India: Homegrown PE ICICI Venture hits first close for fourth fund at $190m

Visual from Mint.

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.

Also read:

ICICI raises stake in troubled infrastructure company IVRCL to 11.43%

ICICI Bank takes over Jaypee Group’s land parcel, pegged at over $250m

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.