The Company was set up, primarily, to leverage on the working relationships the promoters had developed over the years with reputed financial institutions, corporate groups, and private family offices globally.
FortNightly PE Update
Dear Sirs,Please find herewith the highlights of "India Private Equity Weekly Analysis Report" from 16th to 28th February, 2014.Please note that the information is compiled from various sources and is intended purely for information purposes only.
PE Industry News:
Mergers n Acquisitions:
Targets n Plans:
PE Fund News:
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Next Trillion Dollar Opportunity Fund
We are pleased to share with you the update as at August 31, 2013, on the "Next Trillion Dollar Opportunity Fund" ("NTDOP"), a joint initiative with Gateway Capital & Motilal Oswal AMC, Mumbai. The Fund's investment strategy is managed by Motilal Oswal AMC. The Fund aims to invest primarily into mid & small cap companies, with a focus on identifying emerging sectors/stocks which are part of the Next Trillion Dollar GDP Growth Opportunity in India.
Please find attached
---Monthly Fact Sheet as at September 2013
---September Newsletter with updates on the portfolio companies of the fund
The Fund has significantly outperformed its benchmark (in USD terms), the CNX Midcap Index, across all time frames barring the last 3 months, since its inception in Sept 13, 2012:
During August 2013, Indian equities had a volatile period in Aug with the benchmark index Nifty losing 4.7% overall to end the month at sub-5500 level. The quarterly earnings season concluded mid-month with a mixed bag of results.
On the global front, the Syrian crisis added to the INR's woes as the Brent spiraled up. With the INR continuing to depreciate, the RBI and Government took various measures to supppport the INR including the opening of forex swap windows to meet $ requirements for crude oil imports. Meanwhile, the National Spot Exchange (NSEL) payment crisis hit markets in early Aug as the commodities exchange suspended trading amidst fears of a default.
On the macro front, India's 1QFY14 GDP growth recorded a sharp deceleration, coming in at 4.4%. Over the month, two important Bills were passed in the Lower House of the Parliament - the Food Security Bill and the Land Acquisition Bill. The month also saw the appointment of Dr. Raghuram Rajan as RBI Governor from Sep 4.
Sector wise, banking, industrials and telecom were the worst hit while materials and IT were sectors significantly in the green. Flow-wise, August saw significant outflows from FIIs, who remained net sellers for the third consecutive month while DIIs switched to net buyers. On a positive side, FDI into India increased by 24.2% Y-o-Y to $3.95 bn in April-May 2013 vs. $3.18 bn of FDI in April-May 2012 according to data from the Department of Industrial Policy and Promotion (DIPP).
On the organisational front,
Fund Holdings and sector allocation:
The top five holdings of the funds as of date are as under:
Top three sector allocation are:
Market & Fund Outlook:
As per the Fund Managers -
September will keenly test the Government’s resolve to undertake some hard reforms as well such as a large quantum of diesel hike, pension and insurance bills and speeding up disinvestments which are key to repair the recent market damage and restore some government credibility. In the month, the Fed's meeting will be keenly watched for to provide further light on QE tapering plans even as the market will likely contend with the developments on Syria. The first RBI credit policy meet under the new Governor will also be an event which will be keenly watched for with regards to understanding future policy direction.
We believe that while the current economic environment is challenged, there are certain concerns such as on the Current Account Deficit and Fiscal Deficit seems way overdone and do not warrant such adverse reaction for both the equity and currency markets.
We look forward to your participation in the fund with a 3 - 5 year time horizon, and a targeted return of around 15 - 20% p.a. While the portfolio comprises of high quality stocks, dollar cost averaging can be used a strategy to manage the volatility in Indian markets.
---Research Analyst GATEWAY CAPITAL LIMITED
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Funds Direct Transactions Secondaries Co - investments