Afternoon Despatch & Courier
Tuesday , October 31,2000.


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.