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TVS reaches $113m first close on third India growth fund

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TVS Capital Funds, a PE investment firm sponsored by the TVS Group and Shriram Group, has reached a first close of INR8.3 billion ($113 million) on its third India growth fund.

Commitments to TVS Shriram Growth Fund 3 have come entirely from domestic investors so far, according to a release. LPs include the Small Industries Development Bank of India (SIDBI), which announced earlier this year that it had committed INR2 billion to the fund, along with three other vehicles. The other LPs included several Indian family offices.

The vehicle is targeting a final close of INR12 billion by next year, including a INR2 billion sponsor commitment. Investments will focus on consumption-driven themes across the financial services, food, and lifestyle sectors. The family office investors are also expected to commit up to INR4 billion in co-investments.

TVS Capital Funds was founded in 2007 and has raised nearly INR20 billion across the three TVS Shriram Growth vehicles. Currently the firm is exiting its 2011-vintage second fund and has returned nearly all of the INR6 billion corpus to investors.

Recent exits by TVS include Nykaa, an online beauty retailer to which the firm committed $9 million in 2015 alongside several other investors. Lighthouse Advisors acquired TVS' position earlier this year in a deal reportedly worth INR1.1 billion. TVS also holds stakes in India's National Stock Exchange and energy trading platform India Energy Exchange.

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