Homegrown private equity fund, ICICI Venture Funds Management Co Ltd, has raised $190 million from investors for its fourth fund, the company said in a release. This marks the “first close” for the fund, the company suggests which means that they will raise more capital for the fund over time.
The fund called ‘India Advantage Fund Series 4’ raised capital from existing investors and from a large Asian sovereign wealth fund. It did not disclose further details of the fund.
“…our aim is to add more cash reserves that are ready for fresh capital deployment, as opportunities arise,” said Prashant Purker, managing director and chief executive of the fund in a statement.
On 2 December, Purker had replaced Vishakha Mulye, who joined as executive director of ICICI Bank. ICICI Venture is a wholly owned subsidiary of ICICI Bank.
Along with raising capital, the firm is looking to exit from its existing investments through secondaries and strategic asset sales.
“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,” said Purker.
According to the release, the PE firm has completed its third partial exit in February as part of initial public offering (IPO) of TeamLease Services Ltd. It has nine companies under the third fund and has managed to fully exit three of these investments.
The fund has realized $845 million from 33 exits across its three PE funds during the past six years, it said in the release.
In the private equity segment, ICICI Venture manages three third-party capital funds under India Advantage Fund Series with an aggregate corpus of $1.7 billion. It also runs AION Capital Partners, the $825 million special situation fund in India, launched along with global private equity firm Apollo Global Management Llc. In the real estate sector, ICICI Venture manages two funds with aggregate original corpus of $600 million.