India, Jan. 29 -- Prudent Investment Managers, founded by former IIFL Asset Management CEO Prashasta Seth, has floated a fund of INR 500 Cr (about $57.8 Mn) to invest in early stage startups.

The fund, which will be a Category II alternative investment fund (AIF) has already secured commitments of INR 250 Cr from various family offices, Seth told Inc42, adding that the fund will be closed around June this year.

Prudent is in the process of filing an application with SEBI for CAT II licence. Category II AIF includes PE funds, real estate funds, and funds for distressed assets.

Seth said that Prudent has invested about INR 160 Cr in unlisted companies since its inception even without a formal fund structure. Its most recent startup inves...