SAIF India set for $350m final close on second fund
SAIF India has raised $350 million for its second fund since spinning out from SAIF Partners in 2011. The vehicle is oversubscribed and a final close is scheduled for early December.
The LP base is largely the same as the previous fund - which was drawn from the SAIF Partners advisory board - although a source familiar with the situation told AVCJ there are a few new investors. SAIF India also raised $350 million for Fund I in 2011.
SAIF Partners has been investing in Greater China and India since 2001 under a predominantly opportunistic strategy, providing capital across multiple rounds through seed, venture and growth equity. The India team, led by Ravi Adusumalli has invested in the likes of MakeMyTrip and Just Dial, both of which went public, and CSS Corp, which was sold to a Partners Group-led consortium last year.
Not long after SAIF Partners closed its fourth fund at $1.3 billion in late 2010, the India team spun out. Existing LPs backed SAIF India's first fund, as did SAIF Partners IV itself, which wanted to retain approximately 20% exposure to India.
SAIF India has backed around 26 companies since 2011. Investments from this year include online kids and baby care products retailer FirstCry, cinema and events ticketing site BookMyShow, furniture and decorating specialist Urban Ladder, and jewelry retailer Senco Gold.
Another portfolio company, Indian television shopping network HomeShop18, pulled out of a US IPO this month. This followed the acquisition of Network18, HomeShop18's ultimate parent, by Reliance Industries.
Not including SAIF India, which has yet to finalize its close, private equity fundraising for India-focused vehicles stands at $2.4 billion so far in 2014, up from $1.9 billion in last year.
The 2014 running total still trails 2012 and 2011, but suggests a turnaround in India fundraising. IDFC Alternatives closed its latest infrastructure fund at $900 million, while AION India raised $825 million for a special situations vehicle, and Sequoia Capital received commitments of $530 million for its fourth India VC fund.
A number of Indian GPs are either currently in the market or expected to return with new funds over the next year, including Everstone Capital, Gaja Capital, ICICI Venture, CX Partners, India Value Fund Advisors and Multiples Alternative Asset Management.
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