CX Partners, led by ex-Citigroup VC India head Ajay Relan, is on course to raise the first round of capital for its new mezzanine fund.
The fund, Intermediate Capital Fund, is a $250 Mn one headed by former JP Morgan Chase principal Shishir Jain and it will have its first close in the range of $100 – 150 Mn, states ET.
Mezzanine financing is a hybrid of debt and equity. It is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company If the loan is defaulted on terms of timely payment or full payment.
Ajay Relan quit Citi Venture Capital International in 2008 and floated CX Partners. In a year’s time he raised over $500 Mn.
Recent investments of CX Partners include a plan to invest R100 Cr in Barbeque Nation Hospitality, a restaurant subsidiary of Sayaji Hotels for a minority stake.
KPIT Cummins raised R64.8 Cr from CX Partners through preferential allotment of 5,18,4000 shares for R125 per share respectively.
Among the mezzanine fund raises, Svenska Design Hotels had raised R30 Cr mezzanine funding from DMI Finance for setting up hotels in tier 2 & 3 cities in 2011.
Tulip Telecom had raised R250 Cr in mezzanine funds to cover the costs for the Bangalore datacentre last year in Feb.
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Tags
Ajay Relan ,
CX Partners ,
Intermediate Capital Fund ,
JP Morgan Chase ,
Shishir Jain ,
mezzanine fund ,
fund raise ,
Ajay Relan ,
CX Partners ,
Intermediate Capital Fund ,
JP Morgan Chase ,
Shishir Jain
