India's IDFC targets $400m private equity fundraise
IDFC Alternatives is preparing to launch its latest private equity fund soon, which will have a target of $400 million.
IDFC CEO M.K. Sinha told the Business Standard that the new fund will focus on sectors where the firm has experience, particularly media and telecom, food and agriculture, education, and healthcare.
IDFC will also raise between $200 million and $250 million for a separate real estate-focused fund. This vehicle will invest in mid-market housing products. The third leg of IDFC's investment strategy, infrastructure, is still being served by its Indian Infrastructure Fund II, which closed last year at $900 million. The firm recently bought a 23.5% stake in ONGC Tripura Power Company through the fund.
A number of exits are underway or in the works. Earlier this year the firm agreed to a partial exit from wind and solar power producer Green Infra, selling a 60% stake in the company to Singapore's Sembcorp Utilities for INR10.6 billion ($167 million).
The original investment in Green Infra was made through IDFC's second and third private equity funds in 2008. Private Equity Fund III, the firm's most recent vehicle, closed in 2007 at $700 million.
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