New Delhi, Jan. 22 -- Mumbai-based asset manager Alchemy Capital has launched a new Category-III alternative investment fund that will explore opportunities in emerging and scalable sectors such as data centres, artificial intelligence, defence, green mobility, semiconductors, manufacturing, healthcare and biotech, according to a company statement.
The size of the Alchemy Long Term Ventures Fund, which will invest 35% of its corpus in private companies, will be around Rs 500 crore (around $54.5 million), VCCircle has learnt.
This is the same corpus as that of its earlier Category-III fund launched in 2022, named Alchemy Emerging Leaders of Tomorrow, which was focussed on small and midcap stocks.
The latest fund is close-ended with a tenure of four years extendable by up to an additional year. It will also look for smallcap, mid-cycle and high-growth listed companies and will have a much higher allocation for private companies. It will be managed by Hiren Ved, co-founder and chief investment officer of Alchemy Capital.
The minimum capital commitment that limited partners (LPs) will need to make is Rs 1 crore (around $110,000) with investment in four tranches of approximately 25% each.
Ved was quoted in a press release as saying that the fund "seeks to capture opportunities for significant value creation by investing in capable entrepreneurs driven to build the next generation of winning companies. By providing growth risk capital, we aim to enable them to build scalable and profitable businesses over the long term".
Alchemy Emerging Leaders of Tomorrow was to have a portfolio of 20-25 stocks with a focus (65% of corpus) on small and midcap companies. It was also to look for opportunities in large-cap listed companies and use 10% of its corpus to invest in IPOs or any other instruments permitted by applicable laws.
Published by HT Digital Content Services with permission from VC Circle.