India’s quasi-sovereign fund National Investment and Infrastructure Fund Ltd (NIIF) has committed ₹207 crore ($25 million) to the second fund of India-focused growth capital fund Amicus Capital Partners.
The investment is from NIIF Fund of Funds – I, the first fund under NIIF’s Private Markets business.
The commitment underscores NIIF’s intent to back “fund managers who are executing a well-defined investment strategy in a disciplined manner with a strong team”, said Anand Unnikrishnan, managing partner – private markets, NIIF, in a release.
NIIF’s backing as among the largest investors in Amicus Capital Fund II is expected to enhance the latter’s fundraising momentum further, said Mahesh Parasuraman, cofounder, Amicus Capital said. “Including NIIF’s commitment, our second fund has raised $171 million ( ₹1,415 crore) as of today,” Parasuraman said.
Amicus invests in businesses across sectors such as speciality manufacturing, technology & business services, healthcare, and financial services. It is targeting a $200 million corpus for its second fund.
Mint reported on 18 January that Amicus had raised $146 million for its second fund.
NIIF’s Fund of Funds- I has so far invested in eight private equity and venture capital funds, the firm said.
With this investment, it has also fully invested its corpus. “With the commitment to Amicus Capital Fund II, PMF-I has utilised 100% of its aggregate capital commitments and has created a portfolio of eight complementary funds across various strategies such as growth equity, venture capital, buyout and credit,” NIIF said in a statement.
These include funds launched by Multiples Private Equity, Lighthouse Capital, Somerset Healthcare, Eversource Capital, Yournest Capital Advisors, Arpwood Partners and HDFC Capital Advisors, according to NIIF’s website.
Across the eight funds, NIIF’s Private Markets Fund has exposure to sectors such as climate, healthcare, affordable housing, manufacturing, technology-enabled businesses, start-ups, financial services, and small and medium-sized businesses.
NIIF manages over $4.9 billion of equity capital commitments across its four funds – Master Fund, Private Markets Fund, Strategic Opportunities Fund, and India-Japan Fund, each with a distinct investment strategy.
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Published: 19 Feb 2024, 02:29 PM IST