The fund has been raised from ultra-high net worth individuals and family offices in India.
The company said it has raised Rs 1,550 crore in overall assets under management for its blind pool, with a potential co-investment pool of Rs 450 crore. “To date, as part of the third fund, Rs 400 crore has already been invested, with 25% of this amount coming in from co-investors,” it said.
In the past few years, Indians have stepped up investment activity, almost on a par with overseas investors.
TVS Capital said about 45% of the corpus is from 35 leading family offices with individual contribution of Rs 10 crore (excluding sponsors), thus representing India’s Family Office Fund. About 22% has come from development finance institutions and insurance companies such as SIDBI and NABARD and nearly 26% from UHNIs, including professionals in various fields, the company said.
Last year, the fund invested in companies such as GoDigit General Insurance (Rs 200 crore), DCB Bank (Rs 50 crore) and Leap India.