Kotak Investment Advisors Limited (KIAL), a subsidiary of Kotak Mahindra Bank announced the closure of their third private equity fund ? Kotak India Growth Fund II with a total commitment of $440 million.
Kotak group said in a statement that the fund has been raised within three months from the clients of Kotak Mahindra, both institutional investors and high net worth individuals (HNIs). KIAL, which focuses on managing the assets business of Kotak Mahindra group now has assets under management of $1.4 billion split evenly between two asset classes ? private equity and realty funds.
Nitin Deshmukh, CEO, Kotak Private Equity Group (KPEG) said that people across the globe want to be a part of Indian growth story. The private equity wing will now manage three funds across two strategies ? growth capital (India Growth Fund I & India Growth Fund II) and venture capital for life sciences (Kotak India Venture Fund ? I), he said. It may be mentioned here that KPEG invests in companies across a broad range of industries seeking capital for business expansions, acquisition financing and buyout transactions typically investing between $15 million and $40 million depending on the nature of the company’s business, stage of growth and its financing requirements. Kotak India Growth Fund I has invested in companies like Home Solutions, a subsidiary of Pantaloon Retail Ltd, INX Media, the media entertainment company, DRS Logistics, a player in the 3PL logistics space in India, BFW, the largest manufacturer of CNC machines in India, SIRO Clinpharm, a clinical research services company, Metahelix, an Ag-Biotech company, ICOMM Tele, a telecom tower manufacturing company and BVG India, facilities management service provider among others.