ICICI Venture collects $350m for fourth India-focused fund

The India-focused firm has received commitments from Temasek Holdings, Indian banks and life insurance companies, as well as a European institutional investor.

Mumbai-based private equity firm ICICI Venture has gathered around $350 million towards its $500 million target for its latest India-focused fund.

The firm plans to use the capital from India Advantage Fund Series 4 (IAF Series 4), which was launched in the third quarter of 2014 and held first close on $190 million in March last year, to invest in growth stage companies in India.

According to PEI data Singapore state fund Temasek Holdings is an investor in the fund. ICICI has also received commitments from European investors as well as Indian banks and life insurance companies, according to a person with knowledge of the fundraising.

The source added that the firm is targeting a final close in September.

IAF Series 4 is sector agnostic, similar to its predecessor India Advantage Fund Series 3, a 2009-vintage vehicle that raised $400 million.

ICICI Venture has already made two investments from the fund – $18 million in specialty chemicals firm Anthea Aromatics and $47 million in Chennai-based health insurer Star Health & Allied Insurance. The firm is targeting around 10 deals and is looking to announce a third deal in the coming months, the source added.

ICICI Venture is the private equity arm of ICICI Bank and has about $2 billion of dry powder across private equity, real estate and infrastructure funds.