Avendus Eyes Final Close Of Future Leaders Fund III At ₹1,800 Cr By July-End
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Avendus said it is set to mark the final close of its Future Leaders Fund III at around ₹1,800 Cr (about $187 Mn) by the end of July, as the private equity firm looks to step up investments in late-stage businesses.
The fund has so far deployed about 30% of its capital and plans to back another five to six companies over the next year, Avendus said in a statement.
As part of its latest investment, the fund infused about ₹140 Cr in Parag Parikh Financial Advisory Services (PPFAS) through a secondary transaction, acquiring promoter shares from PPFAS chairman and CEO Neil Parag Parikh and president of wealth management Khushboo Joshi.
Founded in 1992, PPFAS operates across mutual funds, wealth management, GIFT City funds, private equity and the National Pension System (NPS). Its assets under management have grown at a CAGR of around 70% over the past five years, Avendus Future Leaders Fund MD Ritesh Chandra said.
The investment comes as PPFAS looks to build a full-service asset management platform and expand its capabilities across financial services, Parikh said.
Avendus Future Leaders Fund III (FLF III) was launched in 2024, with a target corpus of ₹1,500 Cr and a greenshoe option of an equal amount, taking its total target size to ₹3,000 Cr. Avendus marked the first close of the fund at ₹850 Cr in January last year.
Besides PPFAS, FLF III has invested in La Renon Healthcare, Aragen Life Sciences, and IL JIN Electronics.
The broader Avendus Future Leaders Fund (FLF) platform manages more than ₹4,000 Cr in assets. Its portfolio includes Lenskart Solutions, Sagility, SBI General Insurance, Licious, Juspay, Zeta, Veritas Finance and Avanse Financial Services, among others.
The late-stage PE firm typically backs companies that are two to three years away from a liquidity event, such as an IPO or stake sale, across financial services, consumption, technology, healthcare and manufacturing.
The announcement comes on the day Elevation Capital launched Fund IX with a target corpus of $500 Mn to back Indian startups across consumer tech, consumer brands, fintech and financial services, enterprise AI, frontier tech and healthcare. Last year, the VC firm also launched a $400 Mn late-stage fund, ‘Elevation Holdings’, to back IPO-bound startups.
As more Indian startups prepare for public listings over the next few years, investors are increasingly backing late-stage companies with proven business models and clearer paths to liquidity.
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