Everstone scouts for new ventures with 5k cr from 3rd fund

The Singapore-based private equity giant Everstone is looking to invest heavily in India and a few other markets after raising USD 730 million (nearly Rs 5,000 crore) for its third PE fund. The USD 3.3-billion group, which focusses on India and South-East Asia, exceeded estimates with closing of its Everstone Capital Partners III fund at USD 730 million. "This fund-raising comprises USD 700 million of LP (Limited Partner) capital from leading institutional investors and an additional USD 30 million commitment from Everstone and its affiliates. Institutional demand significantly exceeded capacity, resulting in the fund closing at its hard cap," the PE giant said in a statement. Everstone Group's Co-founder and Co-Managing Partner Sameer Sain said the investors have shown continued trust and support in the latest round. "With multiple offices and a large talented and experienced team, we intend to continue with our proven strategy of building exceptional businesses in India and a few other select and targeted geographies," he added.

Investors who had backed Everstone previously committed the majority of the capital in the latest round too, either by maintaining or increasing their commitment sizes. A select number of new marquee LPs also joined, and over 50 per cent of the capital came from North America while Europe constituted approximately 37 per cent. The investors were well diversified and include significant public pension plans, insurance companies, endowments and select asset managers.

Campbell Lutyens acted as the exclusive global placement agent and Akin Gump acted as the lead counsel. Everstone Group is a premier India and South-East Asia focussed private equity and real estate investment firm with assets under management of USD 3.3 billion. Headquartered in Singapore, it has nearly 200 people working across five offices, including Mumbai, Delhi, Bangalore and Mauritius.

It was founded in 2006 by Sain and Atul Kapur. Sain was earlier a joint venture partner of Kishore Biyani in Future Capital Holdings. Previously, Everstone has raised two funds -- USD 580 million for Everstone Capital Partners II and USD 425 million for its Indivision India Partners fund.

It runs fast-food chain Burger King franchinse in India and has also invested among other ventures in the fashion house Ritu Kumar, VLCC Healthcare, Tikona Digital, beauty saloon chain YLG India, restaurant chain operator Pan India Food Solutions, NBFC IndoStar Capital Finance, healthcare firm Global Hospitals Group and wine maker Sula Vineyards.