Home / Markets / Ipo /  Edelweiss raises 1,500 cr for pre-IPO fund

Private equity firm PAG-backed Edelweiss Wealth Management has raised 1,500 crore for the final close of the third series of its pre-initial public offering (IPO) fund Edelweiss Crossover Opportunities Fund and has launched the next series of the fund to raise another 1,500 crore, a person aware of the development said on the condition of anonymity.

The Crossover series of late-stage funds from Edelweiss have raised a total of more than 3,700 crore across its first three series. Edelweiss plans to raise up to 7,500 crore through its Crossover fund, said the person mentioned above.

The Crossover funds are tapping into demand from domestic investors looking for early access to high growth technology firms that are gearing up to go public.

“Of the billions that are invested in India by private equity and venture capital firms, only around 5% is domestic capital. Most of the new age technology companies are all foreign owned with very little Indian capital. Why shouldn’t Indian investors have access to these companies. There is a strong demand and hence these pre-IPO funds are doing well with HNIs and family offices," said the person mentioned above.

The Crossover funds will look to build a portfolio of 10-15 firms with investments of 150-300 crore in each company.

It will invest in firms that are three to four years away from an IPO, though it can opportunistically invest just ahead of the IPO or in the IPO itself. The fund will invest in existing and emerging leaders in technology businesses.

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