AVCJ

Investcorp raises $145m for IDFC India PE fund

  • LinkedIn  
  • Google plus  
  • Save this article  

Investcorp has reached a final close of INR10 billion ($145 million) on the second private equity fund of IDFC Alternatives. The Bahrain-listed asset management firm acquired IDFC's PE and real estate businesses last year.

The IDFC acquisition marked Investcorp's entry into India, giving the firm a ready-made India investment platform with combined assets under management (AUM) of nearly $450 million. IDFC launched its second PE fund in 2016 and reached a first close of $100 million the following year.

In a statement, Investcorp said the fund has already deployed INR2.7 billion in managed accommodation platform Zolo, non-banking finance company InCred Financial Services, retail chain Citykart, and eye clinic operator ASG Eye Hospital. IDFC invested in each company prior to the Investcorp acquisition.

LPs in the fund include Indian banks, insurance companies, and family offices, as well as international fund of funds. Investcorp plans to deploy the balance of the fund over the next 18 months, focusing on consumer, financial services, and healthcare opportunities. The goal is to bring overall AUM for India to $1.5 billion within five years.

Investcorp has global AUM of around $27 billion across private equity, real estate, credit, and absolute returns. Along with India, the firm also entered China last year through a $150 million commitment to China Everbright's New Economy Fund.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on South Asia

Latest News

Asian GPs slow implementation of ESG policies - survey
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...

  • GPs