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Vision Global plans $200-million distressed debt fund

Vision Global Investments is looking at launching a $200 million distressed debt fund in the near future. The move comes at a time when a number of other funds in this space are active in India like Clearwater, ADM Capital, WL Ross and DE Shaw.

With the fall in markets and on the back of fears of a downturn in Asian economies, a host of funds are launching distressed funds targeting Asia. Most of the new distressed funds are targeting companies in China, India and Korea.
Distressed debt funds come into play when companies get into difficulty in paying their debt obligations.

In case of India, some of them would be BIFR cases or where they have gone through the corporate debt restructuring (CDR) mechanisms. These funds normally takeover the debt from the banks and restructure it through a mix of debt and equity.

Going forward, Vision Global is also looking to launch a ‘clean technology fund’. “We are also looking to launch a India Secondary Market fund. However, that would not be in the near term, given the current market volatility. We are also waiting for the global situation to pan out,” Vision Global managing director Parth Gandhi told ET.

Vision Global had recently announced the launch of a $1billion India Infrastructure-focused fund called ‘Vision Global India Infrastructure Fund’. The fund would have its first close by May-end this year and is looking to raise $300 million in its first round. It is looking at investments of $25-75 million through this fund in verticals like roads, airport, ports, urban infrastructure and logistics in the infrastructure space. The fund is expected to provide an average 20-25% return on investment per annum.

The fund is a three way alliance of Delaware-based Vision Global, India-based entities SREI Infrastructure Finance (an NBFC with an asset base of $890 million) and Prima Donna Global Holdings WWL. With offices in New York, London, Delhi, and most recently Bahrain, as well as an advisory office in Mumbai, the infrastructure fund is the group’s initial offering. The company is looking at a large team of around 14 professionals, to be based out of Mumbai and Delhi, for its India Infrastructure Fund.

Source: Economic Times

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