BackLC Nueva AIF marks first close at $30 mn
LC Nueva, which plans to raise $40 million ( ₹300 crore) for its debut India-focused fund, said 25% of the capital was contributed by the investment manager and key stakeholders of Lighthouse Canton
PremiumLC Nueva Alternative Investment Fund (AIF), managed by LC Nueva Investment Partners in February, has marked the first close at $30 million ( ₹224.8 crore), the venture capital investor said on Friday.
LC Nueva Investment Partners is a joint venture between Singapore-based Lighthouse Canton and Nueva Capital. The AIF received strong support from global investors and single-family offices, it added. LC Nueva will now start deploying capital and focus on pre-series A and series A deals in India.
LC Nueva, which plans to raise $40 million ( ₹300 crore) for its debut India-focused fund, said 25% of the capital was contributed by the investment manager and key stakeholders of Lighthouse Canton. It is planning to mark the final close by the end of May. “India’s private market is growing exponentially. It has a robust ecosystem that we are proud to be working with our investors and founders alike to mobilize capital for the purpose," Sumegh Bhatia, chief executive officer and managing director, LC Capital India, the Indian arm of Lighthouse Canton, said.
“We had a strong reception from our global investors for the fund since it was launched in February and we are targeting to raise $40 million in total. We have partnered Nueva Capital on this strategy, and the investment team consists of private equity industry veterans Sohil Chand and Ashish Chand. Their in-depth knowledge in investments and the Indian startup scene is what makes this fund so unique," Bhatia added.
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