Mumbai: Norwest Venture Partners has added two new verticals to its investment strategy for the recently closed $1.2 billion Norwest Venture Partners XI.The new global fund, the biggest-ever raised by any private equity firm, will feature healthcare information systems and medical devices as new areas of investment.
Promod Haque, managing partner, NVP, said, "We are in the process of getting the required expertise on board for the new verticals. We should have the expertise very soon, post which deals will follow in countries including India, Israel, China and the US."
NVP's $1.2 billion fund will target early- to late-stage venture and growth equity investments across a wide range of sectors and geographies. The addition of this new fund brings NVP's total capital and commitments to more than $3.7 billion. NVP XI follows the $650 million NVP X Fund, which closed in 2006.
Haque said his firm continues to invest in companies that are started from the scratch to those that have achieved some element of scale and are now looking to expand. "Factors like geographic, sector and stage diversification required more capital and that's primarily the reason why we decided to raise a much higher corpus as compared with the previous funds," said Haque.
Of the earlier fund, NVP is said to have invested approximately 15% in India. "We don't allocate quotas for investing in any specific geography, sector or stage. But I think about 15% of our earlier fund was invested in the Indian market. Our investment strategy will conform to the business scenario," he said.


