India-focused alternative investment fund manager Motilal Oswal Private Equity has reached a final close for India Business Excellence Fund III with more than INR23 billion (approximately US$320 million) in capital commitments, 75 percent of which came from domestic investors. Investors in the fund include domestic and global institutions, family offices, high-net worth individuals, Motilal Oswal Financial Services and the investment team. The fund plans to invest in 12 to 14 mid-market companies with mature business models. Between 60 percent and 70 percent of the fund will be deployed in the financial services, consumer and health care sectors while the rest will be invested opportunistically in the industrials sector.