Everstone AMC, part of Everstone Group, has raised Rs 1,700 crore ($179.3 million) in the first close of its private equity fund. The fund will invest in mid-market Indian companies, focusing on growth deals that give it control or a significant say in the businesses.
The fund’s total target size could not be ascertained.
Launched three months ago, the fund has secured capital commitments from domestic investors and NRIs, family offices and high-net-worth individuals (HNIs) in India.
“As we build out our AMC, our focus is on establishing a differentiated platform of choice for domestic investors”, said Vibhor Gujarati, CEO at Everstone AMC.
The fund plans to invest in 7-10 companies across healthcare and pharmaceuticals, technology and industrials.
Everstone AMC said it has identified several investment opportunities, with some already at an advanced stage of due diligence, and expects to deploy the fund’s capital over the next four years.
Founded in 2006, the Everstone Group is one of India’s leading alternative groups, managing Rs 1 lakh crore in assets across private equity, infrastructure, credit and venture capital.
While this is a domestic fund, Everstone Capital’s other investment vehicles are all domiciled in Singapore. The PE firm is currently on the road to raise its fifth flagship fund, targeting a corpus of $800 million.
Everstone Capital counts SaaS company Wingify, Calibre Chemicals, Innoveo, and Sula Vineyards, among others.
