Norwest raises $4 billion fund for India, US and Israel investments

New Delhi | Mumbai: Norwest has raised $4 billion for its 18th fund, which will invest in India, the US and Israel, the Wells Fargo-backed 65-year-old firm said in a statement on Thursday.

Norwest has been present in India for 20 years and has backed companies such as Swiggy, Amagi Labs, Five Star Business Finance, Padmini VNA and OfBusiness.

Its assets under management in India stand at $2.5 billion, according to a senior executive.


"We deploy $300-350 million every year (in India)," said Niren Shah, managing director and Norwest's India head.

Shah, who previously served as a director at eBay, has shaped the firm's investment strategy in India over the years, focusing on banking and financial services investments. He said these investments continue to generate significant returns for the firm.

Norwest has invested in several companies across the sector, including Shriram Transport Finance, IndusInd Bank, National Stock Exchange, ING Vysya Bank, Kotak Mahindra Bank, SK Finance, Veritas Finance, Vastu Housing Finance, Vridhi Finserv Home Finance, Finova Capital, Ummeed Housing Finance, APAC Financial Services and EDME Insurance Broker, among others. It continues to hold investments in some of these companies.

"We see opportunities in value added manufacturing, industrials, fintech and healthcare," said Shah, when asked about the new sectors in which the fund plans to invest.

Norwest has recorded 30 exits in India, including 10 companies that went public through successful initial public offerings, Shah said.