labels: investment - general
Dalmia Group, Dubai''s Evolvence raise fund for VC and private equity investmentnews
19 October 2005

New Delhi: The Dalmia Group and Evolvence Capital of Dubai have jointly raised a private equity "fund of funds" to invest in private equity and venture capital funds in India. The fund has been received favourably by institutional and high net worth investors in the Middle East.

The fund of funds has screened more than 20 funds and committed capital to four - GW Capital, Barings, ILFS and IDFC, and is at an advanced stage of discussion with the fifth. The fund of funds will commit between $10million and $30 million in individual investments in promising private equity, infrastructure and real estate funds, and co-invest along side in larger deals, if possible.

The current market sentiment on India is extremely positive and private equity in the last four years have offered returns of up to 40 per cent per annum.

"We expect Indian private equity to out-perform global benchmarks, on the back of economic growth, and even though a disproportionate amount of capital is chasing deals right now, we expect good funds will return north of 25 per cent per annum in the coming decade, and investors like us who have a long-term mindset are very bullish" said Khaled Al Muhairy, CEO of Evolvence Capital. Evolvence is a Dubai-based alternative investment firm.

The fund of funds is being run by Delhi-based V Jegannathan and Paresh Thakker, who have investment experience in Dubai and New York respectively.

The Dalmia Group has been investing in private equity, real estate and public markets, and has co-sponsored funds in technology, private equity, retail and real estate.

 


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Dalmia Group, Dubai''s Evolvence raise fund for VC and private equity investment