Evolvence Capital announced Thursday that it was planning to launch another India fund for a number of selected investments. According to the Dubai headquartered private equity company, it is planning to launch the fund named “Evolvence India Fund II” in the country and will raise the money from both institutional investors and high net worth clients globally.
The announcement further outlined that the fund will be utilized for particular chosen investments in the mid-market growth capital division for the Indian private equity market and will be undertaken via both joint and direct investments. Evolvence’s latest fund is the third in a line of funds the Arabian company has launched geared for India. Its introductory fund was undertaken back in 2007 with the launch of Evolvence India Fund I that was about 250 million dollars.
The company’s second fund was launched in the year 2008 and was named the Evolvence India Life Sciences Fund meant to support investments in the life sciences and healthcare sector. Further more, the fund will target diversified growth and will comprise a fund of funds at the 400 million dollars and will also target investments in high quality PE fund managers and already well grounded entrepreneurs in the country.
Additionally, a statement from the company said the fund may as well go into certain select few secondary private equity prospects. According to Khaled Al Muhairy, Evolvence Capital chief executive, the Indian economy had reflected some significant resistance in the face of the global financial meltdown but had, regardless, experienced an impressive 7.2% growth this year.
He said the Arabian company firmly believes that India’s impressive growth despite the biting economic crisis was broad based and will subsequently be beneficial in long term given the potential of the Indian private equity market as regards that growth. He reiterated that the company’s investors were aware of India’s prospects and the company would therefore endeavor to provide the investors with incomparable returns through the identification of viable and smart investment prospects in the country.
As such, he said the new fund the company is launching will bias on mid market sector growth divisions in which firms require funds to increase their investments and operations. He reiterated the fact that Evolvence is aware of the potential prospects of the fast emerging Indian PE market and what it portends for its institutional and high net worth investors.
Source: Invest in India