Motilal Oswal Alternates has completed the final close of its fifth private equity fund, named India Business Excellence Fund V (IBEF V), with a total corpus of ₹8,500 crore (US$937 million), making it the largest capital raise in the firm’s history. The fund surpassed its initial target of ₹6,500 crore (US$716.6 million) and reached its hard cap in under ten months after launching in April 2025, reflecting robust investor demand. This capital raise adds to the firm’s growing scale — alongside other recent fund closures and new product launches — pushing Motilal Oswal Alternates’ total assets under management to over USD 3.3 billion. 

IBEF V attracted strong participation from a diversified set of global and domestic investors, including institutions from the US, Europe, Japan, the Middle East, India, and the broader Asian region. Notable backers include entities like Adams Street Partners, Schroders, International Finance Corporation (IFC), Oman Investment Authority, Axiom Asia, Japanese institutions, major domestic banks and insurers, and a wide base of international and Indian family offices. Around 10 % of the fund was contributed by the Motilal Oswal Group and the Alternates team themselves, showing alignment with investor interests. The fund is expected to provide growth capital to mid- and late-stage companies across sectors such as consumer, financial services, healthcare, manufacturing and technology.