Axis PE, a company set up by Axis Bank to manage private equity funds, announced the first closure of its ‘Axis Infrastructure Fund (AIF) at Rs 600 crores (US$150 million). The eventual targeted corpus of the Fund is Rs 2000-2400 crores (US$500-600 million). AIF will seek and participate in growing infrastructure and infrastructure enabling companies through equity investments with a minimum deal size of US$20 million.

The Fund was raised within a period of five to six months from its launch in turbulent market conditions. The Fund’s investors include high quality and sophisticated domestic and international banks and corporates with long-term investment horizon. The Fund has a life of 10 years with five years for investment and five years for divestment. For the second close, Axis PE is confident of attracting many more international investors in the Fund.

Axis PE has already committed more than half of the Fund in infrastructure and facilitating companies with focus on railways, irrigation, development of oil and gas pipelines, water supply and sanitation and development of hotels / resorts.

Commenting on the occasion, Mr. Alok Gupta MD and CEO, Axis PE said, “It is a positive endorsement to have received such strong support for the Fund, validating the attractiveness of the investment opportunity and the expertise of our investment team. The closure of the Fund within a period of six months during the global market meltdown represents a major milestone for us”.

He further added that, “With the strong parentage of AXIS Bank and the scale of the opportunity for infrastructure investment in India, we hope to develop a strong portfolio of companies involved in nation-building for the benefit of our investors and other partners.”

Sourced From: Hanmer & Partners Communications Pvt. Ltd

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