New Delhi, Aug. 19 -- US-based private markets investment firm Siguler Guff & Company has closed its Global Emerging Markets Growth Opportunities Fund II (GEMGO II), securing $500 million (Rs 4,787 crore) in commitments to back its India-focussed mid-market private equity strategy.
The fund, along with co-investment vehicles and separately managed accounts, has raised more than double the $238 million deployed through its predecessor emerging markets fund in India, Siguler Guff said in a statement.
VCCircle had earlier reported that the investor was raising capital for one of these investment vehicles in May.
"India is a highly compelling long-term global investment opportunity, supported by powerful demographic trends, rising consumption, and a dynamic business environment," said Drew Guff, chief investment officer at Siguler Guff and co-portfolio manager of GEMGO II. "We believe the mid-market, where we have long specialized, offers an opportunity to partner with exceptional businesses," he added.
While the firm did not disclose the identities of its limited partners (LPs), VCCircle had previously reported that the International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, had proposed an equity investment of up to $20 million in the fund, along with an additional co-investment envelope of up to $20 million for the fund's portfolio companies.
The vehicle will invest in high-growth, founder- and family-owned businesses, with an average cheque size of about $50 million. It will focus on companies benefitting from India's expanding domestic consumption as well as businesses serving global markets across consumer, healthcare, financial services and technology sectors.
"India's mid-market continues to offer an attractive opportunity to partner with founder-led and family-owned businesses at a pivotal stage of growth," said Shaun Khubchandani, partner at Siguler Guff and co-portfolio manager of GEMGO II. "Our approach combines growth capital with strategic and operational support to help management teams strengthen governance, build institutional capabilities and scale their businesses over the long term."
Siguler Guff has already begun deploying capital from the fund. In April, it invested $40 million (Rs 379 crore then) in Trimex Foods Pvt Ltd, the Indian franchise operator of restaurant brands Chili's Grill & Bar, PAUL, and Cinnabon. The firm also backed Indian Premier League (IPL) franchise Rajasthan Royals, AI consulting firm Valliance.ai, and pharmaceuticals company La Renon, among others.
Founded in 1991 by Drew Guff and George Siguler, Siguler Guff managed $18.4 billion in assets as of December 31, 2025. The firm operates globally across private equity, real estate, infrastructure, private credit and emerging markets.
Over the years, it has deployed about $1 billion in India through its emerging markets vehicles, backing 23 companies such as Indian Energy Exchange, GlobalLogic, City Union Bank, Luker Electric Technologies, Baazar Kolkata, and Sterling Hospitals.
Published by HT Digital Content Services with permission from VC Circle.