ICICI Venture raises $190-mn via India Advantage Fund closing

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Updated: April 20, 2016 8:14 PM

ICICI Venture, private equity arm of ICICI Bank, today said it has raised USD 190 million through closing of its fourth series of India Advantage Fund.

ICICI BankICICI Venture has already completed its third partial exit in February 2016, through the successful IPO of TeamLease.(Reuters)

ICICI Venture, private equity arm of ICICI Bank, today said it has raised USD 190 million through closing of its fourth series of India Advantage Fund.

The closing saw strong support from ICICI Venture’s existing investors, including a significant commitment Asian Sovereign Wealth Fund.

“ICICI Venture concluded a first closing of its fourth private equity fund, India Advantage Fund Series 4 at USD 190 million,” the company said in a statement.

With this, the firm has been able to create liquidity pathways in five of the nine portfolio companies of India Advantage Fund (IAF) and achieved liquidity in three companies already, placing the fund in a strong overall position.

ICICI Venture has already completed its third partial exit in February 2016, through the successful IPO of TeamLease.

The team at ICICI Venture also commenced work on creating liquidity pathways in a few more companies and continues to sustain strong exit performance of USD 845 million realised from 33 exits across IAF1, IAF2 and IAF3 (the firm’s first three PE funds) during the last six years alone and USD 1.3 billion realised across these funds since 2005.

“By growing core practices, our aim is to add more cash reserves that are ready for fresh capital deployment, as opportunities arise,” ICICI Venture Funds Management, MD and CEO, Prashant Purker said in a statement.

“By utilising multiple strategies and going beyond waiting for capital markets for exits, we do secondary deals and strategic sales and have managed to create a strong exits and investments pipeline,” he added.

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