Private equity firm Everstone Capital on Tuesday said it has raised $730 million (about Rs 4,810 crore) from leading institutional investors, a majority of who were previous investors, signalling continuing interest in Indian equities.
The fund, Everstone Capital Partners III raised $700 million through the institutional route and the remaining $30 million from Everstone and its affiliates.
“We are grateful for the continued trust and support our investors have shown our institution,” said co-founder Sameer Sain. “We intend to continue with our proven strategy of building exceptional businesses in India and a few other select and targeted geographies,” he added.
Everstone, a India and Southeast Asia-focused private equity and real estate investment firm, has been seeing strong institutional demand exceeding capacity. The group currently has about $3.3 billion assets under management.
The private equity firm said that existing investors had committed majority of the capital - either maintaining or increasing their commitment sizes. A select number of new marquee limited partners – investors - also joined. Over 50% of the capital came from North America, while Europe constituted approximately 37%. The investors include significant public pension plans, insurance companies, endowments and select asset managers.
A recent PwC report had said that PE investments in the fiscal first half totalled $7.47 billion, of which $4.29 billion came in the April-June period alone.
Campbell Lutyens acted as exclusive global placement agent and Akin Gump was lead counsel, for the Everstone group.