Kotak Investment Advisors Ltd (KIAL) has raised $440 million in a fund to invest in private equity opportunities, taking its total corpus under management to $1.4 billion. Kotak will continue its focus on investing in small and medium enterprises, mostly unlisted, a top official said. The fund has been raised entirely from institutional investors and high networth individuals in India who are Kotak Mahindra’s clients.
Compared to three years ago when the emphasis of investment was on global themes, private equity strategy is increasingly shifting to domestic opportunities, C Jayaram, head of KIAL and executive director at Kotak Mahindra Bank said.Another $250million will be raised from overseas investors by September.
The private equity group has two other funds, a $160-million fund that invests across sectors and a $68-million fund focused only on biotech. With the closure of the third fund, KIAL now has approximately equal amounts in both groups. It intends to launch a third group focussed only on investments in the core infrastructure sector with a corpus of $1 billion.
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