India-focused investor Nalanda Capital is seeking to raise as much as $800 million for a new fund, per a regulatory filing.
Of the total corpus, it has already garnered $728 million, shows a filing with the US Securities and Exchange Commission.
Nalanda Capital, headquartered in Singapore, typically invests in small and mid-cap companies listed on the bourses, thereby becoming a large and long-term shareholder in them. Its portfolio companies include civil engineering and construction company Ahluwalia Contracts, acid battery giant Amara Raja Batteries Limited, Berger Paints and consumer-electricals major Havells, among others.
In the internet space, Nalanda Capital has invested in companies such as Info Edge, Just Dial and Matrimony.
With the latest fund, Nalanda’s total capital raised so far will stand at over $2.3 billion.
The fundraising comes at a time when the bourses in India have been volatile amidst the COVID-19 pandemic with investment sentiments remaining rather tepid.
Nalanda Capital was established by former Warburg Pincus India co-head Pulak Prasad. Its first fund was set up with a corpus of $400 million in May 2007, a year before the economic crisis engulfed the world. Subsequently, it raised $475 million for another fund in 2011 and $620 million in 2016 from LPs such as endowments, foundations and family offices across the US and Europe.