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