Multi-family office and wealth advisory firm Waterfield Advisors on Thursday said it has secured commitments worth Rs 200 crore for a fund of funds.
This is the first close of what is intended to be a Rs 500 crore fund, and the company aims to achieve the final close by September, according to a statement.
The first close saw commitments from well-established single-family offices and ultra-high net worth (UHNW) individuals, who see the FoF as an opportunity to build a well-diversified portfolio of top quartile domestic venture capital and private equity funds, it said.
The fund of funds is an effort to create an institutional capability that transcends what individual investors on their own can achieve. It will leverage the expertise and access of Waterfield to enable investors to secure preferential access, better economics and rights that are generally reserved for institutional investors, it added.
The close reaffirms the need for more institutional domestic capital to enter the private equity and venture capital space in India and support homegrown investment managers, its founder and chief executive Soumya Rajan said.
“We are particularly encouraged by the strong support we have received from family offices, UHNI and HNI’s who recognize the benefits of our strong analytics capabilities and relationships in the PE/VC space, which help them access, top-quartile managers, with the additional benefit of institutional rights,” Rajan said.