas Pai. The management team is led by Shailesh Ghorpade, who previously launched realty investment firm Azure Capital.
Balakrishnan and Pai also recently invested in Unitus Seed Fund and a technology accelerator vehicle called the Habit Fund. The latter is also raising a sector-agnostic private equity fund along with Ranjan Pai of Manipal Group.
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