| IEP,
IDEA Launch eTEC |
Washington DC area venture capital firm
International Equity Partners, LP (IEP) and Bombay based Indian Direct Equity Advisors
Pvt. Ltd. (IDEA) have announced the launch of their second India focussed venture capital
fund, eTEC Ventures LLC (eTEC). GSC Partners, a global $3 billion private equity firm,
leads eTEC's group of invesotrs with a $25 million capital commitment. eTEC will remain
open for additional subscriptions through March 2001.
eTEC is a Mauritius domiciled limited liability company that will invest in new and
existing ventures in the technology, entertainment and communications sectors. eTEC will
invest primarily in Indian companies but also in ventures in the US and other countries
that benefit substantially from the huge mindpool of technology skilled labor available in
India.
eTEC will typically take substantial minority stakes in its target companies and pursue
value addition strategies to help acquire customers, establish strategic alliance and
secure further rounds of financing. The managers have already shortlisted several
companies engaged in software and IT enabled services as potential investments. The dual
presence of IEP and GSC Partners in the United States and IDEA in India will enable eTEC
to effectively provide strategic value to companies in the "Indo-US Technology
Corridor", including capital raising in the US and developing an international
customer base. |
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