Evolvence India Fund
Evolvence India Fund (EIF) is a fund of funds vehicle that invested in India. The vehicle was the first independent private equity fund of funds created for investments specific to India. The fund sought investments in both primary funds and direct co-investments, with 60% of committed capital to the former and 40% to the latter. The fund took a diversified approach across vintage year and varying sectors, inclusive of infrastructure, real estate, baking, textiles, construction and IT services, with the majority of investments made at the expansion stage. The fund did invest with first-time funds but did prefer managers who had raised a fund before. By November 2009, Evolvence India Fund (EIF) was fully committed to ten underlying funds and eight co-investments. It had invested between USD 5 and 20 million to each of these vehicles.