Saturday, December 23, 2006

Evolvence to launch Indian private equity fund

Dubai-based fund-of-funds Evolvence Capital is launching an AIM-listed closed-ended FOF in January which will invest in Indian PE funds. The fund intends to raise $105 mn for the Evolvence India Fund. The FOF will invest in a number of closed-ended PE funds focused on the Indian infrastructure, pharmaceutical and retail sectors. UTI Ventures’ Ascent India Fund, Barings India Private Equity Fund II, IDFC Private Equity Fund II, India Value Fund II, IL&FS’ Leveraged India Fund and New York Life Investment Management India Fund II will be the initial beneficiaries of the fund.

Earlier this year, Evolvence had made direct investments into Emaar-MGF Land Private Limited, Centurion Bank of Punjab, Consolidated Construction Consortium Limited (an engineering and construction contractor) and Eastern Silk Industries Limited (a silk textile manufacturer). Also, sometime in the April – June quarter of 2006-07, Evolvence announced the launch of a $150 mn fund for investing in small- and medium-sized Life Sciences companies in India.

For more details, read the article from

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