TVS Capital Funds raises $113m

The Indian firm achieved the first close of its third P.E. fund.

TVS Capital Funds has held a first close of its third private equity fund, TVS Shriram Growth Fund 3, at INR8.32 billion ($113 million; €99 million), against its target of INR7 billion ($95 million; €83 million).

Anchored by strong commitments from family offices mainly, Fund 3 focuses on growth equity in India and seeks investment opportunities in financial services, lifestyle & leisure, food and agriculture and healthcare.

The Fund is targeting a final close at INR12 billion ($163 million; €142 million).