ic2 launches $250m India fund

The private equity firm anticipates spending $50m from the fund on three investments by the end of the year.

Private equity firm ic2 Capital has launched a private equity fund that will target $250 million for investment in India, focusing on the hospitality, logistics, food, support services, media and defense sectors.

“We believe that the Indian economy is fundamentally strong and offers significant growth potential,” said Sukhbinder Heer, chairman and founding partner of ic2.

The firm, based in London and Delhi, will make growth capital investments of $5 million to $30 million in mid-market companies.

The firm is performing due diligence for three investments from the fund in hospitality, logistics and food. ic2 said it anticipates investing $50 million by the end of this year.

ic2's prior investments include stakes in Bollywood production companies and Eros International, a distribution company.

Heer and Anmol Nayyar lead the firm. Heer is the former UK managing partner of RSM Robson Rhodes, and Nayyar most recently led the India practice of law firm Ashurst.