New Delhi, June 23 -- Private equity firm Amicus Capital said Monday it has hit the final close of its second fund at $214 million (Rs 1,766 crore), exceeding its initial target of $200 million.
The Amicus Capital Partners India Fund II marked the final close in early 2025, Amicus said in a statement.
The PE firm said that the fund received commitments from leading domestic and international investors, including sovereign funds, fund of funds, insurance companies, family offices, and high-net-worth individuals.
Fund II will provide growth capital to companies across sectors such as consumer, financial services, healthcare, technology and business services and specialty manufacturing. It will preferably look for businesses benefiting from India's structural growth drivers and digital or formalization-led transformation, Amicus said.
Amicus said it will invest between $12 million and $35 million each in the second fund's portfolio companies. The fund seeks to invest in 10-12 "high-growth, profitable, capital-efficient and relatively asset-light businesses," the PE firm said.
Amicus expects to deploy about 50% of the fund by the end of 2025. It has already made three investments from the fund-sector-agnostic manufacturing platform Aequs, full-service financial advisory services firm Equirus Capital, and banking and smart card manufacturer Manipal Payments & Identity.
"With Fund II, we aim to deepen our partnerships with entrepreneurs who are scaling businesses with purpose, resilience, and innovation," said Sunil Theckath Vasudevan and Mahesh Parasuraman, partners and co-founders at Amicus Capital.
The mid-market PE firm marked the first closing of the investment fund in January 2024 at $146 million. VCCircle previously reported that the fund received commitments from limited partners such as Germany's DEG, the European Investment Bank and the US International Development Finance Corporation. Its other LPs include the government-backed Self-Reliant India (SRI) Fund, HDFC Fund of Funds, and National Investment and Infrastructure Fund, the Indian government's quasi-sovereign fund.
Amicus Capital was launched in 2015 by Parasuraman, a former managing director at US-based private equity firm Carlyle Group, and Vasudevan, a former partner at India-based PE True North.
Its first fund closed at around $88 million (Rs 625 crore). It deployed the money in companies such as insurance aggregator platform RenewBuy, Capital Small Finance Bank, consumer appliance firm Wonderchef, vehicle financier Berar Finance, personal care firm mCaffeine, and housing finance company Altum Credo Home Finance.
Published by HT Digital Content Services with permission from VC Circle.