IFC considers $25m commitment to Motilal Oswal PE fund
The International Finance Corporation (IFC) is considering an equity investment of up to $25 million in Motilal Oswal’s India Business Excellence Fund IIA, which offers growth equity capital to small- and medium-sized enterprises (SMEs) in India.
The firm is looking to raise INR9 billion ($166 million) for the fund, which reached a second close of INR4.86 billion in August 2012.
According to an IFC disclosure, the investment focus will be on high growth businesses in tier-two and tier-three cities, and on sectors that benefit from demand led by domestic consumption and infrastructure enablers.
The fund has already begun investments, deploying INR350 million in Magicrete Building Solutions, the Surat-based manufacturer of autoclave aerated concrete blocks. The firm also paid INR373 million in March for a 16.92% stake in Indian SME lender Intec Capital.
Motilal Oswal raised $125 million for its maiden fund in 2007, having originally targeted $100 million. The firm has made partial exits from this fund, IBEF I, including Indian non-banking financial company Au Financiers, and dairy firm Parag Milk Foods.
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