Motilal Oswal PE in $87m second close on new fund
Motilal Oswal Private Equity has reached a second close of INR4.86 billion ($87 million) on its India Business Excellence Fund II, with Squadron Capital reportedly among the investors. The fund is expected to achieve a final close by the end of the year.
The India Business Excellence Fund II has a target size of $175 million and will invest between $10-25 million per transaction. One-third of the fund has been earmarked for PIPE deals.
"We continue to believe in the long-term growth story of India and remain focused on building our businesses towards that objective," the company said in its latest quarterly report. "Our second growth capital PE fund, aimed at pursuing such upcoming growth opportunities in the Indian economy, received good response from both domestic and offshore investors during its second closing."
Motilal Oswal raised $125 million for its maiden fund in 2007, having originally targeted $100 million. The vehicle invests in small- and medium-sized enterprises across India. In March 2011, it committed $10 million to ElectroMech Material Handling Systems, an Indian crane manufacturer.
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