Aditya Birla PE announces first closure, raises Rs 675 cr

Aditya Birla Capital Advisors, the private equity (PE) arm of the Aditya Birla Financial Services Group, raised Rs 675 crore and announced the first closure of the Aditya Birla Private Equity - Fund I. The promoter group has contributed 20 per cent, or Rs 135 crore, to the fund.

Other investors in the first fund of the group include domestic high net worth clients and institutional investors. The fund will announce its second closure soon and said it would continue to accept applications for a limited period.

“Private equity played an important role in fulfiling the commitment of the Aditya Birla Financial Services Group to meet needs of our target customers. We have ambitious plans for this business and our maiden fund’s mobilisation of over Rs 675 crore is a good first step in that direction. Our strong investment team will now put this money to work for our investors,” said Ajay Srinivasan, chief executive, financial services, Aditya Birla Group.