TVS Capital hits second close of Fund III at $160m

Photo: Reuters

Private equity firm TVS Capital Funds Tuesday announced that it has reached the second close of its third fund – TVS Shriram Growth Fund III at Rs 1,100 crore (about $160 million), several media reported.

The fund has exceeded the initial target of Rs 1,000 crore. It has a greenshoe option of Rs 500 crore, of which Rs 100 crore has already been subscribed to, Gopal Srinivasan, Chairman and Managing Director, TVS Capital Funds, said addressing media.

The fund has received commitments from several new limited partners, or investors.

“There was strong participation from our existing lead and anchor clients who have re-invested their Fund II commitments. It has given us confidence that our approach to curate the best ideas from our focus sectors to provide top quartile returns have gained widespread acceptance in the market,” Srinivasan said.

TVS Shriram Growth Fund III had hit the road in October 2017. The fund made the first close at Rs832 crore in October last year. With the second close of Fund III, TVS Capital now manages cumulative assets of Rs 1,664 crore

Led by Srinivasan and D. Sundaram, former vice-chairman and chief financial officer of Hindustan Unilever Ltd, TVS Capital raised its first fund of Rs600 crore in 2009, followed by a second vehicle of Rs600 crore in 2012.

From the previous funds, it has invested in companies such as National Stock Exchange of India Ltd, Indian Energy Exchange Ltd, RBL Bank Ltd, City Union Bank Ltd, Wonderla Holidays Ltd and Nykaa.com.