Everstone set to close $550m fund

The $550 million figure is the vehicle's decided hard-cap, the source added, but to meet the "heavy demand" for investments, LPs may readjust their contributions in order to accommodate the number of investors. The source added that Everstone sought to adhere to the hard-cap because of its focus on midmarket companies, saying that "discipline" and keeping the size of investments "reasonable" provide consistent returns.

The source noted the fund investors are entirely based overseas, from institutions including endowments, sovereign wealth funds, pension plans, family offices and fund of funds.

Everstone's first fund closed in September 2006 at $425 million, and maintains a focus on mid-cap companies related to India's consumer and infrastructure-support sectors. The group's average investment size is $20-$40 million. Its second fund will also follow this model. The fund, Indivision I, is touted as the largest first-time private equity fundraise in India.

In August, reports surfaced that Everstone made the first close of its new fund after raised raising half of its intended $550 million figure.

 

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• Topics
• Fundraising
• South Asia
• Everstone Capital