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IndiaCo Ventures to raise $500 Million
By siliconindia
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Mumbai: IndiaCo Ventures, a Pune based private equity and venture capital firm, is planning a $500 million India Growth Opportunity Fund (IGOF) after spending most of the last year helping its portfolio companies deal with the recession, reports DNA Money.
The company could not raise funds previously sensing difficult times and decided to concentrate more on the portfolio companies, informed Rahul Patwardhan, Vice-Chairman and Managing Director, IndiaCo Ventures.
"A lot of time was spent towards helping them deal with the economic slowdown. Now that the housekeeping work is more or less completed and the business sentiments have significantly improved, we decided to raise funds," said Patwardhan. The venture aims to start raising funds from December 2009 from investors in the U.S. and the UK and expects the first close by March-April 2010.
IGOF will focus on small and medium sized firms and will invest the entire raised sum over four years from the time of the final close. "The idea is to provide superior returns to our investors through our knowledge capital and experience in restructuring and growing business," said Patwardhan.
The fund will invest in private and public listed companies in sectors like cleantech, telecom services, defence and aerospace in addition to manufacturing, healthcare and IT solutions. The size of the investment will be in the range of $10-50 million.
The shareholder's pattern would be a mix of minority and majority stakes and in some cases even 100 percent shareholding, though not necessarily leveraged buyouts.
