Tata Capital gets commitment of $1 billion for PE arm

MUMBAI: The private equity arm of Tata Capital has received commitment worth $1 billion and hopes to close the fund in the next two to three months, a top company executive said.

"We have received commitment of around $1 billion for our private equity fund and hopes to close the fund in the next two to three months," Tata Capital managing director and chief executive Praveen P Kadle said here.

He, however, declined to reveal the final fund size that the company is looking at.

"Fund raising at this point of time is a little difficult due to the current economic environment. However, we remain positive," he said.

Referring to investment from the fund, Kadle said it had already invested around $200 million in five companies adding the fund would continue to focus on mid-size companies both in domestic and overseas markets.

Tata Capital, the non-deposit taking NBFC from the Tata Group, deals with retail and corporate lending along with investment banking, private equity, infrastructure finance, securities, and wealth management services.