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Business News/ Companies / News/  Amicus Capital hits first close of second fund at $146 mn

Amicus Capital hits first close of second fund at $146 mn

The fund plans to invest $10-30 million each in 10-12 middle market companies across five key sectors

Amicus Capital founders Sunil Theckath Vasudevan and Mahesh Parasuraman.Premium
Amicus Capital founders Sunil Theckath Vasudevan and Mahesh Parasuraman.

India-focused growth capital fund Amicus Capital on Wednesday announced the first close of its second fund at $146 million ( 1,215 crore).

The fund plans to invest $10-30 million each in 10-12 middle market companies across five key sectors—financial services, consumer, healthcare, technology & business services, and specialty manufacturing, a company statement said.

European Investment Bank, US International Development Finance Corporation, Self-Reliant India (SRI) Fund, HDFC Fund of Funds, large domestic insurance companies & financial institutions, family offices and HNIs from across the world are some prominent investors that participated in the second fund.

“Their participation will catalyze Amicus Capital in supporting middle market companies in India," Amicus Capital’s co-founder and partner Sunil Theckath Vasudevan said in the statement.

With this closing, the second fund will progress towards a final close later in the year, as per the statement. ‘Digitalization’ and ‘market access’, which refer to penetration across tier II cities and beyond, are key investment themes of the fund.

“The fund is highly committed to ESG with the aim of building resilient businesses that generate long-term sustainable returns for its stakeholders," said Mahesh Parasuraman, co-founder and partner at Amicus Capital.

So far, Amicus Capital has a portfolio of 12 companies including, Wonderchef, Altum Credo Home Finance, Capital SFB, and mCaffeine, among others.

Founded in 2015, the private equity firm has seen commitments from large European family offices and multilateral institutions and manages funds worth $88 million. It announced a fund-raise of about $90 million ( 600 crore) as first close of its $200-million fund a year later.

Parasuraman, who was earlier a managing director at global investment firm Carlyle India Advisors Pvt Ltd, advised on several transactions involving Tirumala Milk Products, Repco Home Finance, Newgen KnowledgeWorks Pvt. Ltd, Edelweiss Financial Services and South Indian Bank.

Vasudevan was part of the investment team at ICICI Venture Funds. Later, he was the co-founding partner at private equity firm TrueNorth, formerly called India Value Fund, which raised four funds totalling $1.2 billion during his tenure.

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Published: 18 Jan 2024, 12:33 AM IST
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