Everstone closes third India fund at $730m
Everstone Group has closed its third fund – which focuses on India as well as overseas businesses that benefit from rising Indian domestic consumption – above target at $730 million.
Everstone Capital Partners III reached its institutional hard cap of $700 million, with the additional contribution coming from the GP and its affiliates. Existing investors account for the majority of the corpus, including public pension plans, insurance companies, endowments and select asset managers.
Half the capital comes from investors based in North America, with European groups putting in 37%. Confirmed LPs include the International Finance Corporation (IFC), which committed $50 million. The initial target for the vehicle was $650 million.
Everstone's second fund closed at $580 million in 2010 with the likes of HarbourVest Partners, Denmark-based Industriens Pensionsforsikring, and Maryland State Retirement and Pension System appearing on the LP roster, according to AVCJ Research. The first fund closed at $425 million in 2006.
"We are very grateful for the continued trust and support our investors have shown our institution. With multiple offices and a large talented and experienced team, we intend to continue with our proven strategy of building exceptional businesses in India and a few other select and targeted geographies," Sameer Sain, co-founder and managing partner at Everstone, said in a statement.
The firm now has $3.3 billion under management, with nearly 200 people working out of offices in Singapore, Mumbai, New Delhi, Bangalore and Mauritius.
Everstone recently agreed to buy India-based Hindustan Unilever's bread and bakery business, emphasizing its focus on consumer assets. The private equity firm has set up two holding companies for its food and beverage businesses: Pan India Food Solutions owns several domestic restaurant chains, while F&B Asia includes the Burger King India franchise, the Harry's bar chain, and Domino's Pizza in Indonesia.
Campbell Lutyens acted as placement agent for Everstone Capital Partners III with Akin Gump serving as lead counsel.
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