ManagementAditya Birla Capital Advisers raises Rs 675 cr
Aditya Birla Capital Advisers, the private equity arm of Aditya Birla Financial Services Group, today announced closure of its first fund with the investment commitment of about Rs 675 crore.
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The maiden fund has been very well received by domestic high net worth clients and institutional investors and has commitments of over Rs 675 crore, despite an uncertain market environment, Aditya Birla Group Chief Executive (financial services) Ajay Srinivasan said in a release.
In view of continued strong patronage of investors, the Aditya Birla Private Equity - Fund I will continue to accept applications for a limited period and would announce its second and final closing shortly, he said.
The fund seeks to deliver returns by investing in and harvesting business growth opportunities created by the strong economic prospects of the Indian economy, he said, adding, it proposes to target minority stakes, while investing primarily in unlisted, mid-cap, high-growth, India-centric companies, and is sector-agnostic.
"We have ambitious plans for this business (private equity) and our maiden fund"s mobilisation of over Rs 675 crore is a good first step in that direction. Our strong investment team will now put this money to work for our investors," he said.
As a demonstration of the Group"s commitment to the business, he said, the Aditya Birla Group contributed 20 per cent of the fund corpus.