Investcorp, a global alternative asset manager based in Bahrain, today announced the final close of its maiden Private Equity Fund offering for India to invest in grassroots consumption-driven businesses that take advantage of the country’s demographic dividend. The company will continue to focus on consumer, financial services and healthcare industries.
The fund has so far deployed $39 million in four companies: non-banking financial company InCred Financial Services Ltd; eye care hospitals chain, ASG Eye Hospitals; Bengaluru-based co-living and home rental startup, Zolo Stays; and New Delhi-based value apparel retail chain, Citykart. The fund plans to deploy the balance capital over the next 18+ months.
Investcorp entered the Indian market last year through its acquisition of the private equity and real estate funds businesses of IDFC Alternatives Ltd. The fund gained a total capital commitment of around $142 Million within a few months of Investcorp establishing its India presence. Investors include Indian banks, insurance companies, and family offices primarily from the Gulf who have previously invested with the company.
Rishi Kapoor, Co-CEO of Investcorp said, “Our investors have been looking for a strategy/investment solution through which they can participate in the growth story of India. Our focus has always been on innovative strategies that help investors to diversify their portfolio. The fact that we were able to close our maiden India fund offering at a size of $142 million in a few months is testament to investor confidence in our market entry approach and investment strategy for India."
Investcorp manages in the region of $27 billion of assets across private equity, real estate, absolute return investments and credit. It has offices in New York, London, Bahrain, Abu Dhabi, Doha, Riyadh, and Singapore.