JM Financial launches a private equity fund

JM Financial Ltd has announced that JM Financial Group is launching a corporate private equity fund, JM Financial India Fund, with US-based Old Lane Partners, LP, being the lead investor / co-sponsor to the Fund. The initial corpus of the Fund will be USD 150-175 million and will be investing in Indian Companies. Monies are being raised from domestic investors and overseas investors, subject to necessary approvals.

JM Financial India Fund has announced its First Close on July 31, 2006. The Fund has already received commitments of over Rs 4150 million (approx USD 90 million) since its launch a few months ago.

Mr Nimesh Kampani, Chairman JM Financial Group said, "We are pleased to announce the setting up of our corporate private equity fund. This is in line with the expansion plans for the group. This fund is JM Financial Group´s first private equity fund and we are pleased to have Old Lane as our lead investor. The Indian private equity market is at the threshold of its most exciting phase. The India growth story, strong emerging Companies backed by new age entrepreneurs offers tremendous opportunity for the JM Financial Group to invest private equity capital in building businesses in such high growth Companies."

Source : Equity Bulls

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