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JM Financial to launch pvt equity fund

The fund will have an initial corpus of $150m-$175m and US-based Old Lane Partners LP will be the lead investor.

india Updated: Aug 09, 2006 16:13 IST

JM Financial Ltd said on Wednesday it is launching a private equity fund with an initial corpus of $150 million-$175 million.

JM has formed an alliance with US-based Old Lane Partners LP, which would act as the lead investor and co-sponsor of the fund, the Indian firm said in a statement.

To be called JM Financial India Fund, it has already received commitments of more than $90 million, and the rest of the money would be raised from domestic and overseas investors to be invested in Indian companies, the company said.

"This fund is JM Financial group's first private equity fund and we are pleased to have Old Lane as our lead investor," Chairman Nimesh Kampani said in the statement.

Shares in JM Financial rose more than 5 percent to Rs 728.75 in a firm Mumbai market.

First Published: Aug 09, 2006 16:13 IST