Avendus calls first close of Future Leaders Fund II, Rs 584 cr committed

Avendus Future Leaders Fund II announced its first close with aggregate commitments of Rs 584 crore. The fund, a category-II AIF registered with Sebi, is targeting to raise Rs 750 crore with a green shoe option of another Rs 500 crore.

The fund has a 5-year tenure with an option to extend it by another two years. It is focused on investing in privately held, scaled up market leaders/emerging leaders.

The Fund aims to invest in companies in the digital, consumption and financial services segments. It seeks to leverage Avendus’ industry expertise, network, relationships and market leadership to invest behind ‘best in breed’ companies.

Ritesh Chandra, managing partner, Avendus Future Leaders Fund said, “Avendus is at the forefront of working with emerging leaders that are creating great businesses in India. The Fund seeks to invest behind market leaders and emerging leaders in the digital, consumption and financial services segments. We are thankful to all investors who continue to repose their confidence in us, and we look forward to partnering with some great businesses going forward.”

The first series of the Fund – Avendus Future Leaders Fund I, was launched in 2019 and has investments in – Lenskart Solutions, Delhivery, VerSe Innovation, Bikaji Foods, National Stock Exchange and Ujjivan Small Finance Bank.

In terms of investor profile, the company said that a majority of the large first fund investors have investment in Fund II, and have upsized their investments. The Fund has also received a very enthusiastic response from several large family offices, said the statement.