Middle Eastern asset management firm, Investcorp has finished raising Rs 1,000 crores for its first private equity fund focussed on investments in India, as per media sources.
Founded in 1982, the firm has its primary clientele coming from countries of Gulf Co-operation Council. It has raised most of the capital from these HNIs and family houses before dipping into its own pool of resources for its India focussed fund.
The Bahrain-based fund has a portfolio of investments with assets worth $22.2 Billion under management. It has significant investments in both commercial and residential real estate in the United States and even for its maiden Indian foray, it had acquired the real estate division of IDFC Alternatives last year.
Apart from real estate, the fund also has healthcare companies like Health Plus Management, Al Borg Medical Laboratories, and Reem Integrated Healthcare Holdings in its portfolio.
It has already invested Rs 270 crores from its maiden fund in India. Focusing on sectors like financial services, healthcare, and real estate, it has invested in companies like SME focused NBFC Incred, Co-living startup Zolo which is based in Bengaluru, North Indian retail chain CityKart and Jaipur based chain of eye care hospitals ASG Eye Hospitals Pvt. Ltd.
As per its Co-CEO Rishi Kapoor, the fund has doubled its fresh capital injections and closed it at $150 million. The average ticket size for investments would be about $15-50 million and the fund would be looking at startups and mid-market companies in the growth stage sticking to an asset-light model.
The asset management company also has plans to increase the money invested in India gradually. They would be doubling down on the PE sector and the real estate sector with fresh investments of Rs 500 crore in each and would be looking to start their own real estate fund by next year