ICICI Venture hits final close of fifth PE fund at ₹3,000 cr

India Advantage Fund Series V capital raise includes green shoe option of ₹500 crore

- Priyal Mahtta

ICICI Venture, which had launched its fifth private equity fund in 20212022, has concluded the fundraising utilizing the green shoe option, according to information obtained by VCCircle.

The alternative investment arm of ICICI Bank, which has backed firms such as Theobroma Foods, and Bharat Biotech, has raised nearly ₹3,000 crore ($362 million) for the India Advantage Fund Series V, including a green shoe of ₹500 crore, said a person privy to the development.

This is now its largest rupee-denominated PE fund. Although it had an initial plan for a higher corpus for its second fund, it was later adjusted to a lower level.

ICICI Venture set out to raise ₹2,500 crore, along with a green shoe option of ₹500 crore. In March 2022, VCCircle first reported that it was looking to raise a fund with a target corpus of $350-400 million.