Peepul Capital Advisors, a city-based private equity fund with over $625-million (approximately Rs 2,875 crore) assets under management, is targeting more companies in the media and entertainment sector to park investments.
“We recently raised $350 million (Rs 1,610 crore). This, along with another $50 million (Rs 230 crore), is to be invested and we are looking forward for more opportunities to invest. Now, we can do a Rs 100-crore single-investment in the media space. If the requirement is more, we will bring in co-investors,” said Srini Raju, managing director of Peepul Capital.
Speaking to mediapersons on the sidelines of Ficci’s two-day Media and Entertainment Business Conclave 2010, here on Wednesday, Raju said the company was primarily focusing on new media and technology-driven companies. “We have quite a few proposals in the pipeline. If we have the opportunity, we will do the investment in the next quarter itself.”
Peepul Capital (formerly iLabs Capital)has a portfolio of 15 companies including Associated Broadcasting Corporation (which runs Television channels under the TV9 brand). It exited from city-based DQ Entertainment, Indo-Asian New Service (IANS) and an online gaming company.
Raju said these companies (which Peepul exited) had reasonably done well but were not outstanding performers, when compared with other performers in the fund.
On whether the media industry in which Peepul had parked its investments was performing well, Raju said post recession, he had seen improved figures in the last two quarters.
“Though there is not much improvement on the distribution side, there is a clear improvement in revenues. We will stay away from investing in the film industry for time being,” he said.