Edelweiss Alternative Asset Advisors today said it has raised Rs 3,400 crore for its third Special Situations Fund.
The special situations approach focuses on assets that Edelweiss Alternative Asset Advisors thinks have a good chance of turning around.
The fund has got commitments from global investors including large insurance companies and pension funds as well as HNIs and family offices from India. It is targeting to raise $1 billion with a green shoe option of $500 million and, in a short period, has spent more than Rs 1,000 crore across two opportunities.
The second fund, which had the biggest fundraise in India's alternatives sector in 2018, is on track to provide returns to its investors. Beyond investing more than Rs 10,000 crore across agreements, the fund has also exited a number of transactions and made more than Rs 9,500 crore from its portfolio firms.