Navis Capital Partners, a private equity firm focused on controlled deals, has managed to reach halfway towards its sixth Asia fund. Navis Asia Fund VI, which is aiming to raise around $1-1.25 billion, has managed to raise commitments of between $400-550 million, reports peHUB.
The fund had initially planned to raise an amount of around $2 billion, but had cut its target after the financial meltdown. The Malaysia headquartered private equity firm is presently investing out
of Navis Asia Fund V, which closed at $1 billion in 2007.
Sachindra Rudra, a Senior Investment Director with Navis in India, denied to comment due to regulatory reasons.
The California State Teachers' Retirement System (CalSTRS) has been a limited partner in funds IV and V of Navis, with a commitment of $30 million and $100 million, respectively. Navis Asia Fund IV, which had a special focus on India, has now been completely drawn out with an
IRR of 22.79%. The fund has invested in India Hospitality Corporation (IHC), Nirula's and Mars Restaurant (Exited to IHC in 2007).
The last two investments by Navis have been in India - tertiary & executive education service provider ITM Trust and BSE-listed lubricants manufacturer Sah Petroleums.