Templeton to raise $100m India PE fund
Franklin Templeton is looking to raise up to INR6 billion ($100 million) for its second India-focused private equity fund.
The vehicle will source most of it commitments from high net worth individuals (HNWIs) in India.
Like its predecessor, the fund will be managed under the Franklin Templeton Private Equity Strategy (FTPES) by Darby Asia Investors (DAI), an Asian mezzanine affiliate of Templeton private equity unit Darby Overseas Investors. The previous vehicle reached a final close of INR5 billion in 2008.
Deepa Sankaran, managing director at DAI, told the The Business Standard that the new fund will be a mezzanine fund with a long-term horizon. It is expected to be structured in the same way as the 2008 vehicle; a closed-end, rupee-denominated fund which backed high-growth, mid-sized unlisted companies.
This current vehicle - called the FTPES fund - is in its divestment period, having made eight investments.
In November, FTPES exited its stake in biotech firm Symbiotec Pharmalab to Actis for an undisclosed sum. Darby made a INR450 million investment in the company September 2011. Actis then acquired a significant minority stake for $48 million in October before increasing its holding by buying Darby's interest.
Last month, Franklin Templeton reached a final close of more than $220 million on its latest emerging markets fund - Templeton Strategic Emerging Marketing Fund IV (TSEMF IV). The vehicle, which launched in March 2012 with a target of $300 million, has made three investments.
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