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Wed 21 Jul 2010 12:23 PM

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Evolvence to launch $400m India PE fund

Fund to target mid-market growth capital sector through direct, co- and fund investments.

Evolvence Capital, the Dubai-based investment firm, on Wednesday said it plans to launch a $400m private equity fund to capitalise on investment opportunities in India.

India Fund II, the firm’s third equity fund, will target the mid-market growth capital sector through direct, co- and fund investments, Evolvence said in a statement, primarily targeting firms that need expansion capital to expand their activities.

Evolvence is keen to attract interest from institutional and high-net worth clients keen to diversify their investment portfolios, said CEO Khaled Al Muhairy.

“The Indian economy has shown considerable resilience, registering a 7.2 percent growth in FY10 even during the global economic downturn. We believe that this growth is broad-based and will translate into long term potential in the Indian private equity space,” he said.

Evolvence, which claims to have $1bn in assets under management, did not disclose the targeted returns of the fund.

The firm has previously overseen two India-focused funds. The first, Evolvence India Fund 1, had its final close in July 2007 with $250m of commitments spread across ten funds and eight co- and direct investments.

The second fund, which targeted the healthcare and life sciences industries, closed in 2008.

“We believe that the rapidly emerging Indian private equity space offers great opportunities for our institutional and high net worth investors,” said Ajit Kumar, managing director, Evolvence.

Private equity will “play a critical role in India’s growth story as rising private consumption and urbanisation requires substantial investments in micro, small and medium enterprises to mega infrastructure projects,” he said.

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