Reuters – Tata Capital Raises $600M Fund

Tata Capital, part of steel-to-software conglomerate Tata Group, has raised $600 million for a private equity fund to invest in India, in what could be one of the largest debuts by a private equity fund targeting India, Reuters reported. Institutional investors from North America, Asia and the Middle East have invested in the fund, the company said.

(Reuters) – Tata Capital, part of steel-to-software conglomerate Tata Group, has raised $600 million for a private equity fund to invest in India, in what could be one of the largest debuts by a private equity fund targeting India.

Institutional investors from North America, Asia and the Middle East have invested in the fund, the company said.

The investors could also co-invest directly into portfolio companies alongside the fund on a mutually discretionary basis, it added.

Globally, first-time funds have secured about $4 billion in aggregate capital, according to London-based data service provider Preqin.

Twenty-eight rst-time funds reached a nal close in the first quarter of 2013, the lowest number in any quarter in the period 2008-2013, Preqin added. (Reporting by Indulal PM; Editing by Prateek Chatterjee)