UTI Ventures to raise up to $400m for Fund III

The Bangalore-based private equity firm is in the market for its third fund that will target investments in a wide array of sectors including infrastructure services, power, retail, healthcare, education and logistics.

UTI Ventures, an Indian growth capital-focused private equity firm, is raising its third private equity fund, targeting commitments of between $300 million and $400 million.

The fund will see a first close next month, Ajay Mittal, director of private equity at UTI Ventures, said in an interview. The firm began raising capital for the fund in January this year and expects to see a final close in December, he said.

UTI Ventures will generally invest between $15 million and $20 million per transaction, Mittal said. It will make growth capital investments, acquiring significant minority stakes in companies.

The fund does not have a sector focus but will invest mainly in infrastructure services, retail, healthcare, education, logistics and power.

This is UTI Ventures’ third private equity fund. Its previous fund, the $180 million Ascent India Fund, is fully invested across 18 deals.

Some of the firm’s investments include Consolidated Construction Consortium, an urban infrastructure service company; Koutons Retail, a men’s apparel retail chain; Laqshya Media, an outdoor media company; and Ind Barath Power, a power company focusing on gas, hydro, bio-mass and coal power projects.