The Middle East-based fund of funds Evolvence Capital is raising a close-ended fund from London's Alternative Investment Market. The fund, domiciled in Isle of Man, will initially invest in six Indian private equity funds.
, India's largest homegrown buyout firm, plans to increase its ticket size. In an interview to Bloomberg, Renuka Ramnath, Managing Director of ICICI Venture, said that her fund would invest as much as $125 million at a time probably with the help of co-investors. Currently, ICICI Venture invests a sum not bigger than $25 million.
ICICI Venture currently faces competition from foreign funds like Blackstone Group, Carlyle Group, Texas Pacific Group and others while the deals are hard to come by. Ramnath told Bloomberg: "It has pushed up valuations, it has pushed up expectations. All my potential clients have five distinctive ways of solving the same problem; private equity is only one of them."
Bharti Airtel is its tower assets. The company has some 40,000 telecom towers. It's likely some private equity funds would pick up stake in the tower businesses of these telcos. Besides, American Towers, the US-based company, has also declared its intention to invest in the towers business in India.
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