Mumbai-based Milestone Religare has garnered INR3 billion ($62 million; €43 million) in commitments for India Build-Out Fund I, which is focused on investments in India’s education and healthcare sectors.
The fund also has a secondary focus on media, logistics and facilities management, including food services and security services.
It aims to raise a total of INR6 billion from domestic investors, with a final close expected by April 2010, Amit Varma, a member of the firm’s board of directors and investment committee, told sister news site PEI Asia.
Milestone Religare has signed term sheets with three companies and expects to complete the investments in four to six weeks, Verma said. Of these, two transactions worth about INR850 million will be completed in the healthcare space and another investment worth about INR400 million will be completed in the education sector, he added.
Milestone Religare was established in April as a joint venture between Religare Venture Capital, the private equity arm of Indian financial services firm Religare Enterprises, and Mumbai-based private equity and real estate firm Milestone Capital.
Religare Enterprises provides asset management, life insurance, wealth management, equity broking, commodity broking, investment banking and lending services. It also owns a 74 percent stake in Vistaar Religare Capital Advisors, which manages the $40 Vistaar Religare Film Fund, a private equity vehicle investing in films and production companies.
Milestone Capital manages assets of more than $1 billion across six funds focused on private equity, real estate development and real estate yield-driven projects.