Motilal Oswal Private Equity Advisors made a fourth close of its second fund at Rs 630 crore from both domestic and offshore investors, the financial services firm said while declaring its quarterly results last week. The India Business Excellence Fund-II (IBEF-II) had made a third close at Rs 560 crore ($103.5 million) earlier this year.
“We continue to see good traction in commitments towards final closing,” it said in a statement.
The fourth close comes as International Finance Corporation (IFC), the private investment arm of the World Bank, has approved a $25 million commitment to the fund. Motilal Oswal Private Equity Advisors also roped in its first overseas institutional investor, Squadron Capital, as a limited partner last year.
IBEF-II is targeting Rs 750 crore which may go up to Rs 900 crore in hard cap. IBEF-II is the second in the series; the first fund of 2006-07 raised $82.5 million and was fully deployed.
The fund will focus on high-growth small & medium enterprises (SMEs) with a focus on tier II and III cities in India. The sector focus for IBEF-II will be offshoots of domestic consumption and
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(Edited by Joby Puthuparampil Johnson)