Edelweiss Wealth Management has said it plans to raise Rs 7,500 crore ($1 billion) via its pre-IPO (initial public offering) and late-stage private equity (PE) focused Crossover funds.
The PAG-backed wealth management firm said it has closed its Crossover Series III fund, raising over Rs 1,500 crore ($200 million) since its launch in March 2021.
Edelweiss said it will continue to launch funds in the Crossover series over the next 12-18 months until it achieves its target of $1 billion. Till date the three funds in the series have raised over Rs 3,700 crore ($500 million).
In June VCCircle reported Edelweiss was gearing up for its Series IIIA fund as its Crossover III was set to hit final close.
In the same month, VCCircle reported Edelweiss’s alternative asset management arm was launching its third distressed fund.
“The private market has largely been inaccessible to many of our Indian HNI and family office customers who are looking to invest in fundamentally strong companies with proven business models. At the same time, many of these companies preparing to go public need to raise funds to deleverage their balance sheet or make up for PE investor exits,” said Anshu Kapoor, president and head of investment management at Edelweiss Wealth Management.
The firm says the fund opens access to private investments in sectors like fintech, edtech, healthtech, digital media, and digital commerce, which usually are unavailable to Indian investors.
Crossover I and II, launched in 2017 and 2018, respectively, have built a portfolio of home-grown names like NSE, Sapphire Foods, Affle, Indiamart, CAMS, Amber, and Medplus. The company said they have delivered 16.2% and 28.7% returns, respectively, since inception.
Crossover I has distributed over 60% of the capital raised, having exited part of its portfolio, said the firm in a statement.