India, Aug. 1 -- Neo Group's asset management arm Neo Asset Management has marked the first close of its INR 2,000 Cr secondaries PE fund at INR 750 Cr.

A SEBI-registered Category II AIF, the fund will look to back 12-15 startups across six sectors - BFSI, healthcare/ life-sciences, consumer, IT/ITeS, industrials, and services.

It will write cheques in the range of INR 50 Cr to 250 Cr. The secondaries fund is targeting an internal rate of return (IRR) of 24-27% for its portfolio companies.

In a statement, the asset and wealth management platform said that the Neo Secondaries Fund will back companies that have a positive EBITDA, a significant runway for growth, strong governance practices, growing historical revenues, and a clear path t...