US-based investment bank Thomas Weisel International is planning a $200 mn, India-dedicated private equity fund of funds. The company is also keen on rolling out its asset management business in India, focusing only on institutional investors. The fund of funds, which is yet to close, has already made two investments worth $25 mn in infrastructure financing company IDFC and private equity firm ilabs.
The fund has invested $15 mn in IDFC’s $400 mn fund and another $10 mn in ilabs. The company’s India office was set up in October 2005 and is its first international office outside USA. Thomas Weisel focuses on mid-cap companies in growth sectors including technology, healthcare and alternative sources of energy. In India, these are the sectors where it will continue to focus on, besides infrastructure. The company is also keen on starting its asset management business in India. This would be a 100% subsidiary of the company.
Currently, the company offers institutional brokerage to its clients. While its PE business is operational, the company’s mutual fund business is expected to be rolled out by year-end. Internationally, the firm offers investment banking, institutional brokerage and equity research. Its subsidiary, Thomas Weisel Asset Management, includes three private equity investments funds and a distribution management service for private equity and venture capital funds.
Read The Economic Times article.
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