Private equity major Actis has raised a $2.9 billion private equity fund – Actis Emerging Markets 3 (AEM3) – for emerging markets of Africa, China, India, Latin America and south-east Asia.
This is one of the emerging markets private equity funds closed this year and doubles the amount raised by Actis in 2004. The new fund will invest $1 billion in India over a period of 3-4 years.
AEM3 includes commitments from a group of 100 investors from across the globe, including a number of first time investors in emerging markets.
The fund will invest a minimum of $50 million in buyout and growth transactions. In a statement issued from the firm, Paul Fletcher, Senior Partner at Actis said, “We are delighted to have assembled such an outstanding group of investors who continue to recognize the opportunities for private equity investment across the emerging markets, despite the current economic climate.”
JM Trivedi, Partner and Actis head for South Asia said, “Actis has been a consistent private equity investor in India for more than ten years and is recognized as being a pioneer in management buyouts in the market.”
Helix Associates, a wholly owned subsidiary of Jefferies Group, acted as a global placement agent for Actis. Actis was earlier known as CDC Capital Partners, and in 2004, it was spun out as an independent and privately controlled fund manager for the emerging markets. CDC Group, the UK government-backed private equity fund of funds, has invested $650 million in its latest $2.9 billion new fund. Actis' real estate fund for India had raised $100 million from CDC Group.
Source: Silicon India