Intermediate Capital Fund, which is led by former JPMorgan Chase principal Shishir Jain, is targeting $250m in total according to the Economic Times.
It quoted co-founder and managing partner Ajay Relan as saying, “We have a substantial commitment from one anchor investor and are looking to get one more anchor investor on board.
“We see this [fund] as being complementary to our efforts. It will expand our franchise.”
India-focused CX Partners currently has about $515m under management in a single private equity fund, CX Partners I, which it raised in 2009.
In December 2012 the firm agreed to buy a 75 per cent stake in the Indian ATM arm of Australian’s Transaction Solutions International for $22m.
Both companies signed a binding letter of intent over the deal according to a filing with Australia’s stock exchange, which said it would be completed in two tranches.
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