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Investcorp raises Rs 10,000 cr for India
The Economic Times  |  July 22, 2019

Reghu Balakrishnan Mumbai

Global alternative investment manager Investcorp has raised about Rs 1,000 crore for its latest India-dedicated fund.


Investors in the fund comprise a diversified pool of Indian banks, insurance companies, family offices and international fund of funds. The new fund will have its focus on areas such as consumer, financial services and healthcare, according to company executives. The fund has already deployed Rs 270 crore in four companies.


Its portfolio companies include Rajasthan-based ASG Eye Hospital, New Delhi-based value retail chain Citykart, SME and consumer lending NBFC InCred Finance and Mumbai-based co-living space provider Zolo.


Middle East-based Investcorp manages about $27 billion of assets across private equity (PE), real estate, absolute return investments and credit. It marked its entry into India by acquiring the PE and real estate investment businesses of IDFC Alternatives, a subsidiary of IDFC Ltd, in January. Combined assets under management (AUM) of Investcorp’s India PE and real estate businesses are approximately $475 million.


“We are very encouraged by the strong reception by our investor base to Investcorp’s maiden India offering that led to the final close of the fund within five months of our acquisition of the alternatives business from IDFC,” said Rishi Kapoor, co-chief executive, Investcorp. “This validates our conviction in the India investment thesis, focusing in particular on growth capital investing.”