Siguler Guff, a global multi-strategy private market investment firm, has announced that it has already raised over $110 million for its upcoming $300 million Global Emerging Markets Growth Opportunities Fund II (GEMGO II).
This firm, which has over $16 billion of assets under management, said that the capital it plans to raise for the Fund will be deployed to expand Siguler Guff’s investment strategy in India, which it believes offers one of the most attractive investment opportunities globally.
GEMGO II is Siguler Guff’s second emerging markets growth fund. SigulerGuff expects to progress towards the final close of GEMGO II in the next twelve months.
In 2021, Siguler Guff raised $240 million for its first growth private equity vehicle, GEMCO. Including participation from LP co-investors, the Fund has deployed $260 million in India over the past five years.
Siguler Guff said that India is a core focus of the Fund, which is expected to invest over $250 million in 8–10 middle-market companies across the country’s core consumption-driven sectors.
Target sectors will include consumer, healthcare, technology, technology-enabled services, and financial services. Beyond India, the Fund will actively evaluate investment opportunities in Southeast Asia and capitalize on global technology prospects within the India-US investment corridor.
“India is one of the most attractive investment destinations globally and we intend to substantially increase investment activity in the country over the next five years,” Shaun Khubchandani, Partner and Co-Head of Emerging Markets at Siguler Guff, said.
Khubchandani serves as the Fund’s Portfolio Manager. “The middle market in India has matured substantially over the last decade, and we are proud to continue supporting professional management teams and entrepreneurs across the country as they build market-leading companies”, he said.
Aviral Jain, Managing Director and Head of India at SigulerGuff, said, “India’s significant advantages in large consumption base and deep entrepreneurial talent provide excellent tailwinds for investors focused on high-quality businesses serving both domestic and international markets.
We have been long-term believers in the growth potential of Indian businesses and have stepped up deployment pace in the last few years with strong return outcomes in our portfolio.”
Siguler Guff’s notable investments in India include consumption-oriented businesses such as affordable fashion retailer Baazar Kolkata, domestic cardiovascular medical devices platform Relisys, South India-focused consumer electricals retailer Luker, Gujarat-based corporate hospital chain Sterling Hospitals, and homegrown social media and news platform Verse Innovation.
The firm said that GEMGO II has received strong support from existing and new investors, including development finance institutions, U.S. pension plans, financial institutions, single-family offices, and high-net-worth individuals globally.