Nalanda Capital Pte Ltd. has closed its second fund with commitments of $475 million. Nalanda's limited partners (LPs) include endowments, foundations and family offices from the USA and Europe. The private equity firm follows what it calls a "passively active" style of investing, where it does not interfere but "selectively intervenes" with the management of its portfolio companies. The fund looks to add value to companies in areas like strategy, M&A, corporate and financial structure, etc.
While the firm mostly invests through secondary-market purchases, it has also done some deals involving preferential issue. Nalanda has invested in more than a dozen companies through its first fund and had been an active buyer when the markets crashed after investment banking major Lehman Brothers filed for bankruptcy protection.
Nalanda had picked up the stake in October 2008, at an average price of Rs.440-Rs.450, and is currently sitting with unrealized gains of around 4x its investment. Page Industries scrip closed on June 24 at Rs.1,771 per share. The firm also has stakes in companies like MindTree, Mastek, Triveni Engineering, Carborundum Universal and WNS.
Interestingly, the fresh fundraising from Nalanda Capital comes as several Indian private equity firms are looking to raise PIPE-dedicated funds.
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