Kotak Mahindra reaches $90m first close on India infra fund

According to a statement, the Core Infrastructure India Fund, will invest in companies engaged in power, transportation, water supply, waste management and gas distribution. The fund has also received commitments from the Japan Bank for International Co-operation (JBIC) and an unnamed insurance group.

Kotak, SMBC and Brookfield have contributed more than $50 million to first close with the fund targeting a hard cap of $250 million.

"We are delighted to announce the first close of our India dedicated infrastructure fund," said C. Jayaram, joint managing director at Kotak Mahindra. "This is an important milestone for the Kotak Mahindra group as we are now in a position to address a significant market opportunity as well as add a key platform to our existing alternate assets business."

SMBC is the core financial institution of Japan's second largest financial services group by market capitalization, with a significant presence in infrastructure project finance globally. Brookfield is a global alternative asset manager with more than $175 billion in assets under management.

With the Indian government's latest Five-Year Plan calling for $1 trillion in infrastructure investment, the sector has become a popular target for private equity investment, particularly in the water supply segement.

However, many LPs are still cautious about investing in a space that so far lacks a history of successful exits. This was evidenced by Nomura postponing its India infrastructure fund earlier this year. 

 

 

 

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• Topics
• South Asia
• Fundraising
• Infrastructure
• Infrastructure
• Infrastructure India
• India
• Fundraising
• Kotak Investment Advisors
• Sumitomo Mitsui
• Brookfield Asset Management