Motilal Oswal Alternates hits final close of ₹8,500 crore for fifth private equity fund

Motilal Oswal Alternates Closes Largest PE Fund at ₹8,500 Crore

Motilal Oswal Alternates has officially closed its India Business Excellence Fund V (IBEF V) at a hard cap of ₹8,500 crore, marking the largest private equity fund in the firm's history. This milestone was reached in February 2026, attracting a diverse pool of global investors and increasing the company's total assets under management (AUM) to over $3.3 billion.

Key Highlights

• IBEF V closed at ₹8,500 crore, surpassing its initial fundraising target of ₹6,500 crore
• Total AUM now exceeds $3.3 billion, following the successful raise of IREF VI (₹2,000 crore) and the launch of private credit
• Fund saw participation from both global and domestic investors, including Adams Street Partners and Schroders
• IBEF V will invest in mid- to late-stage businesses across core sectors, including consumer, financial services, and technology

Investor Base

IBEF V attracted commitments from a diverse global investor base, including:

• US
• Europe
• Japan
• Middle East
• India
• Broad Asian region

Investors include:

• Adams Street Partners
• Schroders
• Neuberger Berman
• International Finance Corporation (IFC)
• Oman Investment Authority
• Axiom Asia
• Leading Japanese institutions
• Domestic financial institutions (prominent banks and insurance companies)
• Reputed international and domestic family offices

Management Comments

“Despite an environment marked by economic uncertainty and geopolitical volatility, the successful outcome of this fundraise reflects the deep trust placed in us by leading global asset managers and domestic investors,” said Rohit Mantri, MD and Co-head, Motilal Oswal Alternates (PE).

This confidence has been built through sustained engagement, disciplined investment processes, consistent outcomes across prior fund vintages, and steady capital distributions.

Future Plans

IBEF V will invest approximately $40-$100 million in mid- to late-stage businesses across its core sectors, including consumer, financial services, niche manufacturing, healthcare, and technology-led businesses.

“We have been privileged to partner with an exceptional group of promoters and companies that are shaping the future of their respective industries, and we are proud to have enabled value creation of over USD 40 billion across these businesses,” said Vijay Dhanuka, MD and Co-head, Motilal Oswal Alternates (PE).

Performance

The private equity fund has made 51 investments and completed 24 successful exits to date, generating approximately $1 billion in liquidity and a realised multiple on invested capital (MOIC) of nearly 4x.