ICICI Venture to raise $500 m for fourth fund

Rajesh Kurup Updated - January 20, 2018 at 09:52 AM.

ICICI Venture Funds Management Co Ltd, the private equity arm of ICICI Bank, intends to raise $500 million (about ₹3,300 crore) for its fourth fund. Separately, the fund announced its first closure of $190 million on Wednesday.

The sector-agnostic fund — India Advantage Fund Series 4 (IAF4) — would typically invest about $25-50 million in Indian companies, sources close to the development told BusinessLine .

“It will invest only in India, and when it comes across good opportunities,” one of the sources said, adding IAF4 started raising investments about six months ago.

The sources, however, declined to be identified before a formal announcement.

First close Meanwhile, in a statement, ICICI Venture said it has concluded the first closing of the fund at $190 million. This is after it garnered support from existing investors that included a large Asian Sovereign Wealth Fund (SWF). The release, however, did not name the SWF.

“By growing core practices, our aim is to add more cash reserves that are ready for fresh capital deployment, as opportunities arise,” said Prashant Purker, Managing Director and CEO at ICICI Venture.

“By utilising multiple strategies and going beyond waiting for capital markets for exits, we do secondary deals and strategic sales, and have managed to create a strong exits and investments pipeline,” he added.

The company’s third PE fund, which completed its third partial exit in February 2016 through the IPO of TeamLease, also continues to track well, the company said in a statement.

The firm’s special situations fund —– AION — which is in a strategic alliance with Apollo Global Management of the US, also attracted a subscription of $825 million in its maiden fund.

Published on April 20, 2016 17:19