Indian growth capital firm BanyanTree is believed to have hit a $100m first close for its latest investment fund.
The fundraise brings BanyanTree more than halfway to its $150m to $175m target for Growth Capital II.
New investor IFC is believed to have committed $25m to the fund, while some existing investors have re-upped according to a report in VCCircle.
The latest fund will continue to invest in Indian SMEs operating in overlooked manufacturing and niche industrial sectors.
Fund I has completed eight investments so far, including the $14.9m backing of Deepak Fasteners, a manufacturer of industrial fasteners such as nuts and bolts and supplier to the F1 racing industry.
BanyanTree has also provided growth equity for Axiom Cordages, Trimax IT Infrastructure Systems, GEI Industrial Systems, Dee Development Engineers and EPC.
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