Indian investor Motilal Oswal Private Equity has reportedly gather INR10bn($150m) for its latest SME fund.
The fundraise more than doubles MOPE’s assets under management to INR17.5bn according to VCCircle, which reported the news.
AltAssets reported in April that MOPE had picked up a $25m commitment from IFC for India Business Excellence Fund II.
Motilal held an $87m second close for India Business Excellence Fund 12 months ago having picked up commitments from LPs including Squadron Capital.
That close put the fund halfway to its $175m target, which Motilal revised down from $200m amid a difficult fundraising market.
Motilal was thought to be targeting overseas investors for about one quarter of the fund, which has been raised as a separate component.
The firm’s first SME fund raised $82.5m in 2007.
Copyright © 2013 AltAssets