US venture capital fund Walden International is raising a $500 million global venture capital fund globally, and it plans to increase its allocations to India and China. The fund would be raised by early next year and would look at investing around $150 million in the next 12-18 months in India’s education, financial and healthcare service firms, Reuters reports, quoting the firm’s recently appointed India Managing Director Rajesh Subramaniam.
Walden, which manages assets worth $1.9 billion globally, restarted its activities in India after a hiatus of four years. Last month, it also hired Subramaniam, the ex-Chief Financial Officer of Firstsource Solutions, as its Managing Director in charge of India. The previous heads of Walden in India included Dinesh Vaswani (who moved out in 2004; he is now with Temasek) and Sudhir Sethi, who is currently the chairman of IDG Ventures India.
Walden has funded companies like Ashok Soota’s MindTree Consulting, which is now a leading Tier II software and consulting firm, besides companies like Gray Cell of TS Rajesh. Walden kicked off its India operations in 1996 with its first fund, Walden-Nikko India Venture Co, LDC, a joint venture between Walden International and Nikko Capital of Japan. Walden International was founded in 1987 and has a network spread across United States, Hong Kong, China, Singapore, Japan, Taiwan, India, Malaysia and Philippines.