IDFC Alternative raises $100m

IDFC Alternatives has raised $100 million towards the first close of its fourth fund. The commitments have come from domestic institutional investors and a final close of $300 million is expected by end of the year, a senior company official said. “We have raised $100 million from domestic institutional investors and large family offices,” said Girish Nadkarni, partner, private equity at IDFC Alternatives. “These investments were done from our third fund of $650 million and we have a DPI of around 1, which puts us in the high quartile bracket,” Nadkarni said. From the fourth fund, IDFC is looking at investing in 8-10 companies with a ticket size of around $30-50 million. “We have made our first investment in InCred from the fourth fund,” said Nadkarni. InCred is a non-banking financial company (NBFC) floated by former Deutsche Bank senior executive Bhupinder Singh and that is backed by Anshu Jain, the former co-chief of Deutsche, Manipal Group’s managing director and CEO Ranjan R Pai, Gaurav Dalmia, founder and chairman of Landmark Holdings (Dalmia Group) and Alpha Capital.