Motilal Oswal Private Equity, a subsidiary of Indian financial services company Motilal Oswal Financial Services, has held a third close on its India Business Excellence Fund-II (IBEF-II) with INR5.6 billion (approximately US$103.5 million) in capital commitments. The private equity fund plans to pursue investments in high growth companies and small- and medium-sized enterprises in India’s Tier II and III cities, with a focus on domestic consumption and infrastructure.