Exhilway to invest $1b in India via Global Opportunities Fund
Exhilway Global, a US-based hedge fund and emerging markets private equity GP, is looking to invest $1 billion in India as it prepares to launch its Exhilway Global Opportunities Fund (EGO) next month - targeting $2 billion.
According to a release, the firm claims EGO to be the first-ever hybrid private equity fund, giving investors a minimum debt return plus unlimited potential to make money over the equity pledged by the promoters of the investee companies.
The fund - which is looking to raise capital from accredited investors based in US, Canada and UK - says it has confirmed commitments worth $70 million from several large investors. Exhilway is raising the fund in the US through general solicitation - as permitted, with additional compliance burdens, under reforms announced in the JOBS Act - and plans to spend $30 million on digital marketing.
The fund has a tenure of five years and willl target an annual return of 20%.
"India is an exciting investment destination; the PE market in India is still small but is booming. The middle class is aspirational and believes in spending. The rise in demand will give birth to many successful businesses," said Ajay Garg, CEO of Exhilway's India operations.
Exhilway - which is headquatered in Texas - was first set up in 1974 as a hedge fund and moved into private equity last year.
The firm has a pool of over 11,000 investors and manages $1.4 billion in assets. In addition, it trades across global markets generating an average yearly turnover of $107.6 billion. In December it will launch its alternative trading platform - Exhilway Link. It has offices in the US, India and the UK.
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