Bahrain-based alternative asset manager Investcorp has closed its first Indian private equity fund after raising $142 million in capital commitment.
The limited partners that have invested in the fund include Indian banks and insurance companies, as well as family offices and some international fund of funds according to the filing made on the Indian bourse.
So far, the fund has invested $39 million in four Indian companies – Incred, ASG, Zolo and Citykart – and “has a strong pipeline” to deploy the remaining capital over the next 18 months, Investcorp stated.
Co-chief executive Rishi Kapoor welcomed the closing of the maiden Indian fund and said that raising $142 million in a few months was “testament to investor confidence in our market entry approach and investment strategy for India”.
The launch of the Indian fund follows the establishment of a $1 billion European PE fund earlier this year which was launched in partnership with UK private equity firm Coller Capital.
Meanwhile, Investcorp Technology Partners, the firm’s tech investment arm, has acquired a majority stake in Swiss software firm, Contentserv. The deal, for an undisclosed sum, is the sixth transaction to be made from its $400 million Fourth Technology Fund.
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