JM Financial launches a private equity fund
Mumbai, Aug 9: JM Financial Group is launching a corporate private equity fund, JM Financial India Fund, with US-based Old Lane Partners, LP, being the lead investor to the Fund.
Informing the BSE today, JM Financial Ltd said the initial corpus of the Fund will be USD 150-175 million and will be investing in Indian Companies. Funds are being raised from domestic investors and overseas investors, subject to necessary approvals.
The Fund has announced its first close on July 31, 2006 and has already received commitments of over Rs 415 crore (roughly US$ 90 million) since its launch a few months ago.
Mr Nimesh Kampani, Chairman JM Financial Group said, ''The setting up of our corporate private equity fund is in line with the expansion plans for the group. This fund is JM Financial Group's first private equity fund and we are pleased to have Old Lane as our lead investor. The Indian private equity market is at the threshold of its most exciting phase.'' Further, he said the India growth story, strong emerging Companies backed by new age entrepreneurs offers tremendous opportunity for the JM Financial Group to invest private equity capital in building businesses in such high growth Companies.