UTI Ventures, the venture capital (VC) arm of UTI Asset Management Company (AMC), is raising Rs 15 to Rs 20 billion fund and hopes to complete the process by December, reports Business Standard.
This fund would focus on deals in the range of Rs 500-750 million in areas such as infrastructure services, domestic consumption and outsourcing.
UTI Ventures is looking at domestic institutional investors (DIIs) — including insurance companies, mainly Life Insurance Corporation of India (LIC), and banks — and foreign investors such as sovereign wealth funds, endowment funds and private pension funds.
UTI Ventures has completely utilized its second fund by investing in 17 deals.
The second fund had a corpus of Rs 7.5 billion and its average deal size was roughly Rs 500 million. In 2008, the second fund had made its last investment in Bangalore-based Deepak Cables.
The VC firm has completely exited its first fund Vintage 2000 and partially come out of one of the companies where it had invested from its second fund.
Source: My Iris