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SBI creates India fund August 9, 2006

Posted by fukumimi in Japan, Overseas, VC.
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SBI Holdings has announced it is creating a $100M fund in partnership with SBI Capital Markets Ltd, a wholly owned subsidiary of the State Bank of India, to invest in Indian venture businesses.
SBI Holdings are a leading Japanese venture capital player, with current investments of more than $1B at book value spread over a number of funds. Its VC investments are primarily managed through its Softbank Investment Corporation subsidiary.

Softbank Investment Corporation set up an identically sized ($100M) fund focussing on China in 2005, together with Temasek, the Singaporean government’s investment vehicle.

SBI Holding and its subsidiaries also make overseas investments through some of its other funds as well.

SBI Holdings was in the news just last week, when Softbank Corporation sold off its 26.7% stake in SBI Holdings. 19.2% of the shares was reportedly snapped up by Goldman Sachs Japan.

The move has been widely expected, SBI Holdings and Softbank Corporation have been heading in different directions and there have been persistent rumours that the respective CEOs have not been on good terms in recent years, and Softbank needs money to finance the operations of its expensive Vodafone purchase.

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