Motilal Oswal Private Equity, a subsidiary of Indian financial services company Motilal Oswal Financial Services, has held a fourth close on its India Business Excellence Fund-II (IBEF-II) with INR6.3 billion (approximately US$103 million) in capital commitments. The fund recently received a commitment of US$25 million from International Finance Corporation, the private sector arm of the World Bank. IBEF-II, which is reportedly targeting INR7.5 billion, will pursue investments in small- and medium-sized enterprises in India’s Tier II and III cities, with a focus on domestic consumption and infrastructure.