Key Takeaways
- • Everstone AMC, part of Everstone Group, raised Rs 1,700 crore ($179.3 million) in the first close of its private equity fund, according to the primary source.
- • The fund will target mid-market Indian companies through growth deals that give it control or a significant say in the businesses.
- • Capital commitments came from domestic investors and NRIs, family offices and high-net-worth individuals in India; the fund was launched three months before the close.
- • The fund plans to invest in 7-10 companies across healthcare and pharmaceuticals, technology and industrials, deploying capital over the next four years.
- • The total target size of the fund could not be ascertained, while Everstone Capital's separate fifth flagship fund is targeting an $800 million corpus.
Summary
Everstone AMC, the asset management arm of Everstone Group, has raised Rs 1,700 crore ($179.3 million) in the first close of its private equity fund, according to the original report. The fund will invest in mid-market Indian companies, focusing on growth transactions that give it control or a significant say in portfolio businesses. The fund's total target size could not be ascertained.
The fund was launched three months ago and has secured capital commitments from domestic investors and non-resident Indians (NRIs), family offices and high-net-worth individuals (HNIs) in India. Vibhor Gujarati, CEO at Everstone AMC, said the firm's focus is on establishing a differentiated platform of choice for domestic investors as it builds out its asset management business.
Everstone AMC plans to invest in 7-10 companies across healthcare and pharmaceuticals, technology and industrials. The firm said it has identified several investment opportunities, some already at an advanced stage of due diligence, and expects to deploy the fund's capital over the next four years.
Everstone Group, founded in 2006, is one of India's leading alternative investment groups, managing Rs 1 lakh crore in assets across private equity, infrastructure, credit and venture capital. While this is a domestic fund, Everstone Capital's other investment vehicles are domiciled in Singapore. The private equity firm is currently raising its fifth flagship fund, targeting a corpus of $800 million. Everstone Capital's portfolio includes SaaS company Wingify, Calibre Chemicals, Innoveo and Sula Vineyards, among others.
The fund was launched three months ago and has secured capital commitments from domestic investors and non-resident Indians (NRIs), family offices and high-net-worth individuals (HNIs) in India. Vibhor Gujarati, CEO at Everstone AMC, said the firm's focus is on establishing a differentiated platform of choice for domestic investors as it builds out its asset management business.
Everstone AMC plans to invest in 7-10 companies across healthcare and pharmaceuticals, technology and industrials. The firm said it has identified several investment opportunities, some already at an advanced stage of due diligence, and expects to deploy the fund's capital over the next four years.
Everstone Group, founded in 2006, is one of India's leading alternative investment groups, managing Rs 1 lakh crore in assets across private equity, infrastructure, credit and venture capital. While this is a domestic fund, Everstone Capital's other investment vehicles are domiciled in Singapore. The private equity firm is currently raising its fifth flagship fund, targeting a corpus of $800 million. Everstone Capital's portfolio includes SaaS company Wingify, Calibre Chemicals, Innoveo and Sula Vineyards, among others.
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