Mumbai: Consumer-focused, mid-market private equity (PE) firm Lighthouse Funds on Tuesday said it has closed its third fund, Lighthouse India Fund III, at $230 million ( ₹1,600 crore), taking its assets under management to about $500 million. In December 2017, the PE firm had said that Lighthouse India Fund III had received commitments of $20 million from IFC, the private investment arm of the World Bank group. Lighthouse had raised $100 million for its first fund in 2009, followed by a $135 million second fund. Lighthouse closed its second fund in 2015 at $135 million, receiving a $42 million investment commitment from the US government’s development finance institution, Overseas Private Investment Corp.“We’ve built an expertise around consumer brands and we don’t plan to change that strategy. Another private equity fund, JM Financial Ltd is set to hit the final close of its ₹600 crore second private equity (PE) fund, Mint had reported on 29 April.

Source: Mint May 07, 2019 11:03 UTC