Evolvence India Fund
Evolvence India Fund (EIF) is the first independent private equity fund of funds focused on India. The fund which had its final close in July 2007 has a total corpus of USD 250 million. EIF with a unique hybrid strategy has a mandate to invest 60% of its allocation in Indian private equity funds and the remaining 40% towards co-investments and direct investments. The Fund has over 80 investors from more than 20 countries including insurance firms, pension funds, sovereign wealth funds, family offices & high net worth individuals (HNI’s). We manage total assets of approximately USD 300 million in India which includes side pocket investments of USD 50 million.
The EIF portfolio consists of funds which cover the entire spectrum of growth capital ranging from early growth to late stage including pre-IPOs to small & midsized buyout fund. Similarly, the co-investments that EIF has invested in also subscribes to the same investment thesis of relatively mid sized companies which are currently in an expansionary stage either organically or through acquisitions. The fund has committed to 10 underlying funds and executed 8 co-investments. There are over a 110 companies which are currently part of the EIF portfolio.
- EIF is the first and only independent India focused PE Fund of Funds
- EIF has preferential access to fund managers and co-investments along with better terms due to its established relationships
- EIF has already been offered investment opportunities in subsequent funds by many fund managers in India despite being oversubscribed
- Maintain a Fund of Funds database with over 150 Indian Private Equity Funds
- Maintain a Co-Investment/Direct investment database with over 250 investments
- The EIF team has extensive relationships and network in India in sourcing attractive PE deals
- Rigorous process of due diligence (promoters, business, accounting and legal) to select best in class investment opportunities for both funds and co-investments/direct investments
- Active monitoring of all underlying funds through frequent discussions with Fund Managers, portfolio company visits and through IC, advisory and board participation in most of our underlying fund investments
- Active monitoring of all co-investments through regular company visits, quarterly conference calls and board representations.
- The Fund is headed by Mr. Ajit Kumar who has been investing in private equity, in both developed and emerging markets since 1990 and brings with him over 15 years of experience.
- He is assisted by a qualified team of investment professionals with diverse financial and operational experience.
- The Fund has exited one of its co-investments at a gross IRR of 56% and a multiple of 2.6x
- The Fund has witnessed liquidity events by way of exits in 28 companies (23 fully exited, 5 partial exited) from a mix of capital market transactions, strategic and trade sales and promoter buybacks.
"Evolvence India Fund provides the strategic advantages of growth and diversification".