360 ONE Asset Management, which counts private equity firm Bain Capital as an investor, has closed its secondaries fund after exceeding its target corpus, according to people in the know.
The company had announced in May last year it was raising the fund with a target of close to Rs 4,000 crore ($480 million at the time). It has now closed the fund with a total corpus of $590 million, the people said.
360 ONE Asset did not immediately respond to queries seeking comment.
A secondaries fund is one that typically acquires stakes in companies from existing shareholders, providing private equity firms and other investors an exit window.
News website DealStreetAsia first reported the development.
360 ONE Asset, previously known as lIFL Asset Management, has overall assets under management of over $10 billion. Its product suite includes alternative investment funds, portfolio management service and mutual funds spanning asset classes of public and private equity, fixed income and real assets. Its venture capital and private equity platform has an AUM of over $3 billion.
Under its PE business, the firm invests in companies across stages from early- and mid-stage to late stage and pre-IPO investing. Its portfolio companies include Dutch tank storage firm Royal Vopak NV, A4 Hospitals, and contract drugmaker OneSource Specialty Pharma, which was done via a secondary transaction. Earlier this year, it invested in Akasa Air.
The asset manager had last year seen a change of guard, with Raghav lyengar taking over as chief executive officer from Manoj Shenoy.
