Corpus : US$ 225 mn Vintage : 2007 Focus : Growth Capital Status : Investing		Amount Invested : US$ 110 mn Number of Investments : 8 No. of Divestments : - Gross Return : -

Tara India Fund III, a US$ 225 mn fund sponsored by IL&FS, is a continuation of IIML's strategy of providing capital to middle-market companies to fund their growth plans. Tara India Fund III, established in 2007, builds on the successful growth capital investment strategy of its predecessor funds - the AIG India Sectoral Equity Fund and the Leverage India Fund.

With the fundamental economic drivers in place, the mindset and approach of the Indian entrepreneur has changed dramatically and companies are jumping to the higher growth orbital by aggressive capital expansion and by acquiring global capabilities. This is giving rise to a continuous and growing demand for private equity from Indian corporates.

The fund seeks to provide investors with superior returns by investing in a diversified portfolio of private equity investments in India. It is expected that the majority of the Fund's capital will be invested in growth opportunities, including expansions, restructurings, buyouts and acquisitions. The Fund expects to make up to 15 investments across five target industries viz. Infrastructure, Consumer Services, Manufacturing, Information Technology and pharmaceutical-healthcare services. The Fund's investment size is expected to range from US$ 8 mn to US$ 20 mn for each portfolio company.

Apart from Indian and Global investors from the US, Europe and Middle East, the fund has also been structured to accommodate high networth family offices and individuals from India and across the globe.

The Fund already has liquidity in 2 of its portfolio companies.

Key Transactions:

• Ramky Infrastructure Limited