The Hindu Business Line : Edelweiss pools $35 m for pvt equity investments

This is the first tranche of the fund, which is expected to go up to $ 200 million by the end of the year, Edelweiss' Executive Director, Mr Nilesh Shah, told a press conference recently.

The first tranche of $ 35 million was closed a few days ago and investments out of it would start soon, Mr Shah said.

Mr Shah said that Edelweiss also intended to create a separate fund for investing in art. The `Yatra Art Fund' will invest in contemporary Indian art. He said that while, "The supply side has matured over three decades with established art history, artists and galleries, the demand side is consolidating after a break out."

Observing that the "market infrastructure is falling into place," a background paper for Yatra Art Fund says that the "affluent Indian disapora" is looking at the art market.

Mr Shah said that art was one of the asset classes that Edelweiss offered its 600-odd high-networth clients — "defined as those who would give us revenues of Rs 50,000 a month"— the others being equity, debt and real estate. `Commodities' is to be added to this list of asset classes soon, he said.

The Rs 72-crore Edelweiss is mainly into three businesses — investment banking, broking and proprietary investments.

The company opened an office in Chennai recently to expand its HNI clients.

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