CX Partners raises $250 million for first close of new fund
MUMBAI: Indian private equity (PE) fir mC X Partners has raised about $250 million for its second sector-agnostic fund, marking its first close, two people aware of the development said on condition of anonymity.
CX Partners is targeting a corpus of $400 million for the fund, said one of the two people cited above. The final close is expected by mid-2018, the person said.
Launched in 2009 by Ajay Relan, former India head of Citi Venture Capital International, CX Partners raised its first fund of $500 million in 2010. It was among the few PE firms that managed to raise money in the tough aftermath of the 2008 global financial crisis.
CX Partners had planned to launch its second sector-agnostic fundin 2012,butthe planwas put on hold until 2016, when it started meeting investors to raise money, the second person said.
Jay an ta Basu, managing partner a tC X Partners, declined to comment.
The PE firm has invested in firms including Bar be que Nation Hospitality Ltd, Sapphire Foods India Pvt. Ltd, Ujjivan Financial Services Ltd, South Indian Bank Ltd,Ka ru rVys ya Bank Ltd, Thyroc are Technologies Ltd and Min a cs Ltd, an outsourcing services provider. Fund-raising has accelerated as limited partners , who provide capital to venture capital and PE firms, turn positive over the Indian economy.
“Ease of doing business in India, enhancement in our credit rating, a multitude of pro- business regulations are all very positive signs and would raise India’ s profile amongst the LP community,” said Sanjeev Krishan, transaction services and private equity leader at P wC India .“GPs (general partners) with a good track record, particularly exit activity, will find this a good time to raise money,” said Sanjeev Kris han, leader of the transaction services and private equity practice at PwC India.
Last week, Moody’s Investors Service raiseditsIndia sovereign rating by one notch from the lowest investment grade.