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Evolvence India Fund announces US$ 20 million investment into JM Financial India Fund

Evolvence India Fund, (EIF), an established private equity fund of funds focusing on growth capital in India, has announced an investment of US$ 20 million into JM Financial India Fund, a corporate private equity fund sponsored by JM Financial Ltd, a dominant financial services group, and lead investor, Old Lane Partners, based in the U.S.

JM Financial India Fund is a US$ 225 million fund promoted by the JM Financial Group, focusing on investments in growth-oriented, largely unlisted, mid-sized companies. Investments made by JM Financial fund so far include investments into Genesis Colour, a high-end retail company; Sona Group, an automotive components manufacturer; and International Tractors Ltd, a leading farm equipment and tractor manufacturer.

This represents the seventh private equity fund EIF has invested in. Its existing fund investments include Baring India Private Equity Fund II, IDFC Private Equity Fund II, India Value Fund II, Leverage India Fund, New York Life Investment Management India Fund and Ascent India Fund.

'We are pleased to partner with JM Financial India Fund,' said Jay Jegannathan, managing director, Evolvence India Fund. 'India's attractiveness is not merely its sizzling economy – Indian companies also have the highest return on equity in Asia. JM Financial Fund is backed by well established sponsors with an emphasis on direct deal sourcing and a talented management team and we believe this strategy will work well.'

Launched in June 2005, the Evolvence India Fund (EIF) is the first independent private equity fund of funds set up for investments into India. The fund primarily focuses on investments in private equity across all sectors, including financial services, hospitality and infrastructure development.

'Buoyant companies backed by well respected entrepreneurs with a proven track record offer tremendous opportunity for JM Financial India Fund,' said Dilip Kothari, Founding Managing Director, JM Financial India Fund. 'We are delighted to have Evolvence India Fund as our new partners and look forward to developing and expanding our business further.'

Source :AMEinfo

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