Indian private equity firm CX Partners has reportedly pulled in $250m for the first close of its latest fund.
The latest vehicle is targeting up to $400m, which would be some way off the $500m the firm raised in 2010, according to LiveMint.
The final close is expected in mid-2018, six years after the firm initially planned to raise a fund.
The strategy the fund will adopt has not been confirmed, but the vehicle is expected to be sector agnostic.
It currently holds 16 companies in its portfolio across the consumer, financial services, healthcare, information technology and niche manufacturing sectors, including Sapphire Foods India and South Indian Bank.
Fundraising has reportedly been accelerated as institutional investors step up their interest in the region’s economy.
Earlier this week AltAssets reported that Paragon Partners, also based in India, had raised $120m for the final close of its debut fund.
A week before, it was reported that buyout giants Apax and Carlyle had turned started looking to the region and were planning bids for Royal Sundaram General Insurance.
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