$250m Indian fund of funds makes first investments

Evolvence Capital has committed to six funds in the first tranche of investments for its alternative assets, regional fund of funds.

Evolvence India Fund, the first independent fund of funds focused on Indian private equity, real estate and infrastructure, has invested $100 million in six funds and made four additional investments in high growth companies.

Evolvence Capital, an alternative investment group established in 2000 with $750 million assets under management, is the sponsor and cornerstone investor in the fund.

Jay Jegannathan, managing director of the Evolvence India Fund, said the investment was the result of Evolvence India’s strategy of marrying investor needs for diversification and high returns with the investment group’s proven ability to create and incubate excellent investment vehicles. 

Jegannathan said: “We foresee exceptional growth in India, especially in the manufacturing, services, Infrastructure and real estate sectors we have targeted with this initial investment.  We expect to add significant global investments to our India portfolio in the near future.”

The Evolvence India Fund portfolio includes investments into funds by UTI Ventures, New York Life Investment Management, IDFC Private Equity, IL&FS Investment Managers, India Value Fund Advisors and Baring India Private Equity.

The additional investments include Emaar-MGF Land, a joint venture of Emaar Properties in India; Centurion Bank of Punjab. a retail focused bank in India; Consolidated Construction Consortium Limited, an engineering and construction contractor and Eastern Silk Industries Limited, a silk textile manufacturer. The fund is supported by eight professionals based in New Delhi.

The fund plans to invest an additional $150 million as growth capital into various funds.