Samena Capital targets $700 mn for third private equity fund
Photo Credit: Mukul Mudgal/VCCircle

Samena Capital, a private investment firm focused on Asia, Middle East and North Africa, is looking to raise $700 million for its third private equity fund, according to a media report.

The firm has already raised $350 million and plans to close the special situations fund within 18 months, Samena Capital's founder and vice chairman Shirish Saraf told Bloomberg.

The investment firm may raise an additional $100 million if there is enough investor demand, he said.

The third fund will focus on investments in India, Myanmar, Indonesia, Vietnam, Sri Lanka and China as it sees challenges in the Middle East due to low oil prices.

“We focus on countries with young populations and stable political structures as well as those that will benefit from lower oil prices and interest rates,” said Saraf. The firm is working on five deals in the region, he added.

Previous funds and investments

The investment firm's first fund – Samena Special Situations Fund I – made the first close in August 2008 and the final close in May 2009 with total commitments of $180.5 million. Its second fund – Samena Special Situations Fund II – made its initial close in June 2011 and the final close in June 2013 with total commitments of $332 million.

Both the funds focus on South Asia, the Middle East and North Africa.

Samena Capital has also floated an India-focused debt fund – Samena India Credit Fund – with seed capital worth $45 million from partners.

It has raised $1.1 billion of assets since 2008 and has returned $500 million in capital from over 40 full and partial exits, according to its website.

Samena Capital's first investment in India was in commercial vehicles company Eicher Motors in 2009. Its other investments include RAK Ceramics PSC, Jubilant Industries Ltd, Dynamatic Technologies Ltd, Voltamp Transformers Ltd and Mahindra Two Wheelers.

Last year, VCCircle reported that Samena Capital has acquired a small stake in Bangalore telecom equipment company Tejas Networks Ltd ahead of its impending public listing.

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