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Nalanda Capital to raise $620 mn afresh

23 May, 2016

Nalanda Capital, a Singapore-based PE-style investment firm that focuses on public markets, has hit the road to raise $620 million afresh, according to a filing with the US market regulator Securities and Exchange Commission (SEC).

With the latest fundraise, the total corpus raised by the firm will reach $1.5 billion.

This is the firm’s third fundraise which comes five years after it raised its second fund worth $475 million in 2011. It had raised its first fund worth $400 million in 2007, according to The Economic Times which first reported the development. As per the SEC filing, the minimum investment accepted from any outside investor is $1 million.

An email query sent to the company seeking further information on the aforesaid development did not elicit any response by the time of filing this article.

Nalanda, which was started by former Warburg Pincus India managing director Pulak Prasad, has built a large portfolio with investments in publicly traded companies in India. It gradually raises holding in its public-listed portfolio firms and in some firms owns a stake of more than 10 per cent.

Its investments include Just Dial, Lovable Lingerie, ELGI Equipments, TTK Prestige and Triveni Engineering. Early this year, it had raised its holding in Mumbai-based Just Dial to 7.58 per cent.

In November, Nalanda Capital part-exited Mumbai-based Lovable Lingerie Ltd by selling close to 3 per cent or about one-third of its stake in the firm for around Rs 11.7 crore (about $1.7 million). The company also sold the bulk of its holding in Triveni Engineering & Industries Ltd.

It had stayed put in the past three years mainly by making further investments in existing portfolio firms and investing in a few new firms, as per VCCEdge, the data research platform of VCCircle.

Westbridge Capital, another private investment in public equity (PIPE)-focused PE firm, had raised $575 million more to invest in Indian companies in October last year.

ChrysCapital, which has a fair bit of PIPE investments, had closed the first round of its seventh fund worth $600 million in January this year. The PE firm had launched this fund in September last year and managed to raise $350 million by end of December.  

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Nalanda Capital to raise $620 mn afresh

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