Paragon Partners raises USD 120 mn for its maiden PE fund

Paragon Partners today announced the completion of fundraise for its maiden private equity fund and said it has raised USD 120 million from domestic and global investors.
Paragon Partners, founded by Siddharth Parekh and Sumeet Nindrajog, is a mid-market focused private equity firm, and targets growth capital opportunities in India across consumer discretionary, financial services, infrastructure services, manufacturing and industrials and healthcare services.
The fund secured commitments of around USD 120 million from a diverse mix of domestic and global investors, a company release said.
The limited partners of Paragon Partners Growth Fund - I include a large sovereign wealth fund, a development financial institution, funds of funds, insurance companies, family offices and high net worth individuals, it added.

"Achieving our final close on our first fund is an important and exciting milestone for us. We are today very well positioned to pursue the opportunity we have identified in the mid-market in India," Parekh said.
Paragon Partners typically makes investments ranging in ticket size from USD 10-15 million per transaction, targeting significant minority ownership stakes.
The fund has already made four investments aggregating around USD 45 million. In September 2017, one of the fund's early portfolio companies, Capacit'e Infraprojects Limited, undertook a USD 62 million initial public offering.
"We will continue partnering talented management teams to propel their businesses," said Nindrajog.