Investcorp weighs new deal; Warburg, True North, Berkshire, InvAscent clock exits; Madison raising new fund

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[View in web browser](#) [VCCircle] Saturday, 25 November 2023 [Unlock Premium >](=/0/aHR0cHM6Ly9zdWJzY3JpcHRpb24udmNjaXJjbGUuY29tLw==/6560dbe193c453ed241baf2b-20231125) Share this newsletter =/1/aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL3ZjY2lyY2xl/6560dbe193c453ed241baf2b-20231125 =/2/aHR0cHM6Ly90d2l0dGVyLmNvbS92Y2NpcmNsZQ==/6560dbe193c453ed241baf2b-20231125 =/3/aHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvdmNjaXJjbGUv/6560dbe193c453ed241baf2b-20231125 =/4/aHR0cHM6Ly93ZWIud2hhdHNhcHAuY29tLw==/6560dbe193c453ed241baf2b-20231125 The Weekly Newsletter on India's Alternative Investment Landscape [Investcorp new frontrunner for Indian fast fashion label as another investor backs out](=/5/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmVzdGNvcnBuZXctZnJvbnRydW5uZXItZm9yLWluZGlhbi1mYXN0LWZhc2hpb24tbGFiZWwtYXMtYW5vdGhlci1pbnZlc3Rvci1iYWNrcy1vdXQ=/6560dbe193c453ed241baf2b-20231125) [Bahrain-based alternative asset management firm Investcorp is evaluating an investment in an Indian fast ...](=/6/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmVzdGNvcnBuZXctZnJvbnRydW5uZXItZm9yLWluZGlhbi1mYXN0LWZhc2hpb24tbGFiZWwtYXMtYW5vdGhlci1pbnZlc3Rvci1iYWNrcy1vdXQ=/6560dbe193c453ed241baf2b-20231125) THE MAIN STUFF =/7/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21hZGlzb25pbmRpYS1mbG9hdHMtbmV3LXByaXZhdGUtZXF1aXR5LWZ1bmQtYWZ0ZXItc2l4LXllYXItZ2Fw/6560dbe193c453ed241baf2b-20231125 [Madison India floats new private equity fund after six-year gap](=/8/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21hZGlzb25pbmRpYS1mbG9hdHMtbmV3LXByaXZhdGUtZXF1aXR5LWZ1bmQtYWZ0ZXItc2l4LXllYXItZ2Fw/6560dbe193c453ed241baf2b-20231125) [Private equity firm Madison India Capital has floated a new fund, about six years after it closed its ...](=/9/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21hZGlzb25pbmRpYS1mbG9hdHMtbmV3LXByaXZhdGUtZXF1aXR5LWZ1bmQtYWZ0ZXItc2l4LXllYXItZ2Fw/6560dbe193c453ed241baf2b-20231125) =/10/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dhcmJ1cmdwaW5jdXMtdHJ1ZS1ub3J0aC1wcmVzcy1vbi13aXRoLWhpZ2gtcmV0dXJucy1mcm9tLWJmc2ktZmlybQ==/6560dbe193c453ed241baf2b-20231125 [Warburg Pincus, True North press on with high returns from BFSI firm](=/11/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dhcmJ1cmdwaW5jdXMtdHJ1ZS1ub3J0aC1wcmVzcy1vbi13aXRoLWhpZ2gtcmV0dXJucy1mcm9tLWJmc2ktZmlybQ==/6560dbe193c453ed241baf2b-20231125) [True North, one of India’s oldest private equity firms, and US-based alternative investment firm Warburg...](=/12/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dhcmJ1cmdwaW5jdXMtdHJ1ZS1ub3J0aC1wcmVzcy1vbi13aXRoLWhpZ2gtcmV0dXJucy1mcm9tLWJmc2ktZmlybQ==/6560dbe193c453ed241baf2b-20231125) =/13/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RydWVub3J0aC1jaGFuZ2VzLWV4aXQtcGxhbi1mb3ItZmluYW5jaWFsLXNlcnZpY2VzLWZpcm0teWV0LWFnYWlu/6560dbe193c453ed241baf2b-20231125 [True North changes exit plan for financial services firm yet again](=/14/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RydWVub3J0aC1jaGFuZ2VzLWV4aXQtcGxhbi1mb3ItZmluYW5jaWFsLXNlcnZpY2VzLWZpcm0teWV0LWFnYWlu/6560dbe193c453ed241baf2b-20231125) [Private equity firm True North, which has made several monetisation moves this year while also slashing the...](=/15/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RydWVub3J0aC1jaGFuZ2VzLWV4aXQtcGxhbi1mb3ItZmluYW5jaWFsLXNlcnZpY2VzLWZpcm0teWV0LWFnYWlu/6560dbe193c453ed241baf2b-20231125) =/16/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JlcmtzaGlyZWhhdGhhd2F5LXNpZ25zLW9mZi1mcm9tLWluZGlhLXRlY2gtYmV0LXdpdGgtYS1sb3Nz/6560dbe193c453ed241baf2b-20231125 [Berkshire Hathaway signs off from India tech bet with a loss](=/17/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JlcmtzaGlyZWhhdGhhd2F5LXNpZ25zLW9mZi1mcm9tLWluZGlhLXRlY2gtYmV0LXdpdGgtYS1sb3Nz/6560dbe193c453ed241baf2b-20231125) [Veteran American investor Warren Buffett’s Berkshire Hathaway, which that has made only a handful of deals...](=/18/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JlcmtzaGlyZWhhdGhhd2F5LXNpZ25zLW9mZi1mcm9tLWluZGlhLXRlY2gtYmV0LXdpdGgtYS1sb3Nz/6560dbe193c453ed241baf2b-20231125) =/19/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmFzY2VudHZlbnR1cmVhc3Qtc2lnbi1vZmYtZnJvbS11cy1oZWFsdGhjYXJlLWludmVzdG1lbnQ=/6560dbe193c453ed241baf2b-20231125 [InvAscent, Ventureast sign off from US healthcare investment](=/20/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmFzY2VudHZlbnR1cmVhc3Qtc2lnbi1vZmYtZnJvbS11cy1oZWFsdGhjYXJlLWludmVzdG1lbnQ=/6560dbe193c453ed241baf2b-20231125) [Healthcare-focused private equity firm InvAscent and Ventureast, one of India’s oldest venture capital ...](=/21/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmFzY2VudHZlbnR1cmVhc3Qtc2lnbi1vZmYtZnJvbS11cy1oZWFsdGhjYXJlLWludmVzdG1lbnQ=/6560dbe193c453ed241baf2b-20231125) =/22/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luY2hhcnRzLWNhbmFkYS1zLWJyb29rZmllbGQtc3RlcHMtdXAtaW5kaWEtZGVhbG1ha2luZy1wYWNlLWFzLWF1bS10b3BzLTI0LWJu/6560dbe193c453ed241baf2b-20231125 [In Charts: Canada’s Brookfield steps up India dealmaking pace as AUM tops $24 bn](=/23/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luY2hhcnRzLWNhbmFkYS1zLWJyb29rZmllbGQtc3RlcHMtdXAtaW5kaWEtZGVhbG1ha2luZy1wYWNlLWFzLWF1bS10b3BzLTI0LWJu/6560dbe193c453ed241baf2b-20231125) [India and Canada have been in the middle of a diplomatic imbroglio following allegations by Canadian Prime ...](=/24/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luY2hhcnRzLWNhbmFkYS1zLWJyb29rZmllbGQtc3RlcHMtdXAtaW5kaWEtZGVhbG1ha2luZy1wYWNlLWFzLWF1bS10b3BzLTI0LWJu/6560dbe193c453ed241baf2b-20231125) =/25/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luY2hhcnRzLWZhaXJmYXgtcy1pbmRpYS1wb3J0Zm9saW8taGFzLWEtZHVkLWEtYmxvY2tidXN0ZXItYW5kLW1hbnktaGl0cw==/6560dbe193c453ed241baf2b-20231125 [In Charts: Fairfax’s India portfolio has a dud, a blockbuster and many hits](=/26/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luY2hhcnRzLWZhaXJmYXgtcy1pbmRpYS1wb3J0Zm9saW8taGFzLWEtZHVkLWEtYmxvY2tidXN0ZXItYW5kLW1hbnktaGl0cw==/6560dbe193c453ed241baf2b-20231125) [Few people have been as bullish about investing in India over the past few years as Prem Watsa, the founder ...](=/27/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luY2hhcnRzLWZhaXJmYXgtcy1pbmRpYS1wb3J0Zm9saW8taGFzLWEtZHVkLWEtYmxvY2tidXN0ZXItYW5kLW1hbnktaGl0cw==/6560dbe193c453ed241baf2b-20231125) =/28/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xjYXR0ZXJ0b24tYmFja2VkLXN1Z2FyLWNvc21ldGljcy1nZXRzLWludGVyZXN0LWZyb20tbW9yZS1tYXJxdWVlLWludmVzdG9ycw==/6560dbe193c453ed241baf2b-20231125 [L Catterton-backed Sugar Cosmetics gets interest from more marquee investors](=/29/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xjYXR0ZXJ0b24tYmFja2VkLXN1Z2FyLWNvc21ldGljcy1nZXRzLWludGVyZXN0LWZyb20tbW9yZS1tYXJxdWVlLWludmVzdG9ycw==/6560dbe193c453ed241baf2b-20231125) [Beauty and personal care brand Sugar Cosmetics, which counts US-based private equity firm L Catterton as a ...](=/30/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xjYXR0ZXJ0b24tYmFja2VkLXN1Z2FyLWNvc21ldGljcy1nZXRzLWludGVyZXN0LWZyb20tbW9yZS1tYXJxdWVlLWludmVzdG9ycw==/6560dbe193c453ed241baf2b-20231125) =/31/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL211bHRpcGxlc3BlLWJhY2tlZC12YXN0dS1ob3VzaW5nLXRhcHMtc2Vjb25kLWVxdWl0eS1pbnZlc3Rvci1pbi1hcy1tYW55LW1vbnRocw==/6560dbe193c453ed241baf2b-20231125 [Multiples PE-backed Vastu Housing taps second equity investor in as many months](=/32/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL211bHRpcGxlc3BlLWJhY2tlZC12YXN0dS1ob3VzaW5nLXRhcHMtc2Vjb25kLWVxdWl0eS1pbnZlc3Rvci1pbi1hcy1tYW55LW1vbnRocw==/6560dbe193c453ed241baf2b-20231125) [Vastu Housing Finance Corporation Ltd., a mortgage lender controlled by Renuka Ramnath-led private equity ...](=/33/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL211bHRpcGxlc3BlLWJhY2tlZC12YXN0dS1ob3VzaW5nLXRhcHMtc2Vjb25kLWVxdWl0eS1pbnZlc3Rvci1pbi1hcy1tYW55LW1vbnRocw==/6560dbe193c453ed241baf2b-20231125) =/34/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcmV2ZXJzdG9uZS1jYXBpdGFsLWV4ZWN1dGl2ZS1mbG9hdHMtdmMtZnVuZA==/6560dbe193c453ed241baf2b-20231125 [Former Everstone Capital executive floats VC fund](=/35/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcmV2ZXJzdG9uZS1jYXBpdGFsLWV4ZWN1dGl2ZS1mbG9hdHMtdmMtZnVuZA==/6560dbe193c453ed241baf2b-20231125) [A former executive of private equity and real estate investment firm Everstone Group has floated a sector-...](=/36/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcmV2ZXJzdG9uZS1jYXBpdGFsLWV4ZWN1dGl2ZS1mbG9hdHMtdmMtZnVuZA==/6560dbe193c453ed241baf2b-20231125) =/37/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcmJhbmtlci1rYW1wYW5pLWZsb2F0cy12Yy1mdW5kLXRvLWJhY2stZ3Jvd3RoLXN0YWdlLXN0YXJ0dXBz/6560dbe193c453ed241baf2b-20231125 [Former banker Kampani floats VC fund to back growth-stage startups](=/38/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcmJhbmtlci1rYW1wYW5pLWZsb2F0cy12Yy1mdW5kLXRvLWJhY2stZ3Jvd3RoLXN0YWdlLXN0YXJ0dXBz/6560dbe193c453ed241baf2b-20231125) [Nimesh Kampani, a former banker who previously worked with top financial services firms such as Kotak ...](=/39/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcmJhbmtlci1rYW1wYW5pLWZsb2F0cy12Yy1mdW5kLXRvLWJhY2stZ3Jvd3RoLXN0YWdlLXN0YXJ0dXBz/6560dbe193c453ed241baf2b-20231125) =/40/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL25pcHBvbmxpZmUtaW5kaWEtYWlmLXNldC10by1zdHJpa2UtdHdvLWRlYWxzLWZyb20tcHJpdmF0ZS1jcmVkaXQtZnVuZA==/6560dbe193c453ed241baf2b-20231125 [Nippon Life India AIF set to strike two deals from private credit fund](=/41/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL25pcHBvbmxpZmUtaW5kaWEtYWlmLXNldC10by1zdHJpa2UtdHdvLWRlYWxzLWZyb20tcHJpdmF0ZS1jcmVkaXQtZnVuZA==/6560dbe193c453ed241baf2b-20231125) [Nippon Life India AIF Management Ltd, a subsidiary of Nippon India Asset Management Ltd, intends to close at...](=/42/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL25pcHBvbmxpZmUtaW5kaWEtYWlmLXNldC10by1zdHJpa2UtdHdvLWRlYWxzLWZyb20tcHJpdmF0ZS1jcmVkaXQtZnVuZA==/6560dbe193c453ed241baf2b-20231125) NEWS IN NUMBERS [$7.1 bn](=/43/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5jYXBpdGFsLXJhaXNlcy03LTEtYm4taW4tbGFyZ2VzdC1wYW4tYXNpYS1wZS1mdW5kLXRoaXMteWVhcg==/6560dbe193c453ed241baf2b-20231125) [Bain Capital raises pan-Asia PE fund](=/44/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5jYXBpdGFsLXJhaXNlcy03LTEtYm4taW4tbGFyZ2VzdC1wYW4tYXNpYS1wZS1mdW5kLXRoaXMteWVhcg==/6560dbe193c453ed241baf2b-20231125) [$150 mn](=/45/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Nob2xhbWFuZGFsYW1pbnZlc3RtZW50LXRhcHMtb2Zmc2hvcmUtaW52ZXN0b3ItdG8tcmFpc2UtZnJlc2gtY2FwaXRhbA==/6560dbe193c453ed241baf2b-20231125) [Cholamandalam Investment raising fresh capital](=/46/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Nob2xhbWFuZGFsYW1pbnZlc3RtZW50LXRhcHMtb2Zmc2hvcmUtaW52ZXN0b3ItdG8tcmFpc2UtZnJlc2gtY2FwaXRhbA==/6560dbe193c453ed241baf2b-20231125) [$100 mn](=/47/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2F1c21hbGwtZmluYW5jZS1iYW5rLXJhaXNpbmctZnJlc2gtY2FwaXRhbC1mcm9tLW9mZnNob3JlLWludmVzdG9y/6560dbe193c453ed241baf2b-20231125) [AU Small Finance Bank raising fresh funding](=/48/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2F1c21hbGwtZmluYW5jZS1iYW5rLXJhaXNpbmctZnJlc2gtY2FwaXRhbC1mcm9tLW9mZnNob3JlLWludmVzdG9y/6560dbe193c453ed241baf2b-20231125) [$50 mn](=/49/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Nsb3ZlZGVudGFsLWdyYWJzLTUwLW1uLWZyb20tcWF0YXItaW52ZXN0bWVudC1hdXRob3JpdHk=/6560dbe193c453ed241baf2b-20231125) [QIA bets on Clove Dental](=/50/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Nsb3ZlZGVudGFsLWdyYWJzLTUwLW1uLWZyb20tcWF0YXItaW52ZXN0bWVudC1hdXRob3JpdHk=/6560dbe193c453ed241baf2b-20231125) [$36 mn](=/51/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ZpbnRlY2hzdGFydHVwcy1zY2FwaWEta2l3aS1wb2NrZXQtbGFyZ2Utc2VyaWVzLWEtY2hlcXVlcy1mcm9tLXRvcC12Y3M=/6560dbe193c453ed241baf2b-20231125) [Scapia, Kiwi pocket Series A cheques](=/52/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ZpbnRlY2hzdGFydHVwcy1zY2FwaWEta2l3aS1wb2NrZXQtbGFyZ2Utc2VyaWVzLWEtY2hlcXVlcy1mcm9tLXRvcC12Y3M=/6560dbe193c453ed241baf2b-20231125) [$15 mn](=/53/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2tiZ3JvdXAtYmFja2VkLWVsZXY4LWdldHMtYS1jaGVxdWUtZnJvbS1rZXktbHAtZm9yLW1haWRlbi12Yy1mdW5k/6560dbe193c453ed241baf2b-20231125) [Elev8 taps LP for debut VC fund](=/54/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2tiZ3JvdXAtYmFja2VkLWVsZXY4LWdldHMtYS1jaGVxdWUtZnJvbS1rZXktbHAtZm9yLW1haWRlbi12Yy1mdW5k/6560dbe193c453ed241baf2b-20231125) [Chart of the day](=/55/aHR0cHM6Ly9hc3NldHMudmNjaXJjbGUuY29tL3VwbG9hZHMvMjAyMy8xMS9XZWVrbHlkZWFsc1MtMi5qcGc=/6560dbe193c453ed241baf2b-20231125) =/56/aHR0cHM6Ly93d3cudmNjZWRnZS5jb20=/6560dbe193c453ed241baf2b-20231125 READ MORE NEWS [Private Equity Deals](=/57/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9wZQ==/6560dbe193c453ed241baf2b-20231125) [Venture Capital Deals](=/58/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS92ZW50dXJlLWNhcGl0YWw=/6560dbe193c453ed241baf2b-20231125) [M&A Deals](=/59/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9tLWE=/6560dbe193c453ed241baf2b-20231125) Were you forwarded this email? 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