SBI-Omanese fund launches second India-focused PE

The Oman-India Joint Investment Fund (OIJIF), a mid-market India-focused private equity fund, today announced the first closure of its second fund, OIJIF Fund II with an initial corpus of USD 220 million. .
The two investors in the fund State Bank of India and State General Reserve Fund of Oman (SGRF) which have backed the first fund continue to be investors in OIJIF Fund II.
The size of the first fund was USD 100 million and closed in 2011.
OIJIG chief executive officer Srinath S today said the second fund is targeting a corpus of USD 300 million by the end of 2017.

"We will look to make larger ticket size investments from this fund," he said today.
He said OIJIF will continue with its investment strategy of focusing on mid-market companies where it is able to deploy a combination of capital and experience to unlock the true potential and spur growth.

Srinath said the first OIJIF fund has been fully invested across seven companies and has returned around 50 per cent of capital through divesting around 15 per cent of its investment.
Rest of the portfolio companies are expected to be divested over the next couple of years, he added.
The event was attended by Mubarak Hamed Al Hinai, Omanese consul general in Mumbai, Abdul Salam aL Murshidi, CEO State General Reserve Fund of Oman, SBI managing director for corporate banking group), SBI deputy managing director for global markets Venkat Nageswar and chief executives of investee companies in funds.