Update: Westbridge fund makes four investments
WestBridge Capital’s evergreen fund, closed in August, has made its first investments in four listed companies.
The INR2.5 billion ($500 million) vehicle. raised from global LPs, represents the first evergreen vehicle in the Indian market.
WestBridge Crossover Fund was raised in just a few months and will have a lifespan of 20 years, which may be extended by 10 years or more, depending on its success. Any proceeds from exits will be reinvested into the capital pool.
However, LPs - which include university endowments and foundations - are subject to a lock-in period during which they cannot withdraw their commitments. No single investor holds a stake of more than 13%.
The fund is managed by Sumir Chadha, the firm's founder and managing director, alongside K.P. Balaraj, S.K. Jain and Sandeep Singhal, all of whom spun out from Sequoia Capital in February to relaunch Westbridge.
Chadha has said he is hoping for net annual returns of 17-18% for listed and late-stage investments.
Westbridge's investment policy is to be the second largest stakeholder (after the founder) in its investee companies. Equity ticket prices range from $10-$50 million.
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