India-focused growth investment firm Avigo Capital has raised more than $200 million for Avigo SME Fund III and is targeting a final close by the end of April, a source told PEI Asia.
Avigo confirmed that its fund will see a final close towards the end of next month, but declined to comment on the specifics of fundraising.
The fund, targeting commitments of $250 million, has seen all institutional investors from the previous fund re-upping on their commitments and is in the final stages of receiving commitments from other investors, the source added.
Avigo had raised about $150 million for its fund by February 2009. At that time, Achal Ghai, managing partner at Avigo, said that returning lead investors included the IFC, the private investment arm of the World Bank; UK government-backed fund of funds investor CDC Group; EDC, Canada's export credit agency; Squadron Capital, a Hong Kong-based fund of funds manager; and Australian Reward Investment Alliance, which was represented by Macquarie. New lead investors in the fund include PPM and New York-based fund of funds manager Siguler Guff, Ghai added then.
Avigo’s predecessor fund closed on $125 million in 2007. Its first fund was launched in 2004 and raised C$14 million (€10.2 million; $13.7 million).