360 One pays ₹6k cr from pre-IPO fund

livemint.com:

₹6,000 crore to investors from the pre-initial public offering (IPO) fund. It expects to fully monetize the first fund from its pre-IPO franchise within one year, said a top company executive. “The (first) series is starting to mature over this 12 month period, hence we are returning capital and will fully exit these positions in the course of the next 12 months," Sameer Nath, chief information officer, 360 One Asset, said.

Last week, 360 One was in the news following a report by the Organized Crime and Corruption Reporting Project (OCCRP) that said the company structured two funds—Emerging India Focus Fund and EM Resurgent Fund—to invest in Adani group entities. The report said Adani family members invested in overseas vehicles, which then invested in Adani group funds, manipulating the share prices.“The funds, as on date, have zero investment in any of the shares of Adani Group. In the past, among other portfolio investments, the two funds have had investments in shares of Adani Group companies; all of which were sold in 2018," 360 One said in a filing to the exchanges on 30 August.

“We wish to clarify that the PE arm or any other arm never had investments in any of the Adani group firms and never had the PE arm raised capital from the Adani family for the pre-IPO fund," a spokesperson for 360 One Asset said on Sunday. Pre-IPO funds have a fund life of five years, though they can seek an annual extension from limited partners—or the fund’s investors—for up to two years. 360 One Asset began raising its first set of pre-IPO funds in 2017.