Edelweiss raises $425 mn for 3rd special situation fund, seeks $1 bn corpus

Company says it has investment commitment from insurance companies, pension funds, high net worth individuals

Edelweiss Alternative Asset Advisors has raised Rs 3,400 crore (about $ 425 million) in its third Special Situations Fund (ISAF III).

The fund focuses on asset-heavy companies that have a strong turnaround potential and it invests in situations where resolution of asset requires capital and domain expertise.

Edelweiss, in a BSE filing, said it has commitments from global investors that include large insurance companies, pension funds, high net worth individuals and family offices from India. The fund aims to raise $1 billion with a green-shoe option of $500 million.

ISAF III has invested more than Rs 1,000 crore in in