Tata Opportunities Fund, a private equity fund launched by Tata Capital Pte Ltd, has made a first close with $450 million in commitments, according to a company statement. The fund was launched by Tata Capital’s wholly owned subsidiary in Singapore in November, 2010, and received subscriptions from global institutional investors.
Earlier this year, Tata Opportunities Fund appointed Padmanabh Sinha, former managing director of Temasek Holdings India, as senior partner and chief investment officer (CIO). The fund’s managing partner is Mukund Rajan, who was the MD of the group firm Tata Teleservices (Maharashtra) Ltd, before joining Tata Capital in June, 2010.
According to the statement, the limited partners (LPs) of Tata Opportunities Fund may co-invest directly into portfolio companies.
At $450 million, this will be one of the largest first closes for a debut fund. Tata Capital had announced plans last year to raise a number of private equity funds, focusing on areas like growth capital, healthcare and innovation, among others.
Several other business houses have also launched private equity funds as they expand their businesses in the financial services arena. Aditya Birla Capital Advisors raised its maiden fund at Rs 880 crore and has investments in the Bombay Stock Exchange, CARE, Anupam Industries and GEI Industrial Systems. ADAG’s Reliance Equity Advisors has also raised Rs 1,200 crore and invested in companies like Pathways World School.
Some of the other recently concluded fund raises include Multiples of Renuka Ramnath (announced a first close of $250 million) and CX Partners of Ajay Relan (final close of $515 million). Others are Everstone Capital Partners, which closed its second fund at $550 million; Avigo Capital Partners, which closed its third fund at $240 million and Ascent India Capital Advisors, which raised $350 million.