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While Markets Turn Bearish, Funds Bullish About Raising More Capital

16 August, 2008

When you look at the newsflow on the new fund raising plans, you can’t really figure if there is a slowdown indeed staring at us. A number of firms like Jacob Ballas Capital India and Citigroup are raising new funds. The Delhi-based Jacob Ballas, a firm that advises New York Life Investment Management LLC on private equity investments in India, is planning to raise its fourth India focused private equity fund of $500 million, Business Standard has This is when TVS Shriram Growth Fund announced the mobilisation of a Rs 500 crore ($125 million) fund for growth stage businesses hoping to ride on the value pickings during the bear market.

NYLIM is a majority shareholder in JBC, which serves as advisor to three India focused private equity funds – New York Life International India Fund (Fund I) with total fund size of $40 million, New York Life Investment Management India Fund (Fund II) with $127 million and NYLIM Jacob Ballas India Fund III (Fund III) which has $278 million as of March 31, 2008.

Jacob Ballas has relatively maintained a sector agnostic approach with investing in companies like Bharti Airtel, Gujarat Pipavav Port Ltd, Thomson Press India Ltd, Punj Lloyd Ltd, Reliance Energy Limited, ABG Shipyard Limited, ABG shipyard Ltd, Avesthagen, Mahindra Holidays and Resorts, among others (see .

Citigroup has launched a second tranche of the infrastructure fund for which it has a JV with IDFC. It plans to raise $300-$400 million, over and above $525 million it had raised in the first tranche last year, Reuters reported, quoting Sanjay Nayar, CEO of Citigroup in India.

Gautam Senegal, Managing Director of Compact Disc India Ltd, has formed Acumen Capital Advisors to invest $50 million in India’s IT, media and telecom space by end of this year. According to media, the fund is in talks with three firms to invest a total of $10 million.

IFCI Venture Capital Funds Ltd, a subsidiary of public sector financial institution IFCI, has also announced the launch of three funds aggregating to about Rs 1,000 crore for auto, knowledge and clean technology projects.

The funds comprises India Automotive Component Manufacturers Private Equity Fund with a target corpus of Rs 396 crore for the auto sector, Rs 250 crore fund for its India Enterprise Development Fund (to invest in knowledge based projects) and a Rs 330 crore Green Venture Fund for setting up commercially viable clean energy projects. The firm has received in principle approval from SEBI for the three funds.


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While Markets Turn Bearish, Funds Bullish About Raising More Capital

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