Kotak Mahindra applies for Singapore office
India’s Kotak Mahindra Bank, whose parent has been an active private equity investor, is looking to open its first overseas branch, in Singapore.
According to Reuters, Kotak Mahindra has submitted license filings for the office to India's central bank, ahead of seeking approval from Singapore's Monetary Authority.
The news comes three months after Kotak Mahindra Group announced a ramp up of its private equity activities via the launch of two funds. In March, Kotak Mahindra announced that it would raise $300 million for an infrastructure-focused private equity fund in India, adding that capital commitments had already been made by Brookfield Asset Management in Toronto, Sumitomo Mitsui in Tokyo, and Kotak itself. That same month, the group also announced that it would raise up to $500 million for a real estate vehicle.
According to the fund, the group's private equity activities span multiple industries, largely focused on mid-cap growth opportunities. Its average initial investments fall between $15 and $40 million. In 2008, the group launched the Kotak India Growth Fund II, with a total corpus of $440 million.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.