Tano Capital, a US-based private equity firm which focuses on China and India, has held a second close for the Tano India Private Equity Fund II (TIPEF-II) on $97 million en route to a target of $150 million, according to a statement. The close is later than planned, with the firm originally targeting a March close.
TIPEF-II’s investment strategy will remain the same as its predecessor fund, focusing on sectors include infrastructure ancillaries, consumer discretionary, healthcare and manufacturing. According to its website, the fund will make deals in the range of $15 million and $18 million in size.
The fund garnered $54 million for its first close in December last year following an anchor commitment from California-based Charles Johnson, the former co-president of Franklin Templeton who is also founder and managing director of Tano Capital. The fund also received support from Hong Kong-based fund of funds Asia Alternatives Management.
TIPEF-II is the successor fund to the $100 million Tano India Private Equity Fund I, a 2006 vintage vehicle which has made investments in 10 India-based companies including Ravin Cables, a maker of low and medium voltage cables with operations outside India in Africa and the Middle East. Tano exited the businesses to Milan-based trade buyer Prysmian early last year, reportedly generating 18 percent IRR on a $3.4 million investment.