Indian financial services firm Avendus Group is expected to complete the final close of its third Future Leaders Fund (FLF III) at around Rs 1,800 crore ($187.7 million) by the end of July, per an announcement.
The fund, which focuses on late-stage, cash-generating businesses, is currently 30% deployed and plans to make five to six more investments over the next 12 months.
In its latest deal, the firm has invested around Rs 140 crore ($14.6 million) in Parag Parikh Financial Advisory Services (PPFAS) in a secondary stake purchase, with the private equity firm acquiring shares from the company’s promoters.
The company “is well-positioned to capitalise on the structural growth opportunities in India’s asset management industry,” said Ritesh Chandra, Managing Director, Avendus Future Leaders Fund.
He added that growing preference for financial investments among Indian households and increasing investor participation in the capital markets are expected to drive the sector’s long-term growth.
Avendus Future Leaders Fund, the flagship private strategies fund of the Avendus Group, manages a consolidated AUM of over Rs 4,000 crore across its investment vehicles.
Its other notable investments include La Renon Healthcare, Aragen Life Sciences, and IL JIN Electronics.
