World Bank’s International Finance Corporation (IFC) said it has proposed to invest in homegrown private equity firm Everstone’s largest ever fund.
The investment will be capped at 20% of the final fund size, with proposed equity investment of $50 million and co-investment of $10 million, said IFC in a disclosure.
Everstone aims to raise a total of $950 million for the fourth fund.
The Singapore-headquartered firm raised $425 million for its first fund, $580 million for its second fund and $731 million for its third fund.
The new fund is sector-agnostic, with a primary focus on healthcare and technology services, as well as consumer and financial services sectors.
Everstone was co-founded by Sameer Sain and Atul Kapur in 2006.
IFC, which has an active LP (limited partner) portfolio in India, also makes direct private equity-style investments and lends to companies in the country.
Last week, it made a commitment to invest up to $16.5 million in a genomics-based diagnostics and research firm MedGenome Labs. Prior to that, IFC proposed to invest about $20 million in the third fund of mid-market private equity firm Faering Capital.
