Country Snapshot*

Home , Helion Venture Partners, Matrix Partners, Mayfield (company), The Carlyle Group, UTI Asset Management

INDIAAn Overview of Trends in Select Sectors and Markets July/August 2009

Country Snapshot* rivate equity activity in India has grown rapidly over the last five years, buoyed by a surging economy with annual growth rates averaging over 8.5% through 2009 Population: 1.2 billion the end of 2008. While India has not been immune to the recent global P Population Change (2008–2050): 53% economic slowdown, the country’s growing consumer-oriented middle class and lack % of Population Under 15 Years-old (2009): 32% of dependence on exports have helped India better weather the financial crisis than 2009 GDP: US$1.2 trillion many of its emerging market peers. Rivaling China as the destination of choice for 2009 GDP Growth: 5.4% private equity fundraising and investment in Emerging Asia, India witnessed US$7.7 2010 GDP Growth: 6.5% billion in funds raised and US$7.5 billion in capital deployed in 2008 as investors flocked to the country enticed by its growing status as an economic powerhouse, *All data projected. its strong entrepreneurial spirit and highly skilled, English-speaking workforce. The Source: International Monetary Fund, Population Reference Bureau. industry has suffered through the first half of 2009, with fundraising and investments decreasing by 32% and 57% respectively from the first half of 2008. Nonetheless, the number of India-focused funds operating within the country continued to rise in 2008 and 2009, and, in fact, a few funds were oversubscribed in the first half of the year.

Although relatively shielded from greater financial distress because of its conserva- tive lending practices, India’s economy has cooled down over the past year. The liquidity and credit crises affecting Western economies have impacted India both in terms of lower foreign direct investment and reduced external demand. As of June 2009, India’s exports had dropped almost 28% from one year prior. In parallel with all of Asia, India’s stock markets were also hard hit. The Bombay Stock Exchange’s continued on page 2

India Private Equity Fundraising and Investment, 2005-H1 2009, (US$B)

$9.9 10

Fundraising 8 $7.7 $7.5 Investment 6 $5.7 $4.6

US$ Billions 4 $2.7 $2.9 $2.5 $1.9 2 $1.4

0 2005 2006 2007 2008 H1 2009

Source: EMPEA.

benchmark Sensex Index lost over 50% of its value in 2008, discreet allocations to the country, they are largely active in after having enjoyed an average annual gain greater than India. This includes The Carlyle Group’s fourth Asian growth 40% for the prior three years. Although the public markets capital fund, Carlyle Asia Growth Partners IV, which closed at have rebounded in the first half of 2009, industrial output over US$1 billion in June 2009, with 80% anticipated to go has slowed and India continues to struggle with high inflation towards India and China. Additionally, Actis’ US$2.9 billion and currency depreciation, resulting in foreign capital exiting Emerging Markets Fund III, which closed at the end of 2008, the region. International investment has additionally been may commit up to US$1 billion to India. hindered by India’s difficult regulatory environment, rigid bu- Despite a challenging economic environment, several India- reaucracy and dilapidated infrastructure. dedicated funds achieved significant closes from mid-2008 Despite these challenges, many believe that India has per- through mid-2009. Global venture capital firm Sequoia Capi- formed relatively well through the economic downturn and tal raised US$725 million in August 2008 for its second In- is poised for a strong recovery. In fact, as the International dia growth fund. Similarly, India Value Fund Advisors (IVFA) Monetary Fund (IMF) recently revised upward its 2009 eco- closed on its fourth fund in June 2009 at US$725 million, nomic growth forecast for the nation from 4.5% to 5.4%, India almost double the size of its prior fund, and IDFC Private boasts one of the highest projected growth rates amongst Equity’s third fund closed at US$700 million. Jacob Ballas both developed and developing economies. By mid-2009, Capital India’s latest fund closed at US$440 million, while the capital markets saw a revival, with the Sensex having re- Avigo Capital Partners’ third fund saw a first close of US$150 gained approximately 66% of its value since the beginning of million, both in early 2009. Emerging players in India include the year. U.S.-based Mayfield Fund, which closed its first India-focused fund at US$111 million in December 2008, and local CX While private equity fundraising and investments both slowed Partners, which announced a first close in March 2009 of in 2009, investors remain confident of India’s long-term po- US$220 million. Despite the large increase in the number tential. The 2009 EMPEA/Coller Capital Emerging Markets of both foreign and homegrown private equity firms operat- Private Equity Survey revealed that India remains one of the ing within India, there have not yet been any signs of con- top three most attractive investment destinations for insti- tutional investors, with 22% planning to increase their expo- continued on page 3 sure to the country and an additional 8% intending to invest in India for the first time over the next two years. EMPEA Insight

Fundraising Trends Editorial Director Jennifer Choi [email protected] Writing and Research Nadiya Satyamurthy satyamurthyn@empea. Private equity fundraising in India has witnessed a number net, Holly Freedman [email protected], Harrison Moskowitz of trends over the past year including the fact that sea- [email protected] soned managers have continued to be able to raise sizable Production Manager Cristiane Nascimento [email protected] funds; a greater percentage of Indian-focused funds have Advertising Opportunities been formed; there has been a growing rise in the number EMPEA Insight offers readers an overview of the data and drivers of sector-specific funds; and lastly, India’s corporations and behind investment trends in emerging markets private equity. financial institutions have begun to enter the private equity Each issue of EMPEA Insight provides an opportunity for a single exclusive back page advertisement. Issue-specific placements are market. Capital raised by India-focused funds grew by 67% on a first come, first served basis. For a list of upcoming issues in 2008 with US$7.7 billion raised versus US$4.6 billion in and more information about advertising opportunities and rates, 2007. In line with the rest of Emerging Asia, fundraising in contact Cristiane Nascimento at [email protected]. India dropped through the first half of 2009 to US$2.5 bil- About EMPEA lion versus US$3.7 billion raised during the first half of 2008. The Emerging Markets Private Equity Association is a broad-based However, India captures a large share of pan-Asian fund activ- membership organization founded in 2004 that focuses on the ity. Some of the largest fund raisings over the last year have emerging private equity markets of Africa, Asia, CEE, Russia/CIS, Latin America, and the Middle East. been Asia-dedicated and, regardless of whether they have

Limited Partners’ Planned Changes to Their EM PE Investment Strategy Over the Next 1–2 Years

100%

No plans to invest

80% Stop investing

s Decrease investingInvesting 60% Stay the same espondent

40% Begin investing % of R

Expand investment

20%

0% Brazil China Russia / CIS India

Source: 2009 EMPEA/Coller Capital Emerging Markets Private Equity Survey. solidation within the industry in the current economic down- frastructure funds seeking to capitalize on this investment turn, suggesting that India’s deal flow continues to be large opportunity have been able to raise significant pools of capi- enough to support these ventures. tal, including London-based 3i Group’s India Infrastructure Fund, which crossed the US$1 billion mark in April 2008, and Beginning in 2008, there was a marked shift in the charac- IDFC Project Equity’s India Infrastructure Fund, which has a ter of funds focused on Asian markets away from pan-Asian corpus of approximately US$927 million as of August 2009. funds towards funds with single country strategies. In 2008, UTI Asset Management Company (AMC), in partnership with there were 37 India-dedicated funds that achieved closes, HSH Nordbank of Germany and Kuwait’s Noor Financial In- a significant increase from 21 funds in 2007. Additionally, vestment Company, has announced its intention to set up while the majority of these funds are sector-agnostic, a grow- an infrastructure fund in India, targeting total commitments ing number are becoming increasingly specialized. Infra- of US$500 million. Additionally, the Macquarie SBI Infra- structure and technology are the leading industries attracting structure Fund, launched by the State Bank of India (SBI) in sector-specific private equity funds in India. Dedicated vehi- conjunction with Australia’s Macquarie Group and the Inter- cles targeting the agribusiness and clean technology sectors national Finance Corporation (IFC), has already raised over are also beginning to emerge. Some of India’s most recent US$1 billion. entrants are focusing on niche sectors such as healthcare and education. For instance, local start-up Kaizen Global is Indian corporations and financial institutions, viewing private currently raising its debut fund, which will specifically target equity as a critical part of their growth strategy, have also India’s education sector. begun crowding the landscape. This diverse group of new corporate entrants includes firms such as Tata Group, Aditya Some of India’s largest funds are those focused on the in- Birla Group, Mahindra & Mahindra (M&M) and Reliance In- frastructure sector. India’s poor infrastructure has become dustries, all of which have either recently begun private eq- one of its greatest limitations to growth, with every sub-sector uity operations or intend to raise third party capital in order from airports, roads and power to education and healthcare to do so. One advantage for these firms is that they are all in need of massive investment. The government estimates able to operate under a unique platform inclusive of a local that the country requires approximately US$500 billion in presence and significant capital resources; however they may new infrastructure over the next three to four years and has face challenges in proving to prospective limited partners recognized that it will not be able to fund these requirements that these funds will operate independently and investments without private sector participation. In response, several in-

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will not be driven by corporate strategies. While these firms India Private Equity Investment Sector Breakdown by lack track records, their deep networks and ability to lever- Value of Transactions, 2008 (US$B, No. of Investments) age outside knowledge gives them the potential to become Other ($1.0) Infrastructure ($1.4) 47 important players within the industry. 20

Financial institutions are also becoming increasingly active Technology ($0.8) in India’s private equity market. In addition to launching 28 its latest infrastructure initiative, SBI, the country’s largest bank, is in the process of setting up generalist private equity funds in conjunction with sovereign entities in Oman. SBI Financial Services ($1.0) has also been authorized by the Indian government to oper- 23

Media & Telecom. ($1.3) ate sovereign funds in collaboration with Qatar. SBI recently 31 acquired a 20% stake in local asset management company Energy & Natural Rscs. ($1.0) Industrials & Mfg. ($1.0) Sage Capital Fund Management and has made several direct 19 35 private equity placements into local companies such as ARSS Source: EMPEA; n=203. Note: Total number of investments includes transac- Infrastructure Projects, Mahindra Holidays and Resorts and tions with undisclosed amounts. Jaiprakash Power Ventures. other emerging markets, there is growing concern that venture capital funds have not been successful in raising follow- Investment Trends on funds and that sectors outside of information technology In 2008, India attracted US$7.5 billion in total investment, and biotechnology are not receiving a significant amount of placing it second only to China amongst emerging markets, government or private funding. which was home to approximately US$9.0 billion in capital de- Growth capital remains the country’s most prevalent transac- ployed. Although investments declined significantly through tion type. While many of these deals are technically PIPEs the first half of 2009 to US$1.9 billion versus US$4.4 billion (private investments in public equity), they have become in the first half of 2008, the number of investments increased commonplace within the Indian market because India is between the first and second quarters of 2009 from 29 to home to thousands of listed companies that are not actively 39. Activity levels are expected to continue to rise throughout traded or monitored by research analysts. Leverage buyouts the end of the year as price expectations converge and exit remain uncommon in India, given strict banking regulations prospects improve; however, the recent uptick in the public regarding how much lending can be offered to an individual markets has not helped with pricing negotiations as sellers company and, as is the case in much of Asia, the fact that and buyers continue to have differing views on the outlook companies are often family-controlled, making it extremely for valuations. difficult for investors to gain majority stakes. Deal sizes, on average, are smaller in India than in other India’s private equity industry has witnessed a recent trend major emerging economies, but this is largely due to a more in syndicates, as investors are increasingly joining forces with robust venture capital industry within the country. Many of other firms to minimize their risks and funding requirements these small, private companies have limited options for rais- in the current environment. Examples include the recent ing funds and have therefore been the source of a strong US$49 million investment in edible oil company K S Oils, deal pipeline for private equity firms. Veteran venture capital which involved a consortium of investors including New Silk firm Helion Venture Partners has been actively investing in Route and prior backers Citi Venture Capital International and the first half of 2009, injecting approximately US$5 million Baring Private Equity Asia. Additionally, Lightspeed Venture each into Brand Calculus and R&R Salons. Additionally, He- Partners partnered with Matrix Partners India and Intel Capi- lion invested an undisclosed amount in vocational education- tal in its US$10 million investment in pre-paid cards company al institute Global Talent Track alongside Intel Capital. While ItzCash Cards in July 2009. India’s venture capital market is more mature than many

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Sampling of Recent Investments

Fund Manager Company Sector Transaction Value Transaction Equity (US$m) Date (%) 3i Group, Oman Investment Fund Neo Sports Broadcasting Media & Telecom. 52 Apr-09 N/A Baring Private Equity India Mphasis Technology 25 Mar-09 4 Evolvence Capital HealthCare Global Enterprises Healthcare 5 Jun-09 N/A

Franklin Templeton Asset Management (India) Career Point Infosystems Education 10 Jul-09 15

Helion Venture Partners Brand Calculus Food Services 3 May-09 N/A IDFC Private Equity, Oman Investment Fund Wireless-TT Info-services Infrastructure 117 Aug-09 N/A IDFC Project Equity Essar Power Power Generation & 67 Mar-09 N/A Distribution IFCI Venture Capital Funds, IDFC Project Equity, Sabarmati Gas Oil & Gas 16 Jun-09 49.9 Unit Trust of India IL&FS Investment Managers Ramky Enviro Engineers Waste Management 42 Jun-09 <5 India Value Fund Innovative B2B Logistic Solutions Logistics 40 May-09 >50 (Inlogistics) India Venture Advisors Kavery Medical Centre and Hospitals Healthcare 18 Feb-09 30 Lightspeed Venture Partners, Intel Capital, Matrix ItzCash Card Financial Services 10 Jul-09 N/A Partners India Millennium Private Equity S Tel Telecommunications 225 Jan-09 49 Navis Capital Partners Edutech Education 30 Apr-09 55 New Silk Route Private Equity, Citi Venture Capital K S Oils Agribusiness 49 May-09 N/A International, Baring Private Equity Asia Nine Rivers Capital Management Pranav Construction Systems Engineering & 10 Feb-09 N/A Construction Norwest Venture Partners National Stock Exchange of India Financial Services 53 Jun-09 2 Pangea Capital Cobol Technologies Renewable Energy 30 Apr-09 N/A SAIF Partners Network 18 Media & Investment Media & Telecom. 26 Jun-09 11

In 2008, infrastructure accounted for the greatest portion of firm Venture Intelligence, private equity and venture capital private equity investments by value, representing 19% of the investors in India have injected over US$2 billion into the total. Closely following are sectors which target India’s grow- healthcare and life sciences sectors over the last five years. ing middle class, such as media and telecommunications, Recent examples include GTI Group’s approximate $55 mil- which accounted for 17% of transactions by value and 15% by lion investment in Nova Medical Centers India in May 2009 number. This trend is likely to continue in 2009. In August, and India Venture Advisors’ US$18 million purchase of a 20% tower firm Wireless-TT Info-services (WTTIL) received US$117 stake in Kavery Medical Centre and Hospitals in February million from IDFC Private Equity and Oman Investment Fund. 2009. With regards to education, private equity firm Franklin Oman Investment Fund and IDFC Private Equity had invested Templeton acquired a 15% stake in Indian education solu- an additional US$100 million earlier in the year alongside tions provider Career Point in July 2009, while Navis Capi- GIC Singapore in Quippo Telecom, which has since integrated tal Partners acquired a majority stake in education provider its business with WTTIL. Also in media and telecommunica- Edutech for US$30 million in April 2009. tions, Oman Investment Fund invested over US$50 million The cleantech and renewable energy sectors are also gaining in television sports channel Neo Sports Broadcasting in con- attention as India faces increased international pressure to junction with private equity investor 3i Group. reduce greenhouse emissions driven by its large population Soft infrastructure needs such as healthcare and education size. The Indian government has been actively developing are likely to account for a growing number of investments fiscal and policy responses to support this sector, and total in the short-term, as the basic needs of a massive portion planned investments in renewable energy, including wind of India’s population remain unmet. According to research power projects, could total over US$2 billion by 2012. In-

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dia’s cleantech companies are increasingly becoming the While there have been a number of private equity exits in targets of private equity investments. According to a study by India throughout the first half of 2009, these have been pri- Cleantech Group and Deloitte, India accounted for 11% of the marily executed through the sale of private equity stakes in US$1.2 billion spent across cleantech transactions through- already listed companies, rather than portfolio companies out North America, Europe, China and India in the second that have gone public since investment. For instance, home- quarter of 2009. In June, IL&FS Investment Managers ac- grown ChrysCapital sold a 5% stake in truck financier Shriram quired a stake less than 5% in waste management company Transport Finance for US$55 million through the open mar- Ramky Enviro Engineers for US$42 million. Bermuda-based kets, representing one of the largest exits in the region for Pangea Capital invested US$30 million in solar power com- the year to date. Private equity firm Citi Venture Capital In- pany Cobol Technologies in May and IDFC Private Equity com- ternational (CVCI) exited several investments, including the mitted US$75 million to Green Infra in August. sale of its 3.2% stake in printing facilities operator HT Media (which CVCI had invested in prior to the company’s going pub- Exit Trends lic in 2005) to hedge fund Sandstone Capital and Reliance Life Insurance for approximately US$15 million. Warburg Pin- As is the case across the globe, private equity investors in cus sold a 5.6% stake in insurance and healthcare company India are currently faced with diminishing exit opportunities. Max India for approximately US$51 million through multiple The current weakness and volatility prevalent throughout the block deals in mid-2009. In the same time period, IL&FS public markets has steered many private equity firms to look Investment Managers sold a 0.5% stake in ship builder ABG for alternative exit routes, including trade sales. According Shipyard for less than US$1 million as well as a 2% stake in to Asia Private Equity Review, the total number of liquidity media company IBN18 Broadcast for over US$7 million. events decreased from 40 in the first half of 2008 to 23 in the first six months of 2009, with public market -exits de Following share sales, strategic sales accounted for a large creasing from 80% of events to 57%. However, there have percentage of exit activity and are anticipated to be one of the recently been some signs of a revival in the IPO markets as most common exit routes for the remainder of 2009. In July, of mid-2009, with hospitality firm Mahindra Holidays and Re- 2i Capital exited its 10% stake in legal database firm Indlaw sorts, of which private equity firm Jacob Ballas owns a 1% Communications when Thomson Reuters acquired the com- stake, raising US$57 million, and Adani Power, which is par- pany. In June 2009, ICICI Venture Funds Management exited tially backed by 3i Group, raising US$620 million, signaling its majority stake in animal drug and nutritional supplements the potential beginning of a return of investor confidence in producer Vetnex Animal Health through a trade sale to a busi- the capital markets. ness unit of U.S.-based pharmaceutical firm Pfizer Inc, valued at approximately US$75 million. In March 2009, Horse-Shoe continued on page 7 Sampling of PE-Backed Exits

Fund Manager Company Name Sector Transaction Transaction Transaction Equity Sub-Type Date Value (US$m) Stake (%) 2i Capital Indlaw Communications Services Strategic Sale Jul-09 N/A 10

3i Group Mundra Port and Special Economic Zone Ports Share Sale Mar-09 33 N/A AIF Capital Yes Bank Financial Services Share Sale May-09 3.6 N/A ChrysCapital Shriram Transport Finance Company Transportation Share Sale May-09 55 N/A

Citi Venture Capital International HT Media Media & Telecom Secondary May-09 15 3.2

Global Capital Management Reliance Petroleum Oil & Gas Share Sale Apr-09 N/A N/A

ICICI Venture Funds Management Vetnex Animal Health (RFCL Ltd.) Pharmaceuticals Strategic Sale Jun-09 75 N/A IL&FS Investment Managers IBN18 Broadcast Media & Telecom Share Sale Jun-09 7.1 2

Q Investments Xcel Telecom Telecommunications Strategic Sale Mar-09 135 100 Sequoia Capital India Firstsource Solutions Services Strategic Sale Jun-09 7.1 3.3 Warburg Pincus International Max India Healthcare Share Sale Jul-09 51 5.6

India Private Equity Divestment Profile by Number of country, foreign funds are still subject to a number of restric- Liquidity Events, 2007–H1 2009 tions with regard to investing in sectors such as telecommunications, banking, retail or real estate. Additionally, India’s

100% 120 central bank, the Reserve Bank of India, has not granted approval for a number of foreign venture capital firms to invest 80% 90 Number of Liquidity Ev in India, some of which have been waiting approval for over four years. ent s 60% 60 In light of the current economic crisis, many foreign firms may 40% not have the ability or resources required to tackle India’s ents

% of Liquidity Ev 30 20% investment requirements and regulations, and therefore domestic firms will need to carry the flag in the short-term in 0% 0 2007 2008 H1 2009 order to ensure the continued growth of India’s private equity

Public Markets Trade Sales industry. Within the last two years, there has been a surge in local private equity funds within India. While the majority

Source: Asia Private Equity Review. Note: Inclusive of initial public offerings and of funds have traditionally raised their money from abroad, subsequent share disposals on the open market. many of these first-time funds are focused on sourcing capital domestically. Examples of domestic firms currently look- Capital, an affiliate of U.S.-based private equity firm Q Invest- ing to raise funds internally, including from India’s rising ments sold its 100% stake in wireless telecoms tower firm number of high net worth individuals, are Religare Milestone, Xcel Telecom to American Tower Mauritius in a transaction Aditya Birla Private Equity and TVS Capital. One of the major valued at approximately US$135 million. advantages of domestic capital is that it is not subject to the While some exit avenues remain available to private equity sector investing restrictions and external borrowing caps im- investors in India, many are choosing to ride out the storm. posed on foreign investors. According to Deloitte’s latest India private equity confidence The fact that India’s pension funds are still not able to invest survey, nearly 70% of surveyed private equity participants ex- in private equity funds continues to limit the growth of the pect returns to decrease in the short-term, compelling many market domestically. As India continues to build its private to wait out a better exit environment anticipated over the next equity industry, cultivating domestic sources of capital in ad- 12 months. dition to making it easier for foreigners to invest will be critical drivers for success. Despite its internal challenges, India Outlook offers investors both long-term, strong economic growth as India’s private equity industry has been rapidly developing well as a large and growing middle class focused on domestic over the last five years. Since its economy opened up in the consumption. The country’s strong fundamentals will con- early 1990s, India has gradually encouraged the growth of tinue to make India an attractive investment destination. this asset class, taking a number of steps towards relaxing restrictions on private equity investments to encourage greater Resources for Reference capital flows into the country, including allowing government- Emerging Markets Private Equity Association: Insight India, owned banks to invest in private equity directly. However, September 2008 significant barriers to investment remain. The country’s poor www.empea.net infrastructure threatens to inhibit the growth of many Indian KPMG: Private Equity Investing in India: A Survey of Private Equity companies. International investors additionally remain wary Investors and their Portfolio Companies, May 2008 of the country’s corporate governance structures and courts. www.kpmg.com/SiteCollectionDocuments/Privateequity_inIndia.pdf

However, the primary deterrent to entry is undoubtedly India’s Deloitte: India Private Equity Survey: Long-term Confidence, February 2009 complex regulatory framework. In addition to going through rigorous approval processes to establish a presence in the www.deloittemeet.com/files/IPEC%20Survey%20-%20Final.pdf

Sampling of Firms Investing in India

Fund Manager/Sponsor(s) Fund Name Geographic Focus

2i Capital Group Indian Enterprise Fund (Raising, US$200m) Generalist

3i Group 3i India Infrastructure Fund (2007, US$1.2B) Infrastructure

Accel Partners Accel India Venture Fund (2008, US$60m) Generalist

Actis Emerging Markets Fund III (2007, US$3B) Generalist

Aditya Birla Private Equity Aditya Birla Private Equity Fund I (Raising, US$250m) Generalist

Avigo Capital Partners Avigo SME Fund III (Raising, US$250m) Generalist

Baring Private Equity Partners (India) Baring India Private Equity Fund III (2008, US$550m) Generalist

Blue River Capital Blue River Capital I (2006, US$140m) Generalist

BTS Investment Advisors Ltd. BTS India Private Equity Fund (2006, US$74m) Generalist

The Carlyle Group Carlyle Asia Growth Partners IV (2008, US$1B) Generalist

ChrysCapital ChrysCapital Fund V (2007, US$1.25B) Generalist

CX Partners CX Partners Fund I (Raising, US$500m) Consumer

Duet Group South Asian Real Estate (SARE) Ltd. (2008, US$400m) Real Estate

Epiphany Ventures Epiphany Ventures Early Stage Fund (2008, US$25m) Generalist

Evolvence India Life Science Fund Evolvence India Life Science Fund (2007, US$90m) Life Sciences

Franklin Templeton Asset Management (India) Franklin Templeton Private Equity Strategy Fund (2008, $147m) Generalist

Gaja Capital Partners Gaja Capital Partners I (2008, US$200m) Generalist

Global Environment Fund South Asia Clean Energy Fund (Raising, US$200m) Cleantech

Helion Venture Partners Helion Venture Partners II (2008, US$210m) Generalist

ICICI Venture Funds Management India Advantage Fund Series 3 (Raising, US$1B) Generalist

IDFC Private Equity IDFC Private Equity Fund III (2008, US$700m) Infrastructure

IL&FS Investment Managers Ltd. IL&FS India Realty Fund II (2007, US$895m); Tara India Fund III (2007, US$225m) Real Estate; Generalist

India Value Fund Advisors India Value Fund IV (2009, US$725m) Generalist

Inventus Capital Partners Inventus Capital Partners Fund I (2008, US$125m) Technology

Jacob Ballas Capital India New York Life Investment Management (NYLIM) India Fund III (2008, US$440m) Generalist

Kaizen Global Kaizen Education Fund (Raising, US$100m) Education

Kotak Private Equity Group Kotak India Growth Fund II (2008, US$440m) Generalist

Lazard India Advisors Lazard India Growth Fund Trust (Raising, US$100m) Generalist

Lighthouse Funds India 2020 Opportunity Fund (Raising, US$125m) Generalist

Macquarie Group, State Bank of India (SBI), Interna- Macquarie-SBI Infrastructure Fund (Raising, US$2B) Infrastructure tional Finance Corporation (IFC)

Mayfield India Mayfield India Fund I (2008, US$111m) Generalist

Navis Capital Partners Ltd. Navis Asia Fund V (2007, US$1B); Navis Asia Fund VI (Raising, US$1B) Generalist

Nine Rivers Capital Management Ltd. Nine Rivers Capital Ltd. (Raising, US$125m) Generalist

Nexus India Capital Nexus India Capital II (2008, US$220m) Generalist

Rabo Equity Advisors India Agri Business Fund (Raising, US$100m) Agribusiness

Sage Capital Fund Management Sage Capital Value Fund (Raising, US$200m) Technology

Sequoia Capital (India) Sequoia Capital India Growth Fund II (2008, US$725m) Generalist

SIDBI Venture Capital SIDBI Venture Fund III (Raising, US$250m) Generalist

Small Enterprise Assistance Funds (SEAF) SEAF India Agribusiness Fund (Raising, US$75m) Agribusiness

TVS Capital Funds Ltd. TVS Shriram Growth Fund (2008, US$125m) Generalist

UTI Asset Management Company, HSH Nordbank, India Infrastructure Development Fund (Raising, US$500m) Infrastructure Noor Financial Investment Company Zephyr Management, LP Zephyr Peacock India Fund II (Raising, US$75m) Generalist