Private equity firm India Value Fund Advisors (IVFA) has reached a first close of $500 million on its fifth Idium fund. Launched in November of last year, the fund grabs a hard cap of $700 million. The deal makes IVFA the largest sector agnostic PE Funds to invest in India in the recent past.
Just few months back, the firm announced its first ever investment from the vehicle which was a $35.5 million commitment to NBFC Magma Fincorp. Though their funding is more sector- sceptic but still the firm has significant revelation in infrastructure, services, and consumer and media sector.
“This mandate is a vindication of our strategy of working closely with mid-market firms and supporting them through business cycles and the unique challenges of the Indian market,” said Vishal Nevatia, managing partner at IVFA.
With back to back two deals last month alone, IVFA have been in the news recently. With an investment of $50 million, the firm also holds majority stakes in radio taxi service provider Meru. The predecessors of IVFA had also raised $400 million in 2007. Prior to that, IVFA rose close to $500 million in 2005, starting off with a $35 million fund in 2000.
Over 25 investors have invested in this fund vehicle which was launched in November last year. The list includes sovereign funds, pension funds and fund of funds from across the globe.