Private equity firm, India Value Fund Advisors (IVFA), raised $500 Mn (INR 3,130 Cr) to close its new fund Indium-V. Going forward, IVFA plans to complete the fundraising within three months with a total corpus of $700 Mn. The new fund will follow the same strategy of minority as well as control investments.
IVFA also led a new $80 Mn funding round in Magma Fincorp, along with Leapfrog and existing investor in the NBFC, KKR. This deal was routed through the new fund Indium-V.
Vishal Nevatia, managing partner at IVFA said, “This mandate is a vindication of our strategy of working closely with mid-market firms and supporting them through business cycles and the unique challenges of the Indian market.”
Prior to this fund raised, India Value Fund was investing out of IVF-IV, which had a corpus of $600 Mn. The firm has raised $35-$600 Mn in the subsequent years since 2005.
The other PE funds that closed during this year include, Everstone Capital, Fairbridge Capital, Creador Capital and CX Partners, mopping funds ranging from $150 – $500 Mn. However, Infrastructure-focused fund from IDFC Alternatives was the largest fund raised.
Apart from the PEs, there were about six venture funds that raised funds including $530 Mn by Sequoia Capital and $250 Mn by IDG Ventures India. Among the special situation funds, Aion Capital managed to close a distressed fund of $825 Mn.