TYPE OF FUNDING: Fundraising (PE Fund II)
FUND DOMICILE: India (Asia)
TOTAL FUND CORPUS: USD 300 Million
The target is founded by individuals who formerly constituted NEA India, an investment advisory firm for NEA, USA. The founding team consists of members who have worked together for 10+ years, have a cumulative investing experience of 50+ years and come with deep operating experience prior to investing. The team together have invested ~$300M across a portfolio of 16 companies while at NEA India, which is on track to generate a ~3.0x gross multiple.
OTHER KEY POINTS
* Industries: Disruptive(44%), Healthcare(24%), Enterprise(15%), Consumer(17%) were the sectors in Fund I
* Largest LP is a Fund backed by Family offices of US based technology entrepreneurs, and others include US & European Fund of Funds, Govt of India backed Fund of Funds program, Leading Indian life insurance company and Family offices from India.
* The commitment period is 4+1 years and hurdle rate is 8%.
* Investors got an exit MoC of 3.6x and IRR of 16-18% on Fund I.
* The minimum commitment is $1 Million and $3 Million for Institutional investors.