Indian homegrown private equity fund Creaegis has closed its maiden fund at about $425 million (Rs 3,500 crore), per an announcement.
The fund has secured capital from institutional investors, including International Finance Corporation (IFC) and family offices from India, the US, Europe, and Asia, Creaegis stated in a press release.
The sector-agnostic fund will focus on investing in growth-stage Indian startups. The private equity firm plans to build a portfolio of about 12-15 companies, making roughly four investments a year. The fund would spend $25-40 million on average in a startup, and will double down on its portfolio winners, the statement added.
According to Creaegis, it has already invested about one-third of the corpus and counts Medikabazaar, Zopper, and Kale Logistics among its portfolio companies.
Creaegis is led by Prakash Parthasarathy, formerly CIO and managing partner of PremjiInvest, a multi-family office specialising in PE and VC investments. Its most recent investment worth $30 million was in Kale Logistics Solutions, a global vertical SaaS logistics platform.
Creaegis joins a bunch of other PE firms that have closed their respective funds. Recently, mid-market private equity firm Stakeboat Capital marked the final close of its second fund with oversubscription, pushing its total assets under management above $150 million.
