Matrix Partners to close two fundings by year-end

Bangalore, Aug 2 (UNI) Matrix Partners India, with a first tranche funding of 150 million dollars, aims at closing two investments by the year-end and investing in six to eight companies a year.

Matrix Partners India Founding Managing Director Avnish Bajaj told newspersons here that the fund was likely to be consumed in four years.

However, the second tranche would not be any problem, Matrix Partners US Managing Partner Timothy A Barrows said.

Mr Bajaj said talks were on with some companies. However, he would not give out their names at this juncture.

Aiming at the consumer services segment, the Fund would look into opportunities available in internet, mobile, financial services, media and entertainment sectors, he said.

Matrix Partners, which had assets of over US Dollars three billion, had a number of its invested companies operating their R and D teams in India, mostly Bangalore. Founder-Partner Paul J Ferri said 70 per cent of the companies in Matrix seven funding have significant presence in India.

Besides Matrix Capital, a hedge fund business of the group had invested about 100 million dollars in securities in India which had given a return of 15 per cent, much higher than the returns accrued to domestic companies, he said.

He said that though India had the initial cost advantage, the reason most companies chose India in general and Bangalore in particular for their operations was the matured skillset available for development purposes.

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