Oman India Joint Investment Fund (OIJIF), a mid-market India focussed private equity fund, has announced the First Close of its second fund OIJIF Fund II at $220 million. The two investors namely State General Reserve Fund of Oman (SGRF) and State Bank of India (SBI), who had backed the first fund continue to be investors in OIJIF Fund II. In addition to SGRF and SBI, a few new investors are part of the first close.
OIJIF Fund II is targeting a corpus of $300 million by the end of 2017. The first fund was estimated at around $100 million. Keeping in line with the larger fund corpus, OIJIF will look to make larger ticket size investments from this fund.
OIJIF will continue with its investment strategy of focussing on mid-market companies that are market leaders where it is able to deploy a combination of capital and experience to unlock the true potential and spur growth.
In 2015, the Fund managed to deploy the first package of investments which includes, as of the end of the year, 7 investments, making an internal yield of 41.6%. By the end of the fiscal year in 2015, the value of the first package of the SGRF investments in the Fund stood at about 1.2 times the size of the investment.
It’s worth mentioning that OIJIF was established as a 50/50 joint investment fund between SGRF and the State Bank of India. The Fund, which was established in 2011, invests in the different economic sectors in India.