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India's OIJIF reaches $220m first close on second fund

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The Oman India Joint Investment Fund (OIJIF), an India-focused GP sponsored by the State General Reserve Fund of Oman (SGRF) and the State Bank of India (SBI), has reached a first close of $220 million on its latest fund.

The capital was primarily raised from SBI and SGRF, according to OIJIF Investment Director Ajay Limaye. The backers committed a combined $200 million, with the remainder coming from other domestic and international LPs. OIJIF is targeting a final close of $300 million by the end of 2017, with an overallotment option of $50 million.

Like the firm’s first fund, which closed in 2012 at $100 million, the new vehicle will provide growth capital to Indian mid-market companies. The firm is planning investments of $20-40 million from the new fund, and expects to allocate some of the capital to follow-on rounds in existing portfolio companies. It will also pursue buyout opportunities, particularly carve-outs from Indian conglomerates.

Investments from OIJIF’s first fund include a INR950 million ($15.3 million) commitment to agro-chemicals company GSP Crop Science and a INR720 million investment in explosives maker Solar Industries. It also holds a stake in footwear maker and retailer SSIPL Retail, which filed for a INR720 million IPO in 2015.

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