Everstone targets $650m for Fund III

Sameer Sain's firm has launched its next India offering after hiring Goldman veteran Brooks Entwistle

Everstone Capital Partners is raising $650 million for its latest private equity vehicle in India, according an investment proposal by the International Finance Corporation.

The fund, Everstone’s third, has a $700 million hard cap and could receive as much as $50 million from IFC, if the proposal is approved. It is unclear if the fund has received any other commitments and the firm did not respond to requests for comment before press time.

Ahead of the fundraising, Everstone hired a Goldman Sach veteran, Brooks Entwistle, to share the chief executive role with Mumbai-based Dhanpal Jhaveri, Private Equity International reported earlier. Entwistle was most recently chairman of Goldman Sachs Southeast Asia and its chief executive in Singapore.

He oversees the day-to-day management of the firm as well as leading cross border transactions and large deal origination. His appointment expects to alleviate some of the day-to-day responsibilities from Jhaveri and founder Sameer Sain so they can increase their focus on investment opportunities.

However, his appointment is also expected to help with fundraising, having come from the US where he studied and worked for a number of years, as well as launching Goldman’s business in India.

“He has been in the Goldman system for a long time, he has been a business leader and has got great relationships within the region so brings in a lot of reach with corporate houses and investors. Having worked in different geographies, having worked with global investors, clearly he has the right skill set for the job,” Jhaveri told PEI earlier.

Everstone is currently investing from its second private equity fund, which is a $580 Million vehicle that was 50 percent oversubscribed for the final close. The fund is made up of $550 million of external capital and a $30 million GP commitment.