Edelweiss Wealth Management on Tuesday announced the launch of its third fund of target corpus Rs 5,000 crore ($700 million) that aims to bet on late-stage private equity and pre-IPO firms.
The vehicle called Crossover III will see the largest fundraise in the series, which has raised Rs 2,200 crore.
The unit of Edelweiss Financial Services Ltd had raised Rs 1,750 crore ($270 million then) for the Edelweiss Crossover Opportunities Fund in November 2017.
Less than a year later, it launched the second fund to raise Rs 1,000-1,500 crore ($140-207 million).
Nitin Jain, managing director and chief executive of Edelweiss Wealth Management, said, “The Crossover strategy adopts a partnership approach with its portfolio companies.”
Edelweiss Wealth Management is one of India’s largest wealth management firms with assets under advisory of over $19 billion. It serves 670,000 affluent persons and 2,400 of India’s wealthiest families.
Its services span major asset classes and wealth management solutions including investment advisory, estate planning, investment management, securities and broking for individuals and institutions, CXOs, professional investors and family offices.
Last month, the company floated an open-ended long-short equity fund with a target to raise Rs 1,000 crore (about $137 million). It will invest primarily in instruments such as cash equities, stocks and index derivatives, including futures and options.
