The two sponsors aim to raise $150 million and are targeting India-based high-growth and mid-sized private equity investment opportunities, the company said on Thursday.
The new fund called the ER Capital India Fund will start with capital commitment of $20 million from Evencore.
"The fund would target investors from Southeast Asia, Europe and Gulf region. Its focus is primarily to target the capital requirements of mid-sized enterprises with a two-pronged approach of sector and geographical focus," Malvinder M Singh, CEO and managing director, Ranbaxy.
The ERCIF will have a tenor of seven years, with a provision for one-year extension. The commitment period for the investors would be four years, Singh said.
"Amongst the sectors ERCIF will focus on healthcare, retail, financial services, manufacturing and infrastructure. By geographical area it would aim to provide capital across Tier II and III cities providing efficient growth opportunity," Religare director and Fortis Healthcare MD Shivinder M Singh said. The size of investments will be between $10 million and $20 million, Singh added.
