IndEU to close debut India fund at $70m
IndEU Capital, a France-based private equity firm, will close its debut India-focused fund at $70 million before the end of the year.
LPs include family offices and private investors from regions such as Western Europe, Southeast Asia and the Middle East, Francois Arpels, managing partner of IndEU Capital, told Business Standard. An onshore fund that would raise capital from domestic investors, is also under consideration.
The new fund, which targets the lifestyle and luxury segment, is expected to announce its first investment in the first quarter of 2016. The plan is to back 12-14 companies, with each one receiving between $1 million and $8 million.
"Our focus is to invest in made-in-India lifestyle to luxury companies that target the mid-to-luxury segment with an enterprise value of not more than $20 million. While our focus is to invest in companies that have Indian roots, we would not be looking at ethnic brands that do not fit our international rollout strategy," Arpels added.
IndEU has identified 300 potential investee companies in areas such as cosmetics, apparel, interior decoration, e-commerce, jewelry and accessories.
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