Mumbai: Private equity (PE) firm Madison India Capital Tuesday said it has achieved the final close of its fourth fund, Madison India Opportunities IV by raising approximately $230 million.

Madison India Capital is an India-based PE firm focusing on investments in consumer, business services, technology and financial services industries. Its limited partners include US financial institutions, banks, pension funds, family offices and funds of funds. Investors in a private equity or venture capital fund are called limited partners.

Madison India Capital has been an active investor in India and has also made investments in South Korea and Singapore. The firm typically invests $5-30 million in companies.

Some of the firm’s investments include power exchange Indian Energy Exchange Ltd, mobile phone manufacturer Micromax Informatics Ltd, Point of sales (PoS) terminals provider Pine Labs and affordable housing finance company India Shelter Finance Corp. Ltd.

The PE firm also named Shailesh Mehta as its operating partner. Mehta was formerly chief executive officer of Providian, a US-based credit card issuer. Mehta also served on the boards of PayPal and Mastercard. He presently serves on several boards of companies in India including Aptus Value Housing Finance India Ltd, Safari Industries Ltd, and Manappuram Finance Ltd.