Kotak Pre-IPO AIF raises Rs 1,386 cr, to invest in tech-focused businesses

Investors in the fund include family offices such as Narayana Murthy's Catamaran, Fund is already committed to two deals worth $44 million, one of which is API Holdings, parent company of PharmEasy

Kotak Pre-IPO Opportunities Fund, an alternative investment fund (AIF) managed by Kotak Investment Advisors, has raised Rs 1,386 crore in its maiden offering. The AIF will invest in technology-focused late-stage new-age businesses.

“The fund had initially targeted a corpus of Rs 1,000 crore, which was oversubscribed within three months of launch. The fund exercised its greenshoe option for Rs 386 crore,” the company said in a release.

The investors in the fund include several family offices such as Narayana Murthy’s Catamaran. Kotak Pre-IPO Opportunities Fund has already made investment commitments in two deals worth $44 million, with one of the deals being API Holdings, the parent company of PharmEasy, where the fund was the only external investor.

An AIF is a privately-pooled investment vehicle which collects funds from sophisticated investors.