VC Circle – CX Partners, a new private equity firm promoted by former Citigroup Venture Capital International (CVCI) head Ajay Relan, has achieved the first close of $220 million for its maiden fund. The first close was made by the fund in March this year, Relan told VCCircle. The fund plans a final close of $500-600 million by September this year.
"The fundraising environment was tough six months ago, but now it is getting better," Relan told VCCircle. Indian stock markets have also been on a rally with Sensex rising from 8,160 points on March 9 to 14,284 points yesterday.