Private equity firm ic2 Capital has launched a $250 million for growth capital investment in mid-cap companies. The London and Delhi based fund plans investments of $5-$30 million in established mid-market companies in India. ic2 plans to invest in hospitality, logistics, food, support services, media and defence. The firms has invested in Bollywood media production and distribution company Eros International.
In a release, ic2 Capital said it is in advanced stages of due diligence and execution on three proprietary investments in hospitality, logistics and food. ic2 expects to invest approximately $50 million by the end of 2008. It would raise around $100 million by December this year and another $150 million by June next year.
The fund has also set up a Educational Trust as part of its corporate social responsibility initiative which will support education in India.
The funds founding partners are Sukhbinder Heer and Anmol Nayyar. Heer, who will be Executive Chairman of the fund, was most recently Managing Partner of international accounting firm RSM Robson Rhodes. Nayyar, will acts as the Managing Director, was most recently responsible for the India practice of leading global law firm Ashurst.
ic2 Capital’s advisory board is headed by Sir Rob Young, the former British High Commissioner to India. Others on the board are Asad Pathan, former chairman of Indian Oil; Keith Ellis, former global head of food and beverage at 3i plc; Mr. Stewart Towe CBE, CEO of Hadley Industries plc, an international manufacturing company.
“Businesses in the mid-cap in India present a tremendous value proposition. We believe that the Indian economy is fundamentally strong and offers significant growth potential. We are committed to India for the long term,” said Sukhbinder Heer, Executive Chairman and Founding Partner ic2 Capital.
“Through private equity investment our aim is to promote knowledge corridors between UK/Europe and India in fields where quality management and technical advice and expertise will create high-growth businesses, benefitting the Indian economy,” said Sir Rob Young, Chairman, Advisory Board, ic2 Capital.