Mumbai: Aditya Birla Capital Advisors, the private-equity arm of the Aditya Birla Group, said on Wednesday it has raised Rs220 crore ($48 million) in its second private equity fund that will invest in to proven business concepts across sectors that are in early stages of exponential growth.
This was the initial closing for the Aditya Birla Private Equity - Sunrise Fund, while it will continue to receive investments before its final closing shortly, it said, without clearly mentioning the timeline.
The fund has a mandate to buy minority stakes primarily in unlisted, India-centric businesses in sunrise sectors such as lifestyle, lifeskills and education, lifecare and applied technologies, it said in an emailed statement.
It has made its first investment of up to Rs400 million in New Delhi-based SMS Paryavaran Ltd that is in the water and waste-water treatment sector, it added.
Aditya Birla Capital Advisors currently manages or advises funds worth Rs1,100 crore ($238 million).