JM Financial launches first Indian private equity fund

JM Financial, a fund management company based in India, has raised $90m at a first close of its first private equity fund. The fund will make growth capital investments in Indian businesses.

JM Financial, an Indian stock broking and securities business, has held a first close on its first private equity fund, JM Financial India Fund, with Rs4150 million ($90 million) of commitments.
The fund has a target of $150 million to $170 million. The firm said that a first close of $90 million was held at the end of July and that the fund will make growth capital investments in Indian companies in all segments of the market.
Old Lane Partners, a US-based private equity and hedge fund, is the lead investor and co-sponsor of the fund.
JM Financial said that funds were being raised from domestic as well as overseas investors.

The Kampani family founded JM Financial in 1986 before listing on the Bombay Stock Exchange in 1991.