ASK Group, Pravi Capital to launch joint PE fund
Mumbai-based financial services firm ASK Group has teamed with Pravi Capital Advisors to launch a private equity fund, with a view to investing $200 in domestic companies.
According to LiveMint, the fund aims to spend $10-15 million on stakes ranging from 25-80% in target companies. ASK and Pravi will each commit $2 million into the fund, and the vehicle will begin raising the fund in two weeks' time after filings are submitted to the Securities and Exchange Board of India.
ASK will oversee the fund's capital raise while Pravi will manage its daily operations, the newspaper continued.
Pravi Capital launched last year after Jayanta Banerjee, who was formerly ICICI Venture's president of private equity practice, and ICICI directors Anand Vyas and Sunay Mathure left the bank-backed private equity invest in May 2010. According to reports at the time, the departures came as ICICI sought to raise a new $500 million infrastructure fund.
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