India's Edelweiss reaches $205m first close on credit fund
India's Edelwiess Alternative Asset Advisors has reached a $205 million first close on its second credit vehicle, EW Special Opportunities Fund II (ESOF II).
It is the successor fund to the $230m ESOF I, which launched in 2010. In a statement, the GP said the fund will focus on privately-negotiated collateralized credit transactions with risk-adjusted returns. The LP base includes new and existing institutional investors, such as public pension funds and insurance companies.
"Credit is a scalable asset class in India and Edelweiss' investment strategy provides a good way to play the India growth story in a risk-adjusted manner," said Venkat Ramaswamy, executive director and co-head of global asset management for Edelweiss Group.
"Acceleration of India's economic growth has led to an increasing requirement of capital by business owners in India and we are well-positioned to meet their needs and simultaneously providing the fund investors with an opportunity to participate in the company's growth while avoiding equity-like risk."
Edelweiss operates four major businesses areas: credit, financial markets & asset management, life insurance and commodities. Last year it bought Forefront Capital, a Mumbai-based hedge fund management firm focused on high net-worth individuals (HNWIs). More recently, the company hired Pranav Parikh to lead its private equity, seed and venture capital funds business.
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