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TVS Capital CMD Gopal Srinivasan. With the first close of its third fund, the total capital raised by TVS Capital has exceeded ₹ 2,000 crore. Photo: Mint
Mumbai: Home-grown private equity fund manager TVS Capital Funds Pvt. On 8 on 32 32 32 32 32 32 32 TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV TV.
TVS Capital Funds is led by Gopal Srinivasan, a third generation entrepreneur from the TVS group and D. Sundaram, as vice-chairman and chief financial officer of Hindustan Unilever Ltd. The sponsors have invested over ₹ 200 crore in the fund, a statement from the fund said.
With the first close of its third fund, the total capital raised by TVS Capital has exceeded ₹ 2,000 crore, the statement said. TVS Capital raised its first fund of ₹ 600 crore in 2009, followed by a second of ₹ 600 crore in 2012.
TVS Capital has invested in companies such as National Stock Exchange of India Ltd., Indian Energy Exchange Ltd., RBL Bank Ltd., City Union Bank Ltd., Wonderla Holidays Ltd. and Nykaa.com.
The commitments for the first close of the fund are entirely from local investors.
"We prefer not to raise capital from foreign investors. "We have a harmonious set of family offices and institutional investors who understand India well," said Srinivasan, adding that the firm has raised around $ 500 worth of family services and ultra high net worth individuals (UHNI).
Srinivasan, said the company, said that it is a joint venture of the co-investment program.
"They are very keen on co-investments. They have taken an attempt of co-investing $ 400 crore alongside the fund. Co-investments are becoming important, "he said.
The fund is in the final stage of issuing its first term and expects to make its first investment by the end year.
TVS Capital is targeting a final close of around ₹ 1,200 crore for the third fund. The firm expects to receive additional commitments of ₹ 200 crore from its existing pipeline of customers.
According to Srinivasan, while the fund is larger than its previous funds, the investment strategy will continue to remain the same and the fund will continue to focus on investing in late stage venture and late stage growth opportunities. The fund will also look at controlling transactions through platforms.
"Our logic is to pretty much stay in the same place. We go from late stage venture to late stage growth. We do control investing in smaller, like our investment in Tex Mex chain. We do control investing through platforms. We have done so far in MedPlus, Dusters and Chillis franchise in south and west. We are a lot of professionals who have just retired and want to start from scratch. That's a very common trend now, "said Srinivasan.
From a sector perspective, the fund will focus largely on financial services and consumption, such as food and lifestyle, he said.
"In consumption, we will look at largely food and then lifestyle. We have a large play of disruption because we are moving from one organization to another. So, food is a big area for us, "said Srinivasan.
Apart from investments, the firm has been working on its investments and returning capital to its investors.
TVS Capital Funds' second fund of ₹ 600 crore has been distributed to all investors. It's most recent exit from Nykaa, a popular online and omnichannel beauty products platform.
"The second fund has been exceptional we expect to give back two times the capital that we raised," said Srinivasan.
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