India's ICICI Venture reaches $190m first close on new fund

The fund, India Advantage Fund (IAF) IV, launched in 2014 with a target of $500 million, according to AVCJ Research. So far commitments to the fund have come mostly from existing investors, ICICI said in a statement, including a large Asian sovereign wealth fund. Investments will focus on late stage growth and buyout investments in Indian companies.

ICICI's third fund, IAF III, launched in 2007 and closed in 2011 at $400 million. Its investments include staffing services company TeamLease, to which it committed INR1 billion ($22.5 million) alongside Gaja Capital in 2011. Both companies part-exited their TeamLease investments in the company's IPO earlier this year; it was the third exit for IAF III.

Currently ICICI has more than $3 billion in assets under management, including $1.7 billion in private equity, $625 million in real estate and $1 billion in special situations through AION, a joint venture with Apollo Global Management. The firm has realized $1.3 billion in exits across its three IAF funds since 2005.

"By growing core practices, our aim is to add more cash reserves that are ready for fresh capital deployment, as opportunities arise," said Prashant Purker, managing director and CEO of ICICI Venture. "By utilising multiple strategies and going beyond waiting for capital markets for exits, secondary deals and strategic sales, we have managed to create a strong exits and investments pipeline."

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• Topics
• South Asia
• Growth
• Buyout
• Fundraising
• India
• ICICI Venture Funds Management Company