Tata collects $450m for India fund

The fund, headed by managing partner Mukund Rajan, has held a first close after coming to market roughly five months ago.

Tata Capital, the financial services arm of Tata Group, has held a first close on $450 million for a fund focused on India.

Tata came to market with the fund in November 2010. On top of Tata Opportunities Fund’s investments, limited partners will be able to co-invest directly into portfolio companies, the firm said in a statement. The fund will enable LPs to participate in investment opportunities both from within the Tata companies as well as from outside the Tatas, the statement said.

Tata Opportunities Fund is managed by managing partner Mukund Rejan. The firm was not available for comment at press time.

Mukund
Rajan

In January, Tata added former Temasek Holdings managing director Padmanabh Sinha as a senior partner and chief investment officer. At Temasek, Sinha helped found the India office for the Singaporean sovereign wealth fund. He was previously vice president of investments at ICICI Venture.

Last August, Tata launched a $500 million growth fund with Japan’s Mizuho Securities managed by Tata managing partner Akhil Awasthi.

Mumbai-headquartered Tata Capital’s Singapore office has been established as the group’s international headquarters. In addition to private equity, the firm operates in commercial finance, investment banking, infrastructure finance, securities, wealth management and loans among other areas of finance.