India Value Fund Advisors in $500m first close on Fund V
India Value Fund Advisors has reached a first close of $500 million on its fifth Indium fund, which has a hard cap of $700 million.
The fund was launched in November of last year. IVFA announced its first investment from the vehicle, a INR2.2 billion ($35.5 million) commitment to NBFC Magma Fincorp, at the end of March.
IVFA's Indium funds are sector-agnostic, but the firm has significant exposure in the healthcare, infrastructure services, and consumer and media sectors. It pursues both majority and minority stakes in companies.
One of IVFA's significant investments is in radio taxi service Meru Cab, which it launched in 2007 after acquiring parent company V-Link for INR500 million. The firm committed an additional $50 million to Meru in March and is said to be planning to invest $100 million more later this year.
The firm's fourth Indium fund launched in 2009 and closed at around $700 million, a substantial gain from the $400 million third fund, launched in 2006. However, IVFA later reduced the corpus to $600 million, citing changes in the investment environment that required a slower approach than initially planned.
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