Everstone closes its third private equity fund at $730 million

Investors who had backed Everstone earlier committed majority of capital, either maintaining or hiking their commitment sizes

The Everstone Group announced closure of its third private equity fund raising, Everstone Capital Partners III, at $730 million.

It comprises $700 mn of capital from leading institutional investors, including International Finance Corporation and the University of Texas endowment fund, and an additional $30 mn commitment from Everstone and its affiliates. Investors which had earlier backed Everstone committed the majority of the capital, either maintaining or increasing their commitment sizes.

A select number of new marquee limited partners also joined, Everstone stated.

A little over 50 per cent of the capital came from North America and Europe constituted 37 per cent. The investors are well diversified. They include public pension plans, insurance companies, endowments and select asset managers.

Sameer Sain, co-founder and co-managing partner of the Everstone Group, said: “We intend to continue with our proven strategy of building exceptional businesses in India and a few other select and targeted geographies. Our investment strategy will continue to be the same that has been for earlier funds, which is 70 per cent into control ones and rest in other transactions.”

Campbell Lutyens was exclusive global placement agent and Akin Gump the lead counsel. Everstone Group is an India and Southeast Asia-focused private equity and real estate investment entity, with assets under management of $3.3 billion.

Headquartered in Singapore, it has nearly 200 people across five offices, including Mumbai, Delhi, Bengaluru and Mauritius.