Global investment firm Norwest has closed its largest-ever fund of $4 billion, with India emerging as a key investment market alongside the US and Israel. The fund, Norwest 18, takes the firm’s total capital under management to $18 billion.
With nearly two decades of presence in India, Norwest is looking to step up its investments through larger growth-equity deals, platform acquisitions, and buyouts, with a focus on industrials, healthcare, consumer, and fintech.
Niren Shah, Managing Director and Head of Norwest India, told businessline that the firm is evaluating six to eight companies at various stages for fresh investments. These include businesses in value-added manufacturing, industrial services, healthcare delivery and fintech.
“We are looking at three companies in advanced manufacturing across aerospace, flow control, instrumentation and precision engineering, and another company in electrical and AMC services,” Shah said.
The firm is also exploring opportunities in pharmaceuticals, chemicals, renewable energy and deep technology. Its latest fund will invest across venture capital and growth equity opportunities, without any predetermined allocation for individual geographies.
Norwest has 41 active portfolio companies across nine Indian cities and approximately $2.5 billion in assets under management in the country. It deploys around $250-300 million annually in India, with investment cheques of $30-150 million for growth equity, buyouts and platform investments, and $10-25 million for venture deals.
The firm has expanded its exposure to the industrial sector over the past year, investing in aerospace, automotive components and precision manufacturing companies such as Padmini VNA, JJG Aerospace and Raghu Vamsi Aerospace Group.
Its Indian portfolio has witnessed increased exit activity, with Swiggy and Amagi Media Labs completing IPOs since 2024. Norwest has also made partial secondary sales to financial sponsors in SILA and SK Finance. Three portfolio companies — Fibe, Veritas and Everbrands — have filed for IPOs, while another three have appointed merchant bankers for potential listings over the next 12 months.
The firm is also stepping up investments in artificial intelligence, having backed early-stage companies Pascal.ai and Resolve.ai. Shah sees greater opportunities for India in AI applications rather than developing large language models, and expects large businesses to emerge in the segment.
Norwest has recorded over 30 successful exits in India, including 10 IPOs. Public listings will remain an important exit route, with the firm expecting exit momentum to strengthen over the next few years. Healthcare will remain a key priority for the new fund, alongside emerging opportunities in AI and deep technology.
Published on November 12, 2026
