Motilal Oswal PE taps overseas, domestic LPs for $155m fund
Motilal Oswal Private Equity (MOPE) has closed its India Business Excellence Fund II (IBEF-II) at $155 million (INR10 billion).
The growth capital fund was launched in July 2011, and has raised $105 million from international investors and $50 million from domestics.
The fund will invest in 12-15 mid-market companies, with the preferred themes of domestic consumption, financial services, healthcare and niche manufacturing and infra services.
MOPE has already made two investments from the fund - in March it put INR350 million into Magicrete Building Solutions, India's second largest manufacturer of Autoclave Aerated Concrete (AAC) Blocks, and bought a 16.92% stake in non-banking financial company Intec Capital for INR373 million.
The first fund in the series, the INR5.5 billion IBEF-I launched in 2006 and invested in 13 companies, including AU Financiers, Parag Milk Foods and GR Infraprojects. It has returned 40% capital back to its investors so far.
In addition to the growth capital funds it also manages an INR2 billion real estate fund.
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