Mid-market private equity (PE) firm Amicus Capital Partners has announced the final close of its second buyout fund at $214 million, exceeding its target of $200 million.
The oversubscribed fund will likely continue Amicus Capital’s strategy of backing category-creating entrepreneurs and building long-term, sustainable value across sectors.
“That the fundraise exceeded our initial target of $200 million is a testament to the trust our investors have placed in us,” said Mahesh Parasuraman, the firm’s co-founder and partner, in a LinkedIn post.
Amicus Capital Fund II invests in early-stage firms across sectors such as specialty manufacturing, technology & business services, healthcare, and financial services.
The fund will concentrate on stakes in high-growth, capital-efficient businesses, mostly located in underserved Tier II/III towns in India, according to an earlier disclosure by DEG, the investment arm of German state-owned development bank KfW.
Amicus Capital has backed startups such as the online insurance platform RenewBuy, Capital Small Finance Bank, and Berar Finance. It currently has assets under management of around $280 million.
Among Fund II’s backers are the Indian government-backed investment platform National Investment and Infrastructure Fund (NII), which committed $25 million, and DEG, which committed about $15 million. It also secured $40 million from the European Investment Bank (EIB).
Floated by industry veterans Sunil Vasudevan and Parasuraman, Amicus raised $200 million for its first investment vehicle in 2015. The first fund received the backing of a host of offshore investors from Asia and Europe.
Amicus Capital’s portfolio includes housing finance company Altum Credo Home Finance, work fulfillment platform Awign, caffeine-infused personal care brand mCaffeine, customer analytics and cross-channel engagement platform MoEngage, SME lending startup Namaste Credit, SaaS-based logistics startup Pickrr, and kitchen appliances maker Wonderchef.
Amicus said it will invest between $12 million and $35 million each in the second fund’s portfolio companies. It seeks to invest in 10 to 12 high-growth, profitable, capital-efficient, and relatively asset-light businesses.
The final close of Amicus Capital’s latest fund comes as Indian PE and venture capital (VC) firms raise 41% more capital in the first quarter of this year, according to data from Venture Intelligence.
Among top PE-VC firms that raised significant capital in the first three months of this year, Accel India topped the charts, closing its eighth early-stage fund at $650 million in January this year.
