Private equity firm ICICI Venture on Wednesday said it had raised $190 million for its India Advantage Fund (IAF) Series 4, marking the first closure of its fourth PE fund. The company has raised this fund from its existing investors and an Asian sovereign fund.
"ICICI Venture's third PE fund (IAF3) continues to track well, having completed its third partial exit in February 2016 through the successful IPO of TeamLease. With this, the firm has been able to create liquidity pathways in five of the nine portfolio companies of IAF3 and achieved liquidity in three companies already, placing the fund in a strong overall position," it said in a release.
The company has made $845 million from 33 exits from its three PE funds during the past six years and $1.3 billion since 2005. Its special situations fund, AION, which is in a strategic alliance with Apollo Global Management (US), attracted subscription worth $ 825 million in its maiden fund. Considering co-investments, AION's assets under management have crossed $1 billion, it said.
