ICCK

Avendus is seeking $350 million (nearly Rs 3,000 crore) from investors for its new fund through which the company plans to make late-stage investments in new age as well as legacy businesses across a range of sectors.

The strategy would be to make 10-12 investments and bet on companies valued anywhere between $800 million to $5 billion. "Our objective is to come into these businesses either through a consortium of investors whenever they are raising capital or through bilateral deals," Ritesh Chandra, managing partner at Avendus Future Leaders Fund, told TOI.

Avendus, which is looking at an average deal ticket size of Rs 200-300 crore, would primarily be betting on companies in the healthcare, manufacturing, digital & technology, consumption and financial services segments. The firm largely taps domestic family offices and HNIs for its funds.

"About 20% capital is expected to come from US-based investors in this fund and we hope to keep expanding the base," Chandra said. Avendus has previously backed companies like Lenskart, FirstCry, Ujjivan SFB and SBI General Insurance, and is looking to fund businesses which have a proven track record of execution and ride on their growth. "We focus on strategic competitive moats around a business. Our strategy doesn't involve competing with the large private equity players. We take minority positions in companies," Chandra said. The company is open to making both primary and secondary transactions through the new fund.

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