New Delhi, May 25 -- Siguler Guff & Company, an American multi-strategy private markets investor with more than $18 billion in assets under management, is set to rope in a key limited partner for its India-focussed private equity fund.
The firm, which is hitting a jackpot with its bet on Indian Premier League franchise Rajasthan Royals as a consortium led by steel tycoon LN Mittal is buying the cricket team for $1.65 billion, is close to getting a cheque from International Finance Corporation (IFC) for the new PE fund.
IFC, the private-sector investment arm of the World Bank Group, has proposed an equity investment of up to $20 million in Siguler Guff Global Emerging Markets Growth Opportunity Fund II LP, along with an additional co-investment envelope of up to $20 million for portfolio companies backed by the fund.
The fund is targeting total capital commitments of $250 million and will focus on providing growth capital to mid-market companies in India across sectors such as consumer, financial services, healthcare and lifesciences, and global technology. The fund had raised about $110 million by 2024 but hasn't yet announced its final close.
Siguler Guff, founded in 1991 by Drew Guff and George Siguler, expects the fund to help improve access to private equity capital for India's mid-market businesses while also attracting large global institutional investors with limited exposure to the country's private equity ecosystem, according to a disclosure.
Apart from investing in India, the fund may also selectively evaluate opportunities in Southeast Asia. It will avoid investing in coal-related businesses, activities on IFC's exclusion list and high-risk environmental and social sectors.
Siguler Guff invests globally across private equity, real estate, infrastructure, private credit and emerging market strategies. The firm has previously backed companies across sectors including technology, healthcare, financial services and industrial businesses.
The firm recently invested $40 million in Trimex Foods Pvt. Ltd, the Indian franchise operator of global restaurant brands Chili's Grill & Bar, PAUL, and Cinnabon. Its other investments in India include Dailyhunt parent VerSe Innovation, affordable fashion retailer Baazar Kolkata, South India-focused consumer electricals retailer Luker, and Gujarat-based hospital chain Sterling Hospitals.
Published by HT Digital Content Services with permission from VC Circle.