Everstone Scouts For New Ventures With $730 Mn

NEW DELHI: The Singapore-based private equity giant Everstone is looking to invest heavily in India and a few other markets after raising $730 million (nearly 5,000 crore) for its third PE fund.

The $3.3-billion group, which focusses on India and South-East Asia, exceeded estimates with closing of its Everstone Capital Partners III fund at $730 million.

"This fund-raising comprises $700 million of LP (Limited Partner) capital from leading institutional investors and an additional $30 million commitment from Everstone and its affiliates. Institutional demand significantly exceeded capacity, resulting in the fund closing at its hard cap," the PE giant said in a statement.

Everstone Group's Co-founder and Co-Managing Partner Sameer Sain said the investors have shown continued trust and support in the latest round.

"With multiple offices and a large talented and experienced team, we intend to continue with our proven strategy of building exceptional businesses in India and a few other select and targeted geographies," he added.

Investors who had backed Everstone previously committed the majority of the capital in the latest round too, either by maintaining or increasing their commitment sizes.