Mumbai, July 9 -- Z47, formerly Matrix Partners India, is in early discussions to raise its first fund, multiple people aware of the matter told Mint. The fund is likely to target a corpus of $300-400 million and could be launched sometime next year, they said. The investment firm is currently in talks with potential investors and is also exploring partial exits from some portfolio companies to demonstrate interim liquidity. "It is in conversations with various investors for the new fund. The current focus is to sell some stakes in its portfolio companies to show interim liquidity as this is their first venture post the split," said two people cited above. Z47 declined to comment. In today's cautious fundraising climate, showing distributed capital has become a crucial signal for private equity and venture capital firms seeking to raise successor funds. Z47 is eyeing secondary stake sales in companies such as Ola, OfBusiness, Razorpay and Dailyhunt, which could fetch $150-180 million, as per an Economic Times report last year. Talks are underway with other funds for a potential portfolio sale transaction. Z47, which ended its partnership with the US firm, has backed startups across consumer and enterprise tech sectors. Its portfolio includes OneCard, Captain Fresh, Country Delight, Jupiter, MoEngage and Zupee, among others. Historically, Z47 has exited investments in companies like Avail, CreditVidya, Five Star Business Finance, ITZ Cash, Muthoot Finance and Ola Electric through a mix of strategic sales and initial public offerings (IPOs). "OfBusiness and Razorpay are also expected to tap the public markets in the near future and are likely to give exits to some of their existing investors in the process," one of the people added....