Private Equity International's fundraising numbers for Q1 2015 reveal that $660 million was collected from three funds focusing on India. SAIF Partners India V was the largest closed-ended vehicle to close in the first quarter raising $350 million. The venture fund held a final close in March.
A growing percentage of capital for India focused vehicles is raised by foreign managers. A staggering 99.5 percent of funds raised last quarter is managed by GPs headquartered outside of the country. It does not look like the trend, started in 2013, is going to continue – 73 percent of funds in market are being raised by managers based in India. However, it is interesting to note that the average target size is higher for foreign GPs – $198 million versus $144 million for domestic GPs.
As at Q1 2015, 92 India focused funds are currently on the road with an aggregate target of $14.02 billion. Fosun India Growth Fund, Everstone Capital Partners III and Kotak Special Situation Credit Opportunity Fund are the largest funds currently in market with target sizes of $1 billion, $650 million and $620 million respectively.