Edelweiss raises $105m for special situations fund

The Mumbai-based firm has held a first close on its debut fund.

Edelweiss Capital, an Indian financial services company, has raised $105 million for the first close of its maiden fund focused on special situations. The firm has not disclosed details pertaining to the fund’s target size.

The Edelweiss Special Opportunities Fund will invest in special situations in India. The fund is sponsored by Edelweiss Alternative Asset Advisors, the overseas alternative asset advisory subsidiary of Edelweiss Capital, the firm said in a statement.

Edelweiss is not the only Indian firm making a foray into turnaround investing. Other firms currently in the market for India-focused special situations funds are Halcyon, which is targeting commitments of $200 million for Halcyon Special Situations India Fund; and Asset Reconstruction Company of India, which is raising a fund targeting commitments of $600 million to acquire distressed bank assets. 

Edelweiss has a group net worth of more than $520 million. The firm’s businesses are broadly divided into investment banking, brokerage services, asset management and financing. It has 53 offices across 17 cities in India.