JBC closes India-focused fund on $440m

A 'significant share of Fund III' was committed by existing investors, including New York Life Insurance Company, which anchored the firm's previous funds.

The fund's investor base is diversified across the US, Middle East, Japan, Europe and Asia, excluding Japan. Around 85 per cent of the fund's investors are financial institutions, sovereign funds, pension funds and funds of funds, while 15 per cent comprise reputable family offices and private investors, according to a statement.

Rajan Jetley, chairman of JBC, said, 'Fund III's successful closure underscores the long-term investment potential in India despite unprecedented turmoil in global financial markets this year.'

Srinivas Chidambaram, managing director of JBC, added, 'Apart from providing growth capital, an investment by the fund typically assists CEOs to differentiate their competitive proposition, open up new business relationships and systematically target local, regional or global market leadership in their industry segments through either organic or inorganic growth.'

JBC previously raised the New York Life International India Fund and the New York Life Investment Management India Fund II.

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