India's Amicus reaches $90m first close on debut fund
Amicus Capital Partners, an India-focused PE firm founded last year by former executives from the Carlyle Group and India Value Fund Advisors (IVFA), has reached a first close of $90 million on its debut fund.
Speaking with Livemint, Amicus co-founder Mahesh Parasuraman said that the vehicle is targeting a final close of $200 million by the end of next year. Amicus plans to invest in 10-12 companies, with commitments ranging from INR500 million to INR1.5 billion ($7.3-22 million). Most investments will be for minority stakes, but the GP is considering up to three control deals.
Parasuraman, formerly a managing director with Carlyle, founded Amicus with ex-IVFA Partner Sunil Vasudevan in March 2015. The firm will provide growth capital to companies in the healthcare, technology and business services, financial services, consumer and leisure industries that have at least INR400 million in revenue.
Parasuraman and Vasudevan are among a number of former executives at prominent firms who have spun-out. In 2014 Heramb Hajarnavis, the director and leader of KKR's PE practice in India, left the firm to found Sealink Capital, while this year has seen Matrix Partners India co-founder Rishi Navani launch Epiq Capital and Goldman Sachs Managing Director Vishal Bakshi form Avatar Growth Capital Partners.
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