India's Next Orbit seeks $750m for VC fund
India-based Next Orbit Ventures (NOV) is targeting $750 million for its second fund, which will target the electronics systems design and management.
Ajay Jalan, NOV's managing partner, said the firm would raise $300 million by March of next year and the remainder by June, according to multiple reports linked to from the NOV website. The firm raised $140 million for its debut fund two years ago and has invested or committed $60 million.
Jalan added that plans for Fund II were accelerated due to an opportunity to participate in one of two consortia that have won a mandate to build a fabless semiconductor manufacturing plant. Up to $150 million from the new fund has been earmarked for this investment.
The rest of the capital will be invested - in smaller increments - in ancillary units surrounding the plant as well as in industries such as LEDs, solar power and the internet of things.
NOV claims to have 12 portfolio companies and a further eight that are now listed. The portfolio's market capitalization is $440 million, which equates to net asset value growth of 3.64x.
More on Fundraising
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.