Anicut Capital, a Chennai-based alternative assets firm, announced on Tuesday that Self Reliant India Fund has committed Rs 75 crore ($9.1 million) to its equity fund.
Dhruv Kapoor, partner at Anicut Capital said, “We have raised initial capital from family offices, HNI (high networth individuals) and startup founders. We have built strong relationship with them over multiple years. In addition, we are in advanced discussions with both government and financial institutions to invest in the fund.”
According to a press release, Anicut Capital has made five investments totaling Rs 40 crore from its equity fund and is in advanced talks with two other firms. EarthRhythm, Wheelocity, Neemans, and The Ayurveda Experience are among its equity investments.
Self Reliant India Fund is a SEBI-registered Category II Alternative Investment Fund managed by SBICAP Ventures Ltd and led by NSIC Venture Capital Fund Ltd. The fund, organised as a Fund of Funds (FoF), has a corpus of Rs. 10,000 crore ($1209 million) and will be launched by the government in October 2021 to make equity investments in micro, small, and medium enterprises (MSMEs).
In addition to this commitment, Anicut Capital has hired Arun Thathachari as executive director, who will oversee the fund house’s equity investments. Thathachari has over 15 years of experience in investment banking, management consulting, and corporate development.
The first close of the third debt fund, Grand Anicut Fund 4, is expected to be Rs 400 crore ($49.1 million).
Anicut will close its second debt fund in 2022, with a corpus of Rs 875 crore. The average ticket size for the second debt fund is between Rs 15 and Rs 100 crore. Anicut’s first fund was launched in 2016, with limited partners contributing approximately Rs 400 crore (LPs).
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