IndEU Capital raising $70m fund to invest in India’s luxury market

Paris-based private equity firm IndEU Capital is raising a $70 million fund to invest in Indian lifestyle and luxury companies. The fund will be based out of Singapore and is in the final stages of closing.

Francois Arpels, managing partner, IndEU Capital, said that the fund will close this year and the first investment will be made in the first quarter of 2016, according to this report. Family offices and private investors from Europe, southeast Asia and the middle east have contributed to the fund.

This will be the second fund for the Indian luxury market, which grew 25 per cent in 2014, compared with 7 per cent in China, according to research firm Euromonitor. Over the next five years, spending in the Indian luxury market is expected to more than double to $3.6 billion.

IndEU will invest over seven years, and the time period of each investment will be around four years. The fund will invest between $1 million and $8 million for minority stakes, spread over 12-14 mid-to-luxury segment companies with an enterprise value of up to $20 million.

“Our focus is to invest in made-in-India lifestyle to luxury companies that target the mid-to-luxury segment with an enterprise value of not more than $20 million. While our focus is to invest in companies that have Indian roots, we would not be looking at ethnic brands that do not fit our international rollout strategy.

Singapore-based L Capital Asia — the private equity business backed by LVMH Moët Hennessy Louis Vuitton SA — is the other, much bigger fund for India’s luxury market. It had closed a $950-million fund in 2013. One of its investments was in Fabindia, the Delhi-based ethnic clothing retail firm.

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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.