India Value Fund Advisors (IVFA), a firm focused on investing in mid-sized businesses, has reached a first close for its Indium V fund with US$500 million in capital commitments. The fund, which is sector-agnostic and has a hard cap of US$700 million, also recently announced its first investment, an INR2.2 billion (approximately US$35 million) commitment to India-based non-bank financing company Magma Fincorp.