Evolvence Capital, a Dubai-based firm with assets under management of approximately $700 million, is planning to float an India-focused fund of funds business on London’s AIM market.
It intends to offer shares in Evolvence India Holdings to raise approximately $100 million.
The public listing of the fund will give investors access to a diversified Indian private equity portfolio through the Evolvence India Fund, an established private equity fund of funds with a co-investment pool focusing on growth capital in India.
This will mitigate issues usually associated with private equity investments, such as a lack of liquidity and relatively large minimum investment size, Evolvence said.
Of the rest of the net offering proceeds 10 percent will be invested in Evolvence India Life Sciences Fund; and 20 percent into direct investments.
The quoted fund of funds will hold approximately 35 percent of the India Fund, containing a diversified portfolio of 55 Indian companies through the six underlying private equity funds.
Evolvence India Life Sciences Fund is a $150 million private equity fund focused on providing growth capital to Indian life sciences companies.
Fairfax is acting as broker and lead financial adviser to the company. Seymour Pierce is acting as the nominated advisor.