India: Investcorp and IDFC raise $300M for maiden fund

IDFC and Investcorp begin raising funds for the Indian market, with a goal of $100 million. Investcorp has been focusing on PE and realty segments after acquiring these businesses from IDFC

Bahrain’s alternative asset manager Investcorp, which entered the Indian market last year through the acquisition of the private equity (PE) and real estate funds businesses of IDFC Alternatives Ltd, has started raising its maiden fund for the Indian market, according to three people aware of the development.

“The firm has started raising $250-300 million for a new real estate fund and is raising an additional $100 million in a follow-on round for the existing PE fund that it bought from IDFC Alternatives," said one of the people mentioned above, requesting anonymity.

Investcorp manages about $22.5 billion of assets across PE, real estate, special situations and credit. It has offices in New York, London, Bahrain, Abu Dhabi, Doha, Riyadh, and Singapore.

Mint had reported in May 2018 that Investcorp was buying the PE and real estate lending businesses of IDFC Alternatives. The sale was part of the restructuring of the IDFC Group, which also saw the sale of the infrastructure investment arm of IDFC Alternatives to Global Infrastructure Partners, a US-based infrastructure investor.

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