Mauritius-based private equity firm Gaja Capital has picked up a $25m cornerstone commitments for its $250m-targeting second fund from IFC.
The growth capital investor plans to hold a $75m first close for the fund by the end of this year or early 2014 according to AVCJ.
It said the vehicle would primarily target unlisted mid-market companies and SMEs in India, investing between $15m and $30m in each.
The fund will look to pick up stakes in between six and ten fast-growing businesses through equity and equity-linked securities.
The nine-year-old firm, which was founded by Gopal Jain and Ranjit Shah, is also sub-advising the $180m Gaja Capital Fund I.
That vehicle has eight investments including Indus World Schools, Bonanza Portfolio and Carnation Auto.
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