Indian government-backed investment platform National Investment and Infrastructure Fund (NIIF) on Monday said it has committed $25 million (Rs 207 crore) to mid-market private equity (PE) firm Amicus Capital Partners’s second India fund.
Including NIIF’s commitment, Amicus Capital India Fund II has raised $171 million so far, its partner and co-founder Mahesh Parasuraman said.
Floated by industry veterans Sunil Vasudevan and Parasuraman, Amicus raised $200 million for its first investment vehicle in 2015. The first fund received the backing of a host of offshore investors from Asia and Europe.
While Vasudevan was earlier a partner at homegrown PE giant India Value Fund Advisors, Parasuraman served as the managing director at US-headquartered Carlyle India Advisors.
With a target size of $200 million, Amicus Capital Fund II expects to invest in early-stage firms, across sectors such as specialty manufacturing, technology & business services, healthcare, and financial services.
Amicus Capital has backed startups such as online insurance platform RenewBuy, Capital Small Finance Bank, and Berar Finance. It currently has assets under management of $259 million across two funds.
In December, Amicus Capital Partners garnered $40 million from the European Investment Bank (EIB).
Through Private Markets business (PMF-I), NIIF said it 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 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 committed to support the country’s growth needs.
Last year, NIIF proposed to invest up to $48.5 million in the latest mid-market private equity fund of Lighthouse Funds.
Investing through sector-focused funds and multi-sector funds, PMF-I has exposure to key sectors that drive the growth of the Indian economy including climate, healthcare, affordable housing, manufacturing, technology-enabled businesses, startups that drive innovation, financial services, and small and medium-sized businesses.
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