Mumbai, Mar 9 (IANS): Edelweiss Wealth Management (EWM) on Tuesday announced that it has launched the third series of Edelweiss Crossover Opportunities Fund (Crossover-III) with a targeted corpus of Rs 5,000 crore ($700 million).

The fund will focus on late-stage PE and Pre-IPO investments, said a company statement.

The late-stage PE space has since gained momentum in the Indian scenario expanding to a new level of scale and opening larger opportunities. Crossover-III will see the largest fund raise in the series, having raised Rs 2,200 crore through the earlier series.

Nitin Jain, MD & CEO, Edelweiss Wealth Management said: "Private Equity is now a well-established asset class in India and is making significant contribution to the development of India's emerging corporate sector, while generating strong returns for its investors."

With a very strong track record in its previous tranches, the Edelweiss Crossover strategy adopts a partnership approach with its portfolio companies, where throughout the investment period, the fund team engages deeply with the company's management to create a positive impact on their performance and thereby maximising returns for our investors, Jain said.