India's Paragon reaches $50m first close on maiden fund
Paragon Partners, an India-based mid-market private equity firm founded last year, has reached a first close of $50 million on its debut fund.
The fund, Paragon Partners Growth Fund I (PPGF-I), has a target of $200 million, and will seek opportunities for growth capital investments in Indian mid-market companies in five core sectors: consumer, financial services, infrastructure, industrials and healthcare. Paragon plans to make 10-15 investments from the fund, with an average check size of $10-20 million.
The firm has also announced the first investment out of the debut fund, a $10 million commitment to Mumbai construction contractor Capacite Infraprojects. The company will use the capital to expand its geographical reach, according to a statement.
Paragon was launched by Siddharth Parekh, a former investment principal at Actis, and entrepreneur Sumeet Nindrajog. PPGF-I includes commitments from domestic investors India Infoline, Edelweiss and Kotak Mahindra-affiliated Infina Finance Private. Fairfax is also listed as an LP in the fund.
"We believe the next decade in India will see a strong resurgence of growth in key sectors such as manufacturing, financial services and infrastructure," Parekh said. "Paragon Partners aims to become the capital provider of choice in these sectors, which form the backbone of the Indian economy."
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