MUMBAI: US-based Norwest has raised a record $4 billion fund, its largest in 65 years, part of which will be used to expand investments in India, particularly in manufacturing, industrial services and healthcare. It currently deploys $250-350 million annually in the country.Norwest 18 takes the firm’s capital under management to $18 billion and will fund venture and growth equity investments across technology, healthcare and consumer sectors in the US, India and Israel.The firm has maintained steady investments across market cycles for two decades, said Niren Shah, managing director and head of Norwest India. “Norwest is currently deploying around $250-350 million annually in India, which is higher than the earlier levels of investment. Norwest remains very bullish on India’s long-term prospects,” he said.While fintech and consumer remain core sectors, Norwest is increasing its focus on industrials and healthcare. It will pursue growth equity, venture, platform and buyout investments. “Industrials and Healthcare are becoming increasingly prominent in our investment strategy. Norwest will continue to remain a Multi-strategy fund and focus both on Growth Equity and Venture investments, while also looking to undertake more Platform and Buyout transactions,” Shah said.The firm sees opportunities in value-added and precision manufacturing and industrial services, driven by Make in India and global manufacturers’ growing emphasis on quality and supply-chain diversification over cost alone. “Our investment approach will continue to be centred on Growth Equity, with a greater focus on Precision Manufacturing and Industrial services,” Shah said. Healthcare and fintech will remain priorities, alongside venture investments in AI and deep tech.Since launching Norwest 17 in April 2024, the firm has made over 87 investments and helped more than 30 portfolio companies achieve exits through IPOs and acquisitions. These include Indian listings Swiggy and Amagi Media Labs, US listings BillionToOne, MBX Biosciences and Omada Health, and acquisitions of Qualified by Salesforce, Veza by ServiceNow and Ouro Medicines by Gilead Sciences.
