Everstone AMC, the Indian asset management arm of Singapore-headquartered alternative investment firm Everstone Group, has hit the first close of a locally registered private equity fund within three months of launch.
The Everstone Capital Partners India Fund secured about Rs 1,700 crore ($179.3 million) to mark the first close on October 26, the PE firm said in a statement Wednesday. It did not disclose the fund’s target size.
The vehicle, registered with the Securities and Exchange Board of India as a Category II alternative investment fund, received commitments from family offices, high-net-worth individuals and non-resident Indians, the firm said.
The fund will follow Everstone’s buyout playbook, backing mid-market companies with a control-oriented growth approach. It plans to build a portfolio of seven to 10 companies across healthcare and pharmaceuticals, technology and industrials, and expects to deploy the corpus over the next four years. Some deals are already at an advanced stage of due diligence, the firm said.
“As we build out our AMC, our focus is on establishing a differentiated platform of choice for domestic investors,” said Vibhor Gujarati, chief executive of Everstone AMC.
Gujarati, who is also vice chairman of Everstone AMC, has spent about 25 years in asset and wealth management, the last 15 of them in the alternative investment industry. Before Everstone, he was a founding member of EAAA India Alternatives and spent more than 13 years at the Edelweiss Group, where he helped scale its alternatives business to $7.5 billion.
The domestic fund runs alongside Everstone’s offshore vehicles that are domiciled in Singapore. The firm is currently raising its fifth flagship fund, Everstone Capital Partners V, with a target of $800 million to invest in mid-market companies in India and Southeast Asia. International Finance Corporation committed up to $60 million to that fund last year, along with a co-investment envelope of up to $40 million, according to a disclosure. Fund V typically writes cheques of $75 million to $125 million.
Founded in 2006 by Sameer Sain and Atul Kapur, Everstone manages about Rs 1 trillion in assets across private equity, infrastructure, credit and venture capital. Its private equity investments include a majority stake in software-as-a-service company Wingify, which it acquired in January 2025.