Siddharth Parekh, an experienced Indian private equity investor and entrepreneur Sumeet Nindrajog who manage the fund said PPGF-I plans to invest in 10-15 mid-market companies in India with an average deal size of USD 10-20 million.
It will focus on five core sectors, including consumer discretionary, financial services, infrastructure services (capex light), industrials and healthcare services, Paragon Partners said in a statement.
"We believe the next decade in India will see a strong resurgence of growth in key sectors such as manufacturing, financial services and infrastructure. Paragon Partners aims to become the capital provider of choice in these sectors, which form the backbone of the Indian economy," Paragon Partners Co-Founder Siddharth Parekh said.
The Fund has made its first investment of USD 10 mn for a minority stake in Capacite Infraprojects Limited, a leading Engineering Procurement Construction (EPC) player based in Mumbai.
Capacite is engaged in the construction of buildings (including super high rise structures) and factories for large real estate developers, corporates and institutions.
The Advisory Board of Paragon Partners includes HDFC Chairman Deepak Parekh, Marico Chairman Harsh Mariwala, SPM Capital Advisors Chairman Sunil Mehta and Ex Sr. Partner at Ares Private Equity Jeff Serota among others.
Domestic investors include India Infoline, Edelweiss Group and Infina Finance Private Limited (an associate of Kotak Mahindra Bank Ltd).
The fund has also received a significant commitment from the Fairfax group based in Canada.